Initiating a Payment Collection Run

Payment Collection Run (PYC) is used to settle the debit transactions on your debtor/receivables or client accounts using an automatic bank payment collection facility, such as direct debit. It can produce a bank transfer file for electronic transmission. It can also trigger the creation of any necessary payment documentation, for example in the form of remittances.

The payment collection run begins by using the payment profile, and run time selection criteria to identify accounts to be considered for payment. It then uses the criteria to select the transactions on these accounts, for which payment is to be collected.

You can choose to only print the payment listing by setting the Post Transactions option to No. This allows you to review the proposed payment and make adjustments, if necessary.

The following steps are required to produce direct debit collection records using Payment Collection Run (PYC):

Select Payment Collection Run (PYC).
You are warned if unposted journals exist on the Held Journals File. To review the held journals, select No at the continue prompt to display the Ledger Entry Held Journals form (LEH). Otherwise, click Yes to continue with the payment collection run regardless.
Select the payment profile and press Enter.
The profile details appear on the form and any run time selection are also displayed. A warning appears if the payment documents for the previous payment collections generated using this payment profile have not been printed using the Final Print option. If you choose to continue they are overwritten by the payment details generated for this payment collection run.
Enter the following payment collection run form details:
- Any run time selection criteria requested by the payment profile, and press Enter.
- The ledger posting account details and press Enter.
If the payment method is Bank, the Payment Collection Run Bank Transfer dialog appears and you must enter the bank transfer file details.
Select Action > Amend Consolidation if you do not want to consolidate the payment transactions, or want to enter analysis codes against the payment transaction.
Select Action > Amend if you need to alter any of the payment collection run selection details.
Select Action > Print to initiate the payment collection process.
The Document Format Runtime Parameters form is displayed, to allow you to control the production of the payment collection run details report. Enter the options as required and click OK.
The payment profile is checked for its Currency Rules settings, as the collection may require conversion for one or more of the currency values. Depending on the setting of the Override Rates option, the Currency Rates Override form may be displayed. If so, verify the exchange rates shown for each currency; modify any as required, enter the Realized Gains/Losses Account(s) and click Print.
The payment collection process begins. The payment collection run details report is produced; the postings are generated if the Post Transactions option is set to Yes, and the payment files are produced if appropriate.
If the Post Transactions option is set to Yes and payment documents are required, the Payment Documents form is displayed. This is used to produce the physical payment documents, for example remittances.