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