This function allows authorized users to claim funds that have been electronically deposited to a clearing account and move them to the appropriate account.
The Electronic Payment Claim moves the funds to a specified account or applies payment to an invoice, verifies that the claimant has supporting documentation to claim the funds, and creates an audit trail by tying the claiming document to the original deposit.
Funds are made available for claiming when an Advance Deposit document, using a chart and account specified in parameter ELECTRONIC_FUNDS_ACCOUNTS, becomes Final or Processed. The Advance Deposits is normally created by a user who has firsthand knowledge of such deposits arriving at the institution.
After the Advance Deposit reaches Processed or Final status, it appears on the Electronic Payment Claim Lookup.
Making Payments available for claiming
In order for deposits to be available for claiming parameter ELECTRONIC_FUNDS_ACCOUNTS needs to be populated with the clearing chart and account where wire transfers are posted until they are claimed and posted to the appropriate account. The format of this parameter is chart=account, for example, UA=9323000.
Other parameters used in this process:
- ELECTRONIC_FUNDS_CLAIM_SUMMARIES_PER_NOTE: The number of ElectronicPaymentClaim summaries which will appear in a single note attached to a claiming document.
- ELECTRONIC_FUNDS_DESCRIPTION: The description that is added to the documents created when claiming an Electronic Payment.
When an Advance Deposit is created using the Chart and Account specified in ELECTRONIC_FUNDS_ACCOUNTS and is final or processed, the deposit becomes available for claiming.
Advance Deposit using the Chart and Account in parameter ELECTRONIC_FUNDS_ACCOUNTS
NOTE: The object code must be a liability object code.
Electronic Payment Claim Lookup
Once the Advance Deposit is final, the deposit can be claimed using the Electronic Payment Claim Lookup. Use this screen to search for, and select, deposits to claim.
Most fields on the results table are self explanatory, those needing more information are described below:
- Generating Document Number: The Advance Deposit that generated this deposit.
- Generating Document Line Number: The number of the accounting line on the Advance Deposit that generated this deposit. Multiple deposits can be added to the same Advance Deposit and then individually selected.
- Claiming Document: The document number of the document generated to claim this deposit. If the payment is unclaimed this field will be blank.
- Electronic Payment Claiming Status: Indicates if a document has claimed the funds (Claimed) or the amount has not yet been claimed (Unclaimed).
- Deposited Date: The deposit date associated with the Advance Deposit document.
- Organization Document Number: The Organization Document Number field from the Advance Deposit document. This field is optional on the Advance Deposit and may be blank.
- Organization Reference ID: The organization reference ID assigned to the accounting line of the advance deposit. Note this field is optional on the Advance Deposit and may be blank.
Electronic Payments to Claim
After you click Return Selected, the the Electronic Payments to Claim page opens.
- The Electronic Payments tab displays all the payments selected from the Electronic Payments Lookup screen. Two new fields are displayed for each row and may be used to indicate that a payment was claimed previously on another document. This might occur if someone has already moved the deposit from the clearing account without using the Electronic Payment Claim page to do so.
- The Claiming Document tab indicates how the payment(s) will be claimed.
- No Document: Select if the payment was previously claimed through some other means and should be removed from the unclaimed deposits list.
- Distribution of Income and Expense: Use a DI document to move the payment from the clearing account to the correct account.
- Year End Distribution of Income and Expense: Use a year-end DI to move the payment from the clearing account to the correct account. Note that this will post the entries to the previous fiscal year.
- Cash Control: Use a cash control document to claim the funds as payment for an Accounts Receivable invoice if using the AR module.
- The Documentation Tab explains your institution's policy for claiming payments. Generally this explanation indicates that you have documentation supporting your claim on this payment. To continue and claim this payment, click the Yes button.
If you have selected a claiming document of No Document, clicking the Claim button at the bottom of the screen will close any payment claim for which Previously Claimed? is checked.
Distribution of Income and Expense, Year End Distribution of Income and Expense
If you have selected a claiming document type of Distribution of Income and Expense, Year End Distribution of Income and Expense, or Cash Control, a document of appropriate type will spawn when you click claim.
- The system enters a default description in the Document Overview tab of the spawned document. The description is defined by the parameter ELECTRONIC_FUNDS_CLAIM_DOCUMENT_DESCRIPTION. This description may be modified by the user, prior to the document being submitted
- If claiming the payment using a regular or year-end Distribution of Income and Expense document, the clearing account chart, account number and the Line Description will be populated as display-only fields on the From side of the document. When the parameter ALLOW_ADDITIONAL_FROM_LINE_IND is set to Y, an additional From line will display to allow entry of AS/EX transactions. Complete the To side of the document with the account(s) and object code(s) to which the payment should be moved.
If claiming the payment using a Cash Control document, the General Info and Cash Control Details tabs will not be editable.
Click on each Application Doc # to open the Payment Application document.
After you have selected a Customer Number, click Load to load the available invoices for this customer.
Regardless of the type of document used to make the claim, the system will add a note indicating the original document number, accounting line, deposit date and dollar amount. The number of payment claim lines that can be referenced in a single note is defined by the parameter ELECTRONIC_FUNDS_CLAIM_SUMMARIES_PER_NOTE. If the number of payment lines claimed exceeds the number defined by this parameter, a second note will be added to contain the additional information.
Note that DI, YEDI and Cash Control documents created using the Electronic Payment Claim function as normal documents of their type, including routing. If the document is canceled or disapproved, the payment will return to Unclaimed status and become available to be claimed again on a subsequent document.
Please sign in to leave a comment.