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.
Important 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.