Payment Reconciliation Batch Processing
Payment Reconciliation Batch Processing allows authorized users to create payment reconciliation batches. These batches have the following functionality:
- Import the reconciliation transmittal file by bank account (singular) or bank (multiple bank accounts for the bank).
- Optionally, auto-create wire transfers for ZBA accounts. (See Zero Balance Account for more information on ZBA accounts.)
- Support warrant processing accounting requirements by creating a journal as part of the batch post process.
Setup
The System Administrator in your organization must set up the Security, Process Manager, and System Settings, before users can begin Payment Reconciliation Batch Processing.
Security
The following new security permission components allow your organization to determine which users can work with payment reconciliation batches.
- Payment Reconciliation Batches
- Payment Reconciliation Batches - Process Manager Validate
- Payment Reconciliation Batches - Process Manager Approve
- Payment Reconciliation Batches - Process Manager Post
- Payment Reconciliation Batches - Process Manager Print
To set permissions for users to the different Payment Reconciliation Batches components in the system, go to Maintenance > new world ERP Suite > Security > Users. See Set User Permissions for more information.
Company FM Settings
The Bank Reconciliation tab on the Company FM Settings page allows your organization to specify the payment reconciliation method to use for bank reconciliation purposes. To access the tab, go to Maintenance > Financial Management > Company FM Settings.
In Payment Reconciliation Method select Payment Processing. By selecting this option, users can reconcile payments via the Financial Management > Payment Processing > Payment Reconciliation Batches page, but cannot use the Bank Reconciliation module to reconcile their bank accounts. This option assumes your organization is not currently LIVE on the Bank Reconciliation module, but would like to reconcile payments on the system. Previously, this option was only available when the Bank Reconciliation license was turned off. It is now available for Bank Reconciliation users. See Bank Reconciliation Tab for more information.
Process Manager
Process Manager allows authorized users to set up and view the process or departments to which a user will be authorized and denote the level at which the user can approve transactions. This can be done in four different ways depending on the user’s security level. It provides the ability to define and maintain processing information by process, department, manager, and user. To access the Process Manager and set up departments and approvals as needed for your organization, go to Maintenance > new world ERP Suite > Process Manager.
The Payment Processing - Payment Reconciliation Batches process is available for Payment Reconciliation Batches. Set up the applicable Departments and Approval Levels
(For more on Process Manager, click here.)