Understanding Settlement of Prepayment Transactions

From the Prepayment Processing menu (G1726), select Settle Prepayment Transactions.

Final settlement occurs between you and the credit card company by way of the selected middleware software solution. At this time, you transmit all authorized transactions to the credit card processor who is requesting funds.

For contracts, the transaction can be moved to settled status when the authorization is received. For work orders, the transaction can be moved to settled status when the approval is received.

When you run the transaction settlement program, the system reads over the transaction table and groups into a batch all of the prepayment transactions that are at Ready to Settle status. The system assigns a number to each batch, and each transaction within the batch has the Batch Number field on the Prepayment Transaction Table (F004201).

When the batch is settled, the system updates the Batch Header record and the individual prepayment transaction records to Settled status. Settled transactions are not eligible for changes and updates. You can set up the processing options to purge all settled transactions from the Prepayment Transaction History table.