EFT Draft Process Flow

In some countries, drafts are sent electronically from a customer using an EFT file. The bank already holds the drafts so there is no need to remit the drafts to the bank.

You perform the following tasks for EFT drafts:

  1. Run the AR_DRAFT_EFT process to load the EFT file into the draft tables on the database.

    Draft payments (known as kijitsu in Japan) are extracted from the file if the creation date is not equal to the accounting date (that is, the due date). The extracted data is loaded into the AR Draft Staging table (PS_DR_STAGE_EFT). If the customer name and bank account cannot be resolved to a customer ID and bank code, the record is marked as an error. If the review option on the run control record is set to errors only, the system converts staged drafts that are not in error into real drafts (DRAFT_CONTROL). The system also creates a customer reference record (DRAFT_ID_CUST).

    The AR_DRAFT_EFT process uses the Kijitsu file layout. Two Zengin data record formats are available for the file layout: Zengin Format A and Format B. You must use Zengin Format B. Format B allows for payment amounts of up to 13 digits. Do not use Zengin Format A.

    Note:

    Regular payments are extracted from the file if the creation date equals the accounting date (or due date). The extracted data is loaded into the AR Payment staging table (AR_PAYMENT_EC). These payments can then be converted to regular deposits using the Payment Loader Application Engine process (AR_PAYLOAD).

    See Using Electronic Banking to Process Payments.

  2. Correct errors in the drafts on the Draft Staging table and create draft control records.

  3. Make any necessary modifications to the draft data on the draft worksheet and approve the draft.

    Note:

    To approve multiple drafts without changing item information, use the draft approval worksheet. Also, use draft approval worksheets if the person in your organization who approves drafts is not same as the individuals who apply drafts to items on the draft worksheet.

  4. Run the Receivables Update process to post the group, update the draft status, and update draft activity.

  5. When you receive a bank statement, you reconcile the draft by matching the amount of the draft received with the amount that was submitted to the bank.

You can also choose to perform the following tasks at various points in the draft life cycle.

  • Void a draft.

  • Dishonor a draft.

The section that describes each of these tasks indicates when you can perform these tasks.

Note:

You should not endorse, cancel, or unpost an EFT draft, because the draft has already been remitted.