SECTION 22.214.171.124.5 - UPDATE & REMITTANCE CREDITOR PAYMENTS BATCH
USAGE: To apply the payments batch and print remittance advices. This update option is used by those companies that wish to manually write cheques, but wish HiFinance to automatically update the Creditor files. The remittance advice’s can then be used as a basis for writing out the cheques.
Note: You should print the remittances first, and then match the cheques to the report. HiFinance will not necessarily apply cheque numbers to Creditors in alphabetic order. Also, if you miss a remittance, all your cheques will be out by one.
DISCUSSION: When you start the UPDATE CREDITOR PaYMENTS BATCH program, the computer will ask you to enter the starting cheque number. This is the first cheque number used (inclusive). HiFinance will then update every non-zero entry on the payments batch file using one cheque number per Creditor.
This function will print a remittance for each Creditor paid. The format of the report depends on the options set in SYSTEM DEFAULTS. When complete, the payments batch will be tagged as updated and you will be returned to CREDITOR BATCH PAYMENTS MENU.
Files updated by the Creditor Payments program:
Creditor master-file: The Creditor’s balance will be decreased by the total of the WILL PAY and DISCOUNT TAKEN fields.
Creditor transaction-file: A receipt transaction is created to match the total value.
General Ledger master-file: The Trade Creditors, Cash-at-Bank and Discounts Taken accounts are updated.
General Ledger transaction-file: A transaction is posted for each transaction line.
Bank master-file: The Bank master-file is updated to reflect the fact that there has been a change of balance and that there is a bank deposit slip pending.