Remittances Overview
Related topics: Remittances Cheques, Remittances BACS, Suggested Payments, Cheques, BACS Export
Depending on whether the Working Periods feature is enabled and on your Security Profile permissions, it may be possible for you to continue to post financial changes, for month end procedures, even after the posting period has been advanced; in this situation the Period becomes a drop-down and you can select the appropriate period.
The three options work in much the same way: a selection window and a list window.
In the list window, when you right-click on a row, a menu allows you to View Transaction. This allows you to:
view and edit notes
attach documents
set transactions as Disputed. See section below.
Apply Settlement Discounts, if applicable. See section below.
The difference between the three options:
Remittances Cheques
When Remittances Cheques is selected, an additional check box is available to indicate that computer produced cheques are to be printed.
If this option is not ticked, it will be assumed that you are printing remittances for hand written cheques.
Remittances BACS
When BACS is selected, all remittances will be saved for entry into a computer produced BACS export file.
You will only be able to process BACS remittances for Suppliers if their bank account details are present on the Bank tab of the Supplier record.
Suggested Payments
List of payments that need authorisation will be displayed.
The selection window does not include a Payment Detail section, as this is dealt with after approval.
What happens?
A Remittance Advice Note is printed for the transactions you have selected.
The system then generates and posts a Payment Transaction in the Purchase and Nominal Ledgers.
The selected transactions and generated payments are then Allocated together.
Selection window
The selection window enables you to search for transactions for an individual Supplier or a range of Suppliers.
Supplier - This window is displayed when you click the Supplier lookup button on the Remittances Cheques, Remittances BACS, or Suggested Payments Selection window.
The window lists the names and codes of the Suppliers who have transactions displayed in the main remittances window.
It lists the total value of the remittances you have selected for each Supplier.
A double-click on a Supplier in the list for whom you have selected transactions, will de-select those transactions.
A double-click on a Supplier in the list with no transactions selected, will select all the transactions displayed in the remittances window for that Supplier.
Transaction Dates/ Due By/ Settlement Dates - It is more likely you will search for transactions by their dates
The dates only select Invoices and Cr. Adjustments that increase Suppliers Balances.
Any transaction that exists on the Supplier's account that will reduce the amount you need to pay is always shown.
It is then your decision to pay the full amount of the invoices listed or take into account the transactions that will reduce the amount you will pay.
Entry of a 'from' date will only include transactions from and including that date.
Entry of a 'to' date will include transactions up to and including that date.
You can leave both blank or just enter one of them.
The Settlement Date influences the Settlement Discount that will be allowed.
Invoice No./ O/s Invoice Value/ List Reference/ User Keys/ Currency - You can refine your search by using any of these fields.
Accounts on Stop - In the Remittance BACS, Remittance Cheque and Suggested Payments windows there is an option for Accounts on Stop. This option is set of off by default. If the option is selected the suppliers who are on stop will be included in the relevant search.
Payment Detail
Header Reference - Using this field you are able to enter your own reference for the payment. The field accepts up to 25 alphanumeric characters.
BACS Export - If you are processing using the Remittances BACS option, then the BACS Export drop down option enables you to generate the BACS export file in a specific format.
It defaults to the one set against the Bank analysis selected but can be changed.
The list includes all the export formats available for the selected currency.
When you select a currency other than the Home currency and if a Supplier record does not have IBAN No. and SWIFT No. then their transactions will be not displayed in the Remittances list window.
All the transactions you process in the Remittances list window will be exported in the format selected in this option.
Important Note: You will NOT be able to change the BACS Export format after processing the remittances. Export files are produced for a specific BACS format, and will only include remittances that were produced with that format selected.
Cheque No. - If you are processing using the Remittance Cheque option then a cheque number should be entered in the Cheque No. field on the selection window. You only need to enter a cheque number if you are paying these remittances by hand written cheque. The system will remember the last cheque number used and suggests the next one (see System Options - Documents - Document Numbers).
Payment Date - This will default to the system date, you may change this to any date you wish.
Bank Analysis/ Discount Analysis - The default Bank and Discount Analysis codes will be displayed for analysis of the remittance payment. Both of these can be overwritten with other valid codes. Clicking on a search button will display a list of either Bank or Discount Analysis codes.
Period - By default the transactions will post into the Current Period and Year, but the Period menu enables you to select and post to future periods and years if you have the security privileges to do so.
Click Display to find all unallocated transactions for the Supplier and date range you have entered and show them in the Remittance List window.
Settlement Discounts
Set %
Found on the Remittance List window on the Column Headings, clicking the Set % button overrides the default display of Settlement Discount.
Clicking on this button will apply Settlement Discount to the currently highlighted Transaction, using the Terms set for that Supplier. If there is a Discount, it will be entered into the list, subtracted from the Allocated amount shown, and added to the Settlement Discount amount shown. You may overwrite this if you wish. If there is no Discount for that Supplier, a message will inform you. No change will be made to any of the details shown. However if you wish to grant a Settlement Discount, you can enter an amount in the Discount box, provided that it is less than the Allocated amount.
Clicking the button once will clear any Settlement Discount already displayed. Clicking a second time will re-display any Discount it has previously cleared.
Dispute flag
D button
The Dispute flag can be set to indicate that a transaction is being disputed. In some areas of the software, this Dispute Flag is also referred to as a Query Flag. Once set, a transaction will appear marked with an * (asterisk symbol).
Setting this flag against transactions will help you to identify which transactions should not be paid. Additionally, a Query Type allows transactions to be grouped for later analysis.
You should first highlight a transaction then tick Disputed (checkbox in the footer, or select the 'D' column). The Query Details dialog then opens where you can select an optional SL Query Type, which you should save and then OK. You are able to amend the Notes which will leave an update date/time stamp.
You can also close the dialog without selecting a Query Type, or
You can cancel/remove the Disputed status on the Terms window.
You can print a report of disputed transactions.