Held / Hold checks - Automatically hold checks for a defined number of days
We have added a feature for agencies who may be faced with clients who will not allow commissions to be billed back for returned checks. In such a case, the checks would normally be deposited and client statements delayed, to allow for possible returned checks. The problem with this solution is that you are unable to bill for transactions such as cash payment or directs, as you wait for possible NSF's. In addition, if you process the payment on RMEx, you have the problem of explaining the delayed remittance, and the fact that payments were processed several days prior (clients forget that you do not want to lose money!). We have created an automated solution for this problem.
* The client master can be set up (statement information) to specify that checks must be held, the number of days they should be held, and an adjustment code (payment entry) that will identify the transactions that must be held (e.g. checks as opposed to cash or directs). This only applied to paid agency transactions.
* You can also specify adjustment codes that should result in a transaction being held, on the system control file for adjustment codes (2nd system control menu).
* Based on a transaction qualifying to be held, it will be identified on the payment edits. This will allow you to separate those checks.
* When the payment batch is posted, held transactions will not be posted to accounts in RMEx. Instead, they will be added to a different file, similar in structure to postdated checks. However, this feature does not function like postdates in several ways. These checks are not shown on the account detail screen as postdates. They will not stop an account from being presented to a collector. They can not be viewed from the postdates inquiry from within the payment history screen. Since you can apply a smart code at the adjustment code level, you could use that to move the account to a different QCat, until the payment is cleared and posted in RMEx. This will allow you to manage the working of these accounts by your collectors.
* When the payment is processed, a note is added, indicating that a held check was processed. The note text will start with +H/C and will show the amount of the check and the presentation date.
* Since the transaction must be counted as a part of the deposit for the entered date, the payment reports WILL identify held transactions and include them in the cash total though it will not be in the other payment totals.
* In the payment reports for a period (payment summary or details) held transactions will be identified. Since they are counted as a deposit on the entered date, they will NOT be counted again when they are posted into the system at a later date. These transactions will also be separately identified.
* Accounts with checks held for posting will be omitted from account processing until the checks have been posted as payments.
* There is also an option on the postdated check options menu, for held check options.
o You can change the information on held checks. You can mark a check as do not present (usually because of an NSF), deleted (entered in error) or you can change the transaction to reflect a processing date of the system date (so it gets processed that day if applicable.
o You can print a list of the checks that are ready to be processed as payments.
o You can list checks by entered date.
o You can list the transactions based on the date they are eligible to be posted as payments.
o It is possible to select the transactions that should be processed, and to create a batch of payments that can be edited and posted.
Keywords - Article Check Article Checks Article Hold Checks Article Hold Check