Sent at a user-defined interval against a
customer’s account. It lists a beginning balance, end balance, and
all transactions processed for a customer account since the last statement
period. Statements can be used for billing, or as information summaries
of an account.
A payment to a vendor is offset and a portion
of that payment is retained by the disbursing entity or remitted to
a third party. Payments to a vendor may be intercepted on the basis
of a Lien, a Tax Levy, a Garnishment, or a Receivable.
Payment schedules set up for customers who
cannot meet their obligations before the due date and have agreed
to an extended payment plan to repay their debts.
Represents an obligation of payment from
a customer for goods or services provided to them or the anticipation
of a receipt of money. Receivables are entered into the Accounts Receivable
subsystem using the receivable transaction.
Revenue is inflows of resources that will
be used by a site to perform functions. Some examples of revenues
are:
taxes
user fees
sales of goods
& services
donations
federal grants
For governmental funds, these resources must
also be "available," which means the monies are received
within a designated number of days after the fiscal year end.
A budget line that defines a set of chart
of accounts that can be used to bill and collect money. When money
is billed, collected, or estimated it is totaled for the line.
Regular receivable
– This is the default receivable type and typically results in
the generation of an invoice or statement to bill customers. A
regular receivable is eligible for the accrual of finance charges
and other collection actions.
Summary receivable
– This type of receivable is most often used to record Accounts
Receivable information maintained in systems external to Advantage
Financial. No bill is generated and a summary receivable is not
eligible for finance charge accrual or automatic netting or collections.
(For more information about netting, see Handling Automatic Netting
and Credit Balances.)
Cash