When you process high numbers of transactions with customers, you may find that their payments do not always equal the entire statement balance. Applying the transactions in these scenarios can be time-consuming if you have to do it manually. The automation from Excel Importer significantly improves productivity.
You can import the customer remittance and let Excel Importer automatically match the lines to the open customer entries.
This guide will take you through the customer remittance import process.
Transferring Customer Remittance Lines
Occasionally companies receive payments from one entity and then need to distribute this payment to multiple entities. You can use the remittance transfer to handle this. This function allows you to transfer lines that you have specified to get transferred to a different customer. This feature ultimately reduces manual workarounds and eliminates the need for suspense accounts.
When you have imported a customer remittance with Excel Importer, it automatically matches the lines imported to the open customer entries. If a line does not automatically match using the references provided, it will also check open entries on other customers using the document number. Any entries that meet the criteria will get flagged as a possible match to a different customer.
You can review these lines, and if you agree with the suggestion, you can transfer the remittance lines to the suggested customer. If you transfer the lines, the following will occur:
- The remittance lines get moved to the new customer and get applied to related entries
- A journal gets posted between the original customer and the new customer. The entry in the new customer gets applied during the posting.
- A new remittance line gets added to the original customer. This line gets matched to the entry that got posted to the original customer.
The outcome of this process is:
- The consolidated payment gets fully applied to the original customer
- The portion of the payment applicable to other entities gets transferred to those entities and gets applied.
You can disable this feature entirely or per customer. The setup for this is accessible from the customer remittance lines page.