Promissory Payment & Receivable Notes
.
Notes Payable/Receivable Application (NPRA) monitors the movements of the company's financial activities.
NPRA features:
- Operate on an integrated basis with the applications of Receivables, Payables & General Ledger, with regard to notes receivable/payable and their payment methods.
- NPRA can be used independently.
- Monitor all the movements & operations of notes receivable/payable, including: identifying the note receivable/payable (i.e. cheque – trust receipt – draft), defining the documentation type of notes receivable/payable (i.e. cheque issuance – cheque collection – cheque returning – cheque rescheduling … etc.).
- Export all movements to the general ledger to record the relevant entries in accordance with system-devised criteria.
- Produce generic reports covering all notes as well as note-specific reports (reserved – collected – rejected – cancelled).
Examples of NPRA functions include:
- Creating files & moving notes receivable/payable between files
- Issuing notes receivable/payable
- Collecting notes receivable/payable
- Rejecting notes receivable/payable
- Rescheduling notes receivable
- Endorsing notes receivable
- Cancelling notes receivable collection & cancelling notes receivable/payable.
