Collecting customer payments
Payment Collection Run (PYC) is used
to settle the debit transactions on your debtors/receivables or client accounts using an
automatic bank payment collection facility, such as direct debit.
Payment Collection Run can create the bank payment file required to collect the payments electronically. It also generates the ledger transactions required to post the payments to the debtors/receivables accounts, and produces a payments file from which payment related documents can be printed, for example account statements.