Customer Payment – An overview

Introduction

In normal business scenario, there are circumstances in which payments are made to customers.  To mention a few:

• Refund of advance money due to failure to execute the sale order / cancellation of sale order.

• Return of damaged goods by customer, which result in refund of the payment made by him.

• Return of trade deposits / goodwill deposits or dealership deposits.

• Payment of interest on customer deposits with the enterprise.

In such cases the money needs to be returned to the customer with financial postings to his outstanding. In effect the “Customer Payment” component is used for making customer related payments. A payment transaction is a debit document and can be adjusted against the credit documents. The payment request can be initiated through routes like: cash or bank and in any of the currencies associated to the customer. The requests will be taken up for discharge by the “Release Payment” component of the Payables Management function and the status of the payment voucher is updated once the payment has been released

Feature Highlights

• Supports to record payment types as either “Regular” or “Deposits” related payment

• Support for SWISS electronic pay modes

• The system proposes the account codes for the customer and bank related accounts based on the values set in the “Account Rule Definition” component of the General Accounting function.

• The actual postings will be done on the date on which the payment is released.

• Provision to automatically generate payment vouchers. Manual numbering option is also provided.

• Reversal of a payment is supported till the payment is released.

• It is possible to specify in the payment voucher whether the bank charges will be borne by the customer or by the company.

• Provision to create and authorize voucher provided the login user has permissions to do the same.

• Provision to view the Accounting information can be viewed after the creation of the voucher.

List of Activities