Receiving invoices into accounts, processing real-time and batch payments, payment orders, refunds and financial postings.
Apply charges, credits and taxes from the bill run to each account balance.
Authorise and apply card, wallet and online payments immediately.
Load bank, direct-debit and lockbox files; match and apply.
Create and manage scheduled and automatic payment instructions.
Allocate payments to open items by agreed rules.
Return money or correct balances with approvals.
Post all movements to the general ledger.
Payments that cannot be matched go to a suspense queue for investigation.
Bounced or charged-back payments are reversed and the account is re-opened for collection.
Totals in billing, payments and ledger are compared every day.
This page describes generic industry practice and public standards. It is not based on, and does not describe, any particular vendor's product or operator's systems.