 |
      |
 |
| Returned Check Module |
The purpose of this module is to help manage the recovery efforts of bad checks. The system also provides financial accounting information about returned checks for general ledger posting. The Returned Check System is designed to enter bad check information into a computerized database as quickly as the checks are received from the bank. The next objective is to reduce the manual labor of the collection process to a minimum by automating the printing of bad check notices and various other reports. Payment and adjustment data is entered into the system through a CRT. In addition, the Returned Check System module is also fully integrated into POS*Liberty, RATEX's Point-of-Sale system, so that repeat bad check customers will be flagged at the register. |
FUNCTIONS OF THE RETURNED CHECK SYSTEM Six major functions exist in the Returned Check System:
The b includes a database to maintain information about the customer and the check. The procedure for entering new customers and checks is the same as that used for modifying existing data. You can access customers by name, student ID number, or social security number. You can also maintain multiple checks for a single customer. Customer & Check Inquiry This menu selection permits you to examine customer profile information and individual check data. Returned Check Notices Returned check notices (or letters) to be sent to the customer are generated using these functions. Three notices can be printed for each customer depending on how long it has been since the check was returned. Parameters are set at each store location to determine the time between notices. The content of each letter can also be changed or set up as needed. Returned Check Adjustments This process permits you to enter an increasing or decreasing adjustment for any bad check. This type of transaction will affect the balance due but is not intended to change the check amount field or check charge amount field. The practical use of this process is to correct payment transaction errors previously entered. Returned Check Penalty The Returned Check System is set up to assess an additional penalty on a bad check when no response is received to the bad check notices. This penalty amount, which is in addition to the returned check charge, is parameter controlled. Use of this procedure is optional. The criteria for assessing the additional penalty can be tailored to your specific needs. An example of the selection criteria is any check with an amount still owed, for which notices 1 and 2 have been sent, which is odler than a specified cutoff date. |
|
RETURN TO PRODUCT INFORMATION PAGE |
©2008 RATEX Business Solutions, Inc. |