Receivables accounts payment collection runs

This file must be processed by a third party software package before it can be sent to a bank clearing system.

Payment Collection Run (PYC) uses payment profiles to determine the currencies and transactions to be included in the run, and the selection criteria that are to be applied to them. It gathers transactions that have reached or passed their due date.

Discounts can be given to your customers specifically if payment is made by direct debit. You can specify in the payment terms the percentage discount to be given to your customer. You can also specify whether you should take the payment immediately, or when it falls due. As your customer will have no control over the date on which you collect the direct debit, the discount specified is always given to your customer. You must enter in Payment Collection Run the account into which discount transactions are to be paid.

You can also use Payment Collection Run to clear accounts without producing a bank file. This facility might be used for claiming bills of exchange, or for settling inter-company accounts.