What is the Payment Collection Run?
The type of output produced by Payment Collection
Run and the transactions it selects for payment, are determined by the
payment profile you select at run time.
You can use Payment Profiles (PYP) to define any number of profiles. Each profile can contain different selection criteria, including account selection criteria, currency codes, due dates, and so on.
Before you use Payment Collection Run you should identify or define the payment profile that contains the payment collection run selection criteria. You may also want to preview the payment collections.
Note: You must ensure the Payments/Debits field is set to
Collection to allow the payment profile to be used by the
collection run.
What Does the Payment Collection Run Do?
Payment Collection Run performs the following tasks:
- it uses the selection criteria to locate the transactions due for collection.
- it produces a payment collection run details report that lists or summarizes the account transactions selected for collection and shows the total number and amount of the collections being generated.
- it creates a payment file that contains all of the payment collection details. This file is used to produce any payment documents required to support the payment collections.
- it generates and posts the ledger transactions required to record each payment collected on the debtor/receivables or client accounts, any settlement discounts taken, and tax adjustments on the discount.
- the payments are allocated against the transactions they are collecting using the allocation marker Paid. This prevents them being reselected for collection and allows them to be archived. An allocation reference, period and date are also entered on both sets of transactions.
- it optionally produces a bank transfer file, if the payment method is Bank.
When you run the Payment Collection Run, you can choose to produce the payment run details report only and use this to verify that the correct payments are being collected.