EBS AR Electronic Payment Processing

Feature Overview:# Payments in Receivables can be made in multiple ways:

Manual Payments (Receipt Workbench/Receipt API)
Lockbox Payments
Electronic Payments
# Electronic Payments, this will come into picture whenever you what to do
direct Debit and Credit Transactions with your Customer for e.g.: ECS (Electronic
Clearing System), all these steps will go through Electronic Payments.
# Receivables provide automatic receipts feature to automatically generate
receipts for customers with whom company has predefined agreements. These
agreements let company collect payments on time by transferring funds from the
customer's bank account to company's account on the receipt maturity date.
# Once created, automatic receipts can be reapplied in the same way as manual
receipts. One can reverse an automatic receipts only if its status is Approved.
# Automatic Receipts cannot create Cross Currency Receipt applications.
The Process is Automatic Receipts as follows:
# A Transaction is flagged for automatic receipts creation.
# When the Automatic Receipts program is run, a receipt is created to close out
those transactions that meet the report criteria.
# There is an optional step to notify your customer in order that they review the
receipts and confirm payment.
# Once the transactions are confirmed, you create remittance batches to select
receipts for remittance to your bank so that the transfer can take place. The
remittance batch is the sent to your bank.
# When the bank statement arrives, the receipts can be reconciled.
Setup to Implement the Feature:Bank and Bank Accounts: Defined the Internal and External bank accounts in
Account Receivables.
Internal Bank Account is the Remittance Bank.
Eternal Bank Accounts are Customer's Bank.
Your Remittance Bank is where your Remittance Batch will be submitted for
Remittance Process. For the Fund transfer to initiate, you have to give your
Remittance Batch Information to your Remittance Bank.
Receipt Class:
The Receipt Class determines the processing steps for the receipts. The
processing steps for any Receipt include confirmation, remittance and
reconciliation.
Navigation: Setup > Receipts > Receipts Classes

Receipt Method:
Receipt Method is assigned to a Receipt Class and it determines how to
account for the receipts using the receipt Class. For one Receipt Class, one can
have more than one Receipt Methods. Bank counts and the GL account
combinations are assigned for Cash, Remittance, and Bank Charges etc. with the
Receipt Method.

Navigation: Setup > Receipts > Receipt Classes > Bank Accounts

Transaction Creation: