How You Confirm Automatic Receipts

Confirm automatic receipt batches to indicate that your customer has reviewed each receipt and agrees that the payment information is correct.

Depending on the agreement you have with your customer, certain types of automatic receipts require confirmation from your customer before they can be considered payments and remitted to the bank. Once your customer approves these receipts, you can make any necessary changes, then confirm the receipts.

When a customer confirms the automatic receipt batch, they may provide a confirmation number for each receipt. Enter this number in the available reference or comment field. This number is passed to your remittance bank, which can then forward it to the customer bank. This helps your customers to reconcile their accounts.

If the receipt class of the receipt method assigned to an automatic receipt or automatic receipt batch requires confirmation, you must confirm the receipt or receipt batch once it has been approved by your customer. Receipts that require confirmation automatically close the invoices for which they were created when you confirm them. After confirming the automatic receipt batch, you can create a remittance batch to initiate the transfer of funds for each receipt.

You can make these updates to an automatic receipt batch before you confirm it:

• Transactions selected to apply to the receipt.

• Conversion rate information.

• Receipt maturity date.

• Your remittance bank.

• Customer bank account information.

You can only change the approved amounts for your receipt applications if the receipt isn't confirmed. Once confirmed, Receivables automatically applies the receipt and updates the balance of the transactions the receipt was applied to.