Accounts receivable is the money that a vendor/supplier owes to an entity to whom product is sold. This helps the organisations to not miss any cases of non-payment. However, manual accounts receivable process is cumbersome owing to the involvement of lot of paper work. To avoid such scenarios, we SCH have built-in accounts receivable feature in our solution that can help you track the sales ledger.
How it works?
Vendors or suppliers should first implement SCH Banking solution that is integrated with SAP FI and create a customer ID by providing all the important data. Our solution then securely encrypts those data via PGP and transfers to bank. The bank processes customers ID periodically or instantaneously and once customers make the payment to the bank, then the payment file is transferred to SAP that is decrypted with PGP. As soon as the payment is received, the vendors get notification through mail and intimation on their vendor dashboard. Lastly, the vendor approves the invoice posting that is recorded in SAP FI.
Features of Accounts Receivable
- Supports ISO 90022 PAIN & MT101 formats
- Host-to-Host, secure connectivity with bank
- No additional middleware required
- Receivable dashboard and approval process for incoming payment
- Auto posting after approval
- Easily extendible to multi-currency / multi-bank set up
- Complete track of posting errors, logs, file status