EFT Process

  1. EFT process will process all the notes which are of scheduled invoice type.
  2. This process will be executed daily in the midnight based on the schedule setup.
  3. For each note, expected payment date, Number of Days prior note be generated and other late fee details will be retrieved.
  4. If the current date is equal to the note generation date,
    1. Schedule invoice will be updated as generated which will be reflected in the schedule history of the note.
    2. GL notes receivable account will be credited by Principal portion of invoice
    3. Interest Income account will be credited by Interest portion of invoice.
    4. Scheduled Invoice GL Account will be debited by total of Principal and Interest portion.
  5. If current date is equal to the expected payment date EFT payment transaction will be initiated,
    1. Payment transaction entry will be done automatically on the note for the amount of scheduled invoice.
    2. Cash account will be debited for the total of Principal and Interest.
    3. Scheduled Invoice GL account will be credited for the total of Principal and Interest.
    4. Scheduled Invoice will be updated as paid which will be reflected in the scheduled history of the note.
  6. If payment is pending and passed over grace period, late fee will be processed,
    1. Late fee will be calculated based on the late fee settings of the note.
    2. Scheduled Invoice Late fee account will be credited for late fee amount
    3. Scheduled Invoice GL account will be debited for late fee amount
    4. This will just apply late fees to the scheduled invoice. Payment of late fees should be done manually using Receive Payment screen.

 

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