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Payment Transactions

Payment transactions are individual entries recorded in a payment file and processed with the Payment Matching application. Payment files include the following types of payment transactions:

  • Accounts Receivable (AR) Transactions include payments and payment cancellations. Payments are transactions that track money that the customer pays for a service. Payment cancellations are transactions that track refunds or cancellations of payments.
  • Non-Accounts Receivable (Non-AR) transactions result in journal entries in a general ledger. Examples include deposits, interest, bank charges, service fees, and transfers.

How Do I Access Payment Transactions?

To navigate to the Payment Matching application, click the app launcher icon (app launcher) and select the Payment Matching app. Select the Payment Transactions module to see information about individual payment transactions. You can also click on a payment file entry in the Payment Files pane to see transactions associated with that file.

You can filter visible transactions by entering information or selecting from available values in the following fields. Available filtering options differ depending on transaction type.

  • File Name - Enter a file name.
  • Type - Select from available options.
  • Billing Account - Enter a billing account name, billing account number, invoice number, or payment ID.
  • Transaction Status - Select from available status options.

How Are Payment Transactions Processed?

When TRACT uploads and validates a payment file, it applies preconfigured rules to each entry to determine what type of transaction it is. It separates transactions into three categories:

  • AR Transactions are payments and payment cancellations.
  • Non-AR Transactions are non-payments that result in journal entries.
  • Unknown Transactions are any transactions that TRACT can't identify through preconfigured rules.

TRACT automatically matches transactions whose type can be determined to specific invoices or payments in billing accounts. When automatic matching is complete, you have the option to manually match or edit transactions to ensure that they point to the correct billing account and invoice or payment. You submit a successfully-matched individual transaction to post it and record it in the general ledger. Submitting a payment prompts TRACT to apply the payment to open invoices and close paid invoices. Submitting a payment cancellation prompts TRACT to cancel the payment and reopen associated invoices. Submitting a Non-AR transaction posts the transaction in a holding account.

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

See the following table for more information about payment transaction status.

Status Description
Unknown TRACT has not determined the transaction type.
Ready for Processing The Automatic matching process is complete, and this transaction is ready to submit.
On Hold TRACT ignores this transaction when you submit a payment file.
Processing Transaction is posting to TRACT.
Completed Transaction has posted successfully to TRACT.
Erred Transaction has been submitted but is not posted to TRACT.

Editing and Matching a Transaction Manually

Once TRACT has automatically matched transactions to billing accounts, any payment transactions that aren't matched automatically are assigned to a holding account. At this point, you can manually edit transactions. You may want to manually edit an AR transaction to match it with the appropriate billing account instead of the holding account. You may also want to manually edit a transaction that was matched with the wrong billing account. If a payment transaction is in a currency other than the currency associated with the billing account, you may want to edit the transaction to override the conversion rate. You can only edit a transaction if it has not yet posted to TRACT.

Note: You can change a transaction's identified type by selecting Move Transaction from the Actions menu. This will move a transaction from AR to Non-AR and vice versa. See Moving an Unknown Transaction for more information about identifying the transaction type for unknown transactions.

To manually edit and match a transaction, do the following:

  1. In the Payment Transactions module of the Payment Matching app, find the transaction you want to match and click the (ellipsis) in the Actions column.
  2. In the Actions menu that appears, click Edit Payment.
  3. In the Edit Payment window that appears, review the information in the Description field to determine the billing account that they payment transaction should be associated with.
  4. In the Billing Account field, enter a billing account name, billing account number, invoice number, or payment ID to filter and then select a billing account to associate with the transaction.
  5. For a payment - if there are open invoices on the billing account, select the invoice or invoices that the payment should be applied to.
    For a payment cancellation - select the payment that the payment cancellation should cancel.
  6. For transactions in a currency different than the currency associated with the billing account, you can override the conversion rate by entering a new value into the Conversion Rate field. The converted amount adjusts accordingly. You can also edit the Converted Amount, and the conversion rate adjusts.
  7. Click Save.
    The transaction is now edited, matched with a billing account, and ready for you to submit it to TRACT.

Posting an Individual Transaction

Posting an AR transaction prompts TRACT to either apply a payment to open invoices and close paid invoices or cancel a payment and reopen associated invoices. Posting a Non-AR transaction prompts TRACT to post the transaction in a holding account. All transaction posting creates journal entries in the general ledger.

Note: You can't submit a transaction with a transaction status of 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.

To post an individual transaction, do the following:

  1. In the Payment Transactions module of the Payment Matching app, find the transaction you want to post and click the (ellipsis) in the Actions column.
  2. In the Actions menu that appears, click Post Transaction or Post Non-Payment depending on which type of transaction you are posting.
  3. In the confirmation window that appears, enter the requested information and click Yes.
    If the transaction processes successfully, the transaction status changes to Completed. If the transaction doesn't process successfully, the transaction status changes to Erred.

Moving a Posted Transaction between Accounts

You can move a completed Cash In AR transaction (payment) from one billing account to another. You may want to move a completed payment if it posted to a holding account and you later need to move it to the appropriate billing account. You may also want to move a completed payment if it posted to an incorrect billing account and invoice.

To move a transaction that has already posted to a billing account, do the following:

  1. In the Payment Transactions module of the Payment Matching app, find the transaction you want to move and click the (ellipsis) in the Actions column.
  2. In the Actions menu that appears, click Move Payment.
  3. move payment
  4. In the Move Payment window that appears, in the Billing Account field, enter a billing account name or number to filter and then select a billing account to associate with the transaction.
  5. Click Submit.
    The payment is now posted to the specified billing account, and the payment is canceled in the previously associated billing account. If the canceled payment was previously applied to an invoice, that payment becomes unapplied from the invoice, which reopens the invoice.

Putting a Transaction On Hold

If you are not sure whether a transaction is matched to the correct billing account or don't want to post a transaction currently, you can mark it as On Hold. When you submit a payment file, TRACT does not process any transactions marked as On Hold.

To mark a transaction as On Hold, do the following:

  1. In the Payment Transactions module of the Payment Matching app, find the transaction you want to place on hold and click the (ellipsis) in the Actions column.
  2. Note: You can only mark transactions as On Hold that have a initial status of Ready for Processing.

  3. In the window that appears, select On Hold.
  4. Click Save.
    The transaction status changes to On Hold. At a later time when you a ready to submit the transaction, you can deselect On Hold to change the status to Ready for Processing.

Moving an Unknown Transaction

When TRACT performs automatic matching of transactions in a payment file, any transaction whose type can't be identified appears in the Unknown Transactions panel.

To identify the transaction type and move the transaction to either a holding account or the appropriate billing account, do the following:

  1. In the Payment Transactions module of the Payment Matching app, navigate to the Unknown Payment Transactions panel.
  2. Find the transaction you want to move and click the (ellipsis) in the Actions column.
  3. In the Actions menu that appears, select Move Transaction.
  4. In the Move Payment window that appears, select a transaction type. Click Submit.
    The transaction appears in the AR Transactions or Non-AR Transactions panels. To learn more about matching a transaction in the AR Transactions panel to a billing account see Editing and Matching a Transaction Manually .
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