This chapter provides information on processing and maintaining payments received. A payment received is an amount of money received by the organization and recorded on the system. Payments received are usually sent to the organization in response to a bill. That is, they are used to pay off liabilities. Unlike payments and liabilities, payments received are not generated as part of case processing (the Financial Batch Suite). Instead, they are recorded on the system by a user and are associated with a person or employer's financials.
In an integrated financial environment, the ERP system is responsible for managing all payments received. The following business processes should be provided by the ERP financial system: