Automatic Payments Process

The Automatic Payments Process is an optional feature of the Bank Reconciliation function when run in CSV mode. This is an advantage when the company’s Debtors pay their accounts directly to the company’s bank account, and a unique Debtor code is provided. Automatic Payments from Debtors will appear on the bank statement file, and the Bank Statement transactions can be imported into a new CSV reconciliation.

The AP Process can then be run to pick up these Debtor payments, identify which Exo Business Debtor account the payment transaction relates to, and then create a payment/receipt transaction against that Debtor account. As it creates these payment/receipt transactions it will also produce the GL entry: DR Bank CR Debtors Control. The entry to the GL Bank account is ‘reconciled’ to the payment transaction from the import file.