Remit automatic receipts to your bank to initiate the transfer of payments from your customers. You remit your automatic receipts after approval or confirmation, if confirmation is required. You can also remit manual receipts to your bank.

The remittance process is very similar to the automatic receipt creation process. You must Create, Approve, and Format your remittances. You can combine these operations into a single step or perform each separately.

Receivables lets you make cross currency deposits. You can deposit receipts into remittance bank accounts that are either in the currency of the receipt or that are in your functional currency, but have the Multiple Currencies Allowed check box selected. This provides greater flexibility in determining your remittance bank accounts.

Receivables supports two types of remittances:

• Standard Remittances: For automatic receipts, you remit receipts to your bank so the bank can transfer funds from the customer's account to your account on the receipt maturity date. For manual receipts, the bank credits your account when the customer's check clears.

  The remittance process initiates the transfer of payment for transactions that are paid by credit card or electronic funds transfer (both direct debit and Automatic Clearing House bank account transfer).

  For information about enabling ACH bank account transfers, see: Remitting Electronic Payments.

• Factored Remittances: Remit receipts to your bank so the bank can lend you money against the receipts either before the maturity date (for automatic receipts) or before clearing (for manual receipts). After clearing factored receipts, Receivables creates a short term debt for the borrowed amount to track your liability in case of customer default.

You can schedule the remittance process to automatically run at predetermined times. See: Scheduling the Automatic Remittances Creation Program.