The Payment Processing module is the central location where all payments are routed to for printing and reconciliation regardless of the source of the payment. All New World ERP applications that generate payments (Accounts Payable and Payroll for payments to vendors and employees, respectively; Utility Management, Licensing and Miscellaneous Billing for issuing refund checks) use the Payment Processing module to print payment documents, generate transmittal files for the bank (ACH and Positive Pay), e-mail payees to notify them of payments and for all post issuance activity.
Payments in the form of checks, warrants and electronic fund transfers (i.e., payroll direct deposit) transactions are all supported. The system also allows payments made by non New World ERP modules to be imported in and processed. These Third Party Payments can include general ledger information which creates journal entries as they are posted.
The Payment Processing module is also used to update all payments after they have been issued. Most commonly this is the form of clearing or reconciling the payment, but may also include voiding the payment (all general ledger entries are reversed) or re-issuing the payment (the payment is voided and replaced, but no general ledger entries are made).
In the case of warrants, the system makes all the appropriate journal entries as warrants are cleared. Clearing payments can be done manually or by importing a transmittal file from the bank. If payments are drawn from multiple bank accounts at a single bank, all accounts can be cleared using a single transmittal file from the bank. The status of a payment can be changed to ‘Stopped’ which notifies the user if any further reconciliation action is taken.
See Also
Miscellaneous Billing Adjustments