Batch Types
Accounting departments typically enter payments in
controlled groups of payment type and amount, prior to assigning payment entry
to a specific person. This process known as batching is a standard cash control
used to separate the duties of the person creating the batch from the duties of
the person entering the payment information.
Batching provides accounting staff a way to verify that the
correct number of payment and payment amounts have been processed. After
verifying the payments entered (receipts) against the control accounts, staff
posts the batch. Posting simply means that the transactions are made ready in
the Personify system. Personify refers to this type of process as a Deferred
Posting Batch.
A second Kind of transaction is processed by customer
service reps over the phone via credit cards or faxed orders with credit card
payment information. In this case, control counts and amounts cannot be
created, as there is no way to know the number of calls or payments that will
be processed in a given day. Each real-time credit card transaction that
receives an authorization is posted to the financial system immediately.
Personify defines this type of batch as a Direct Posting Batch.
Personify also maintains logic for what is defined as a
Deferred Receipt. Whenever a credit card is taken for an item, cash proceeds
against the card cannot be accepted until the association is ready to ship the
product. When this happens, the credit card is pre-authorized for the order
and then settled when the item ships.
