Introducing the Payment Collection Process

Payment Collection Run (PYC) provides an automatic payment collection facility. It allows you to settle the debit transactions on your debtor/receivables and client accounts.

It is normally used to settle accounts where the automatic payment collection method of Bank is chosen or when bills of exchange are used. Payment Collection Run can create a bank payment file to be used to collect the payments due electronically, for example by direct debit.

Note:  When you receive cash or cheque payments directly from your customers, you should enter these manually into Financials using Ledger Entry (LEN) and match them against the outstanding transactions using Account Allocations (ACA) or Online Allocation.
Note:  Payment Collection Run can also be used to settle accounts where the payment method of Other is chosen. For example, this might be used to settle inter-company accounts.

The Steps to Collect Payments

The automatic collection process consists of the following processing steps, depending on your requirements:

  1. Identify and select transactions for payment collection.

    Payment Profiles determine the main selection criteria for a payment collection run. These selection criteria are refined at run time by Payment Collection Run (PYC). These combined criteria determine the transactions to be paid.

    See What are Payment Profiles? for further information on this topic, or Setting Up Payment Profiles for information on using this form.

  2. Generate the transactions required to pay the selected transactions.

    The Payment Collection Run uses a payment profile and run time selection criteria to select the transactions due for payment by direct debit. It creates the payment transactions required to record the payment collections and produces a payment listing. It generates a file of bank transfer details to be used to collect the payments electronically. It also generates a payment file from which any payment documents can be produced.

    For further information see What is the Payment Collection Run?, and Initiating a Payment Collection Run, both in the Financials User Guide / Help.

  3. Produce the payment documents.

    Payment Documents can be used to produce any printed output required to support the payment transactions. The documents are produced by the SunSystems reporting facilities so you can alter the format of these payment documents, if required. You can also use the Report Designer to output the payment details to a separate text file.

    You can also use Account Documents (ACD) to produce account statements or other documents at this stage.

    For further information see What Payment Documents are Available?, and Producing Payment Documents, both in the Financials User Guide / Help.