Applying Payments with ACH
|
There will be two mechanisms available for vendors to use in applying ACH payments made by Indiana University - an ACH addendum record sent to the bank along with the payment, and a remittance e-mail sent from IU's accounts payable department directly to the e-mail address designated by the vendor.
ACH Addendum Record
In addition to depositing funds in a vendor's account, the CCD+ format contains an addendum record which will enable your accounts receivable department to apply the payment to the proper invoice or account. The addendum record contains the invoice number, invoice amount and the customer number that you have assigned to Indiana University. The specific layout of the addendum record will be as follows:
N1*PR*0522568399001\ RMR*IV*31213567**502563\
The asterisks are used to separate individual segments of record information. The record information is laid out as follows:
- N1 - designates ACH entity information will follow
- PR - designates that the entity being identified is a payer
- 0522568399001 - indicates the vendor assigned customer number for Indiana University; if no customer number is assigned, "Indiana University" will appear instead in this field
- RMR - designates an ACH Remittance Advice for Accounts Receivable will follow
- IV - indicates that an invoice is being paid
- 31213567 - indicates the number of the invoice being paid
- 502563 - indicates the amount being paid $5,025.63
E-mail Remittance Advice
An optional remittance e-mail is also available for the purpose of applying payment. The remittance e-mail will be sent to the designated address within the vendor's accounts receivable processing department. The following information will be included in the body of the e-mail:
- Freight included in the invoice amount
- Discount taken on the invoice paid
- Indiana University's Purchase Order number
- Vendor's invoice number
- Vendor assigned customer number for Indiana University
In addition, any notes that currently appear on the check stub will be included in the body of the e-mail.
|
