This section provides an overview of Accounts Receivable Payment Processing. It describes how customer payments are processed, and the multiple options that can be used to handle unusual payment processing situations. Topics discussed in this section include.
AR Payment Processing Overview
A General description of how customer payments are processed.
Cash Application – Applying Customer Payments
This section describes how customer payments are manually and automatically applied to open invoices. It also describes how small invoice balances can be written off during payment entry and how comments and other information can be recorded during payment entry.
Cash Application – Creating Overpayment, Prepayment and Debit memo invoices
Describes how overpayment, prepayment and debit memo invoice records can be created during payment entry to track under or overapplied customer payment amounts.
Parent Company Payment Processing
This section describes Parent Company Payment processing in detail. Parent Company payment processing is used to apply one check to the invoices for more than one company when there is a direct relationship between the company (i.e. parent and child, store and headquarters, etc).
Invoice Assignment - Finance Company Payment Processing
In some situations, customers may buy goods from you using both their credit line with your company and their credit line at a flooring or finance company. StreamV allows you to quickly process both types of purchases, and it automatically adjusts the invoices being generated to reflect the entity from which the payment for the invoice will be received.
Automated Cash Application – Cash Application Program
The Cash Application program allows you to load payment detail information from your customer and to use this detail to automatically select the invoices and amounts to be paid during cash application. This section describes how the ACA process works in the Cash Application program.
Automated Cash Application – ACA Programs
This section describes how the ACA or Automated Cash Application programs can be used to automatically apply a customer payment. These ACA programs are separate from the ACA option described earlier in this document and this process does not use the standard Cash Application program.