Draft and portfolio

Requirement

A draft, or letter of credit, is a customer payment method. A draft is a commitment to pay at a future due date. The draft is sent for acceptance to the customer by the company, directly sent after acceptance by the customer, or directly accepted under an agreement.

The draft can be printed with the invoice or sent at the end of the month for a group of invoices.

Drafts can be remitted to the bank before the due date. If drafts are remitted several months before the due date, fees are paid to the bank.

Even if the invoice has been paid, drafts are part of the customer risk until the due date is overdue, plus several days. Drafts are managed into a portfolio per due date.

M3 solution

For France, the draft payment requirement is supported by M3 from registration to electronic bank remittance.

The bank remittance electronic file in CFONB formats, used through the EBICS protocol, is included in this country version. This message has been adapted, as made available in Infor Localization Services GEMS, ‘Customer Direct Debits - 100019’: ‘FR - Debit Transfer ETEBAC’ (CFONB AFB160 LCR/BOR).

Configuration guidelines

Program ID	Program name	Description or comment
ARS300	Bank Remittance. Open	Create a proposal and confirm it to create the output file.
ARS350	Bank Remittance. Reconcile Payment	Delete failed collections and send a standard letter. Reconcile the payment when correct and complete.

See the Infor M3 Core Configuration Guide for Infor Localization Services GEMS for the detailed configuration guidelines for the applicable messages.