Return to maker payment

A return to maker (RTM) payment request is a notice sent to a customer when your bank returns the customer's payment for non-payment. The payment notice shows the payment amount and possible service fee.
Note:  It is recommended to reverse and process any applications through Application Close before an RTM payment is created.

If a payment has not been applied to any open items and has been added as a returned payment, then:

  • the payment is canceled
  • the customers balances are updated with a reversing entry
  • Global Ledger accounts are updated with reversing entries

A debit memo is created only when a service fee is charged or when applications have not been reversed.

If there have been applications made with the payment that have not been reversed, then:

  • a new debit memo is created for the amount of the open items applied, application adjustments, and possible service fee

When return to maker (RTM) transactions are released:

  • Customer balances are updated. This process includes the company, customer group, and national account balances.
  • Distribution records for service charges, unapproved adjustments, cash, received not applied (RNA), and Receivables accounts are created.
  • The status of the payment and RTM is updated.
  • The current period total for RTMs is updated.
  • An open debit memo is created. These debit memos are considered open and are included in the aging listings and memo inquires.
  • A notice work record is created for printing the RTM payment notice.