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Payment Files

Payment files are statements from a bank or other source that contain transaction data. TRACT allows you to upload payment files and automatically match transactions to billing accounts and invoices. When the automatic matching process finishes, you can manually clean up any matches that aren't successful. You can then submit payment files to post transactions in TRACT and record them in your general ledger.

How Do I Access Payment Files?

To navigate to the Payment Matching application, click the app launcher icon (app launcher) and select the Payment Matching app. Select the Payment Files module to see information about individual payment files.

You can filter visible payment files by entering information or selecting from available values in the following fields:

  • Bank Number
  • File Status
  • Account Category

How Are Payment Files Processed?

In the Payment Matching application, TRACT uploads and validates payment files. These files include Accounts Receivable (AR) transactions like payments and payment cancellations, and Non-Accounts Receivable (Non-AR) transactions that result in journal entries in a general ledger. TRACT automatically matches AR transactions to specific billing accounts and invoices or payments. It also identifies Non-AR transactions in preparation to post them in a holding account and create journal entries in your general ledger. For any transactions that can't be matched automatically, you can manually match them or place them in an On Hold state. Submitting a payment file prompts TRACT to process each matched transaction in the file. TRACT applies payments to open invoices, closes paid invoices, executes payment cancellations, reopens invoices with payment cancellations, posts Non-AR transactions in a holding account, and creates journal entries in the general ledger.

Note: You can submit multiple payment transactions at one time by submitting the entire payment file or you can submit a payment transaction individually. See Payment Transactions for more information.

Payment File Validation

Validation rules for payment files are different for each file format. Currently, TRACT supports payment files in the CAMT053 format. Validation rules for CAMT053 include checks for the following:

  • Sequence - The sequence number of the payment file increases by 1 from the previous file. For example, file 5 uploads after file 4. The app will not validate files with out-of-order sequence numbers or duplicate files.
  • Balance - The opening balance in the file matches the closing balance of the previous file.
  • Known Bank - The bank referenced in the file must be a known and configured entity according to the Payment Matching Setup.
  • Header - Information summarized in the header of the file matches the contents of the file.

Payment File Status

The following table provides reference information about payment file status.

Status Description
Ready for Processing Automatic transaction matching is complete, and the file is ready to submit.
Parsing Error File is in an error state.
Processing Transactions are being automatically matched or transactions other than those with On Hold status are being submitted to TRACT.
Complete All transactions are successfully posted to TRACT.
In Progress Some file transactions (On Hold and Erred) have not been posted to TRACT, while others have successfully posted.

Uploading a Payment File

You can manually upload payment files, configure TRACT to look for new files in a given directory and upload them via an SFTP server, or use the API to upload payment files. Currently TRACT supports the CAMT053 payment file type.

To manually upload a payment file, do the following:

  1. In the Payment Matching app, click upload icon (upload).
  2. In the Upload Bank Statement window that appears, click Choose File to select the file.
  3. Click Upload. If the file uploads and validates successfully, it has a status of Ready for Processing. The file then automatically begins the matching process and the status changes to Processing.
  4. If the file doesn't upload or validate, it has a status of Parsing Error. Hover over the Parsing Error status to see an error message. See Payment File Validation for more information.
    You can reprocess the payment file without uploading it again by selecting Reprocess from Actions menu associated with the payment file. Reprocessing validates the payment file and runs the automatic matching process on transactions.

Rematching a Payment File

Rematching a payment file allows TRACT another opportunity to match each unposted transaction in a payment file with the appropriate billing account and invoice or payment. You may want rematch a payment file if you have updated the preconfigured matching rules after the initial matching process and there are multiple unmatched transactions remaining in the file. The rematch process does not affect posted transactions.

To rematch a payment file, do the following:

  1. In the Payment Files module of the Payment Matching app, find the payment file you want to rematch and click the (ellipsis) in the Actions column.
  2. In the Actions menu that appears, select Rematch.
  3. rematch
  4. The unposted transactions in the file go through the automated matching process again.

Submitting a Payment File

Submitting a payment file prompts TRACT to process each matched transaction in the file by applying payments to open invoices and closing paid invoices, canceling payments and reopening associated invoices, posting Non-AR transactions in a holding account, and creating journal entries in the general ledger. TRACT skips over any transactions in the file that you have marked as On Hold.

Note: You can't post a transaction to a billing account under the following conditions:
  • If the bill cycle associated with the account is running or is locked because it needs approval
  • If the payment date on a payment transaction is backdated into a closed bill cycle period
To resolve these issues while posting a transaction, approve and complete the bill cycle run or cancel the bill cycle run. Additionally, ensure that the payment date on a payment transaction is set to an open bill cycle period.

When you are ready to submit a payment file to TRACT for processing, do the following:

  1. In the Payment Files module of the Payment Matching app, find the payment file you want to submit and click the (ellipsis) in the Actions column.
  2. In the Actions menu that appears, select Submit.
  3. submit payment file
  4. The payment file is submitted to TRACT. If all the transactions in the file post successfully, the file status is Complete. If some transactions in the file don't post successfully or are in an On Hold state, the file status is In Progress.

Deleting a Payment File

You can delete an uploaded payment file if none of the transactions listed in the file have been posted.

To delete a payment file do the following:

  1. In the Payment Files module of the Payment Matching app, find the payment file you want to delete and click the (ellipsis) in the Actions column.
  2. In the Actions menu that appears, select Delete.
  3. The file disappears from the Payment Files panel.
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