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Opening Receivable Finance
Transaction RFTOPN
In this transaction, a Receivable Finance is processed.
The parties involved are Supplier, Buyer and the Funding Institute. The Supplier uploads the documents for which financing is requested and the bank finances the supplier upfront. The money is debited from the Finance account of the Buyer and credited to the Supplier. Also, a “Financing” (FIN) liability is reserved under the buyer for the “finance amount”, as the buyer is the party who is responsible to pay the documents on due date.
As this is a mass business, processing is automated in the application using transaction Create Pending Entries. Here, all the FBD's that were loaded into the pool using transaction Add Invoice Set are picked automatically per each buyer supplier pairing configuration and a SPT is created. The SPT's can then be processed automatically using transaction Manager for Automatic Execution of Pending Items.
The finance process can of course also be done manually, where the user selects the “buyer” and the “supplier” from the database, after which information such as the “Maximum Finance Percentage” as defined in transaction Maintain Pairing Buyer/Supplier will automatically be loaded. Then, the “Finance Base Documents” are either entered manually or can be selected using “Add select” button from the Finance Base Documents pool in the respective panel.
This transaction can also be processed (automatically or manually) through “Financing diary” as a result of the Receivable Finance Offer transaction.
The “Invoice Set Amount” is calculated automatically once the documents are entered and the “Finance Amount” is calculated based on the “Maximum Finance Percentage”. This is then defaulted into the respective field.
Saving the transaction will generate correspondence to the buyer and supplier with the finance and invoice details.
Requirements
This transaction creates a new Receivable Finance contract.
If an existing Receivable Finance contract is used, it may not be opened or closed.
For incoming allNETT / RIVO messages see Overview of Incoming messages - allNETT / RIVO.
Transaction Control
Fees
Commissions
Results of this Transaction
Diaries
For more information see TRNDIA Diaries.
| Action | Description | Diary | Follow-up Transaction | Comment |
|---|---|---|---|---|
| Replace | Payment Reminder | <x> number of days before the due date of the Finance Base Document | Common Messages | <x> days is determined, based on the number of days input in the “Payment Reminder Diary” field in transaction Maintain Pairing Buyer/Supplier. If no value is defined there, the diary will be defaulted 5 days before the due date. |
| Replace | Repayment | Due date | Repayment |
Updating/Storing of Amounts (CBS)
Liability (LIA)
Liability (FIN) is booked for the “Finance Amount” i.e. the amount for which the Receivable Finance is processed. The “Finance Amount” is calculated as the sum of “Invoice Set Amount“ minus “Early Settlement Discount” multiplied by the “Maximum Finance” percentage.
Outgoing Correspondence
Details on creation of messages can be found under DOCEOT Messages. For outgoing allNETT / RIVO messages see Overview of Outgoing messages - allNETT / RIVO.
| Name of Message | Receiver | Message ID | Type | Comment |
|---|---|---|---|---|
| Funding Advice | Supplier | RFTSUP1 | E-mail / Letter | The message can be sent as letter or email only. |
| Funding Advice | Buyer | RFTBUY1 | E-mail / Letter | The message can be sent as letter or email only. |
Release
Transaction Panels
Overview
Finance Base Documents
Interest Details
Liability
Settlement Details
Settlement
Bookings
Cash Cover
Completion
Incoming Tag 72/79
Messages
Compliance
Attachments
DTAEA Fields
DTALC Fields
DTAG Fields
Fee Conditions
Overview
Datafields
| Datafield | Description |
|---|---|
| Our Reference | cf Appendix A, Table RFD field OWNREF |
| External Key | cf Appendix A, Table USR field EXTKEY |
| Type of Finance | cf Appendix A, Table RFD field FINTYP |
| Recourse | cf Appendix A, Table RFD field FINRECFLG |
| Currency | cf Appendix A, Table CBB field CUR |
| Maximum Amount | cf Appendix A, Table CBB field AMT |
| Currency | cf Appendix A, Table CBB field CUR |
| Amount | cf Appendix A, Table CBB field AMT |
| ESD Amount Currency | cf Appendix A, Table RFD field ESDAMTCUR |
| Early Settlement Discount Amount | cf Appendix A, Table RFD field ESDAMT |
| Early Settlement Discount Percent | cf Appendix A, Table RFD field ESDPRC |
| Maximum Finance % | cf Appendix A, Table RFD field BILMAXPRC |
| Opening Date | cf Appendix A, Table RFD field OPNDAT |
| Offer Valid Until Date | cf Appendix A, Table RFD field OFFDAT |
| Intended Finance Date | cf Appendix A, Table RFD field TARFINDAT |
| Maturity Date | cf Appendix A, Table RFD field MATDAT |
| External Supplier Account | cf Appendix A, Table RFD field XSAEXTKEY |
| Name | cf Appendix A, Table ACT field NAM |
| External Key | cf Appendix A, Table PTS field EXTKEY |
| Address Block | cf Appendix A, Table PTS field ADRBLK |
| Reference for Address (Optional) | cf Appendix A, Table PTS field REF |
| External Key | cf Appendix A, Table PTS field EXTKEY |
| Address Block | cf Appendix A, Table PTS field ADRBLK |
| Reference for Address (Optional) | cf Appendix A, Table PTS field REF |
| External Key | cf Appendix A, Table PTS field EXTKEY |
| Name | cf Appendix A, Table PTS field NAM |
| Reference for Address (Optional) | cf Appendix A, Table PTS field REF |
Finance Base Documents
Datafields
| Datafield | Description |
|---|---|
| Name | cf Appendix A, Table PTS field NAM |
| Name | cf Appendix A, Table PTS field NAM |
| Add Payment on Account | “Payment on Account” (PoA) is a type of FBD document that is added to the pool, when there is any remaning amount left after paying all invoices from the money sent by the buyer. This is only possible from the Repayment transaction. |
| Add Select | On clicking this button, a search window opens where a list of all available Finance base documents from the pool are listed. The user can select the relevant documents from here and add them to the grid and do further processing. |
Interest Details
Datafields
| Datafield | Description |
|---|---|
| Roll-Over Financing | cf Appendix A, Table RFD field ROLOVRFLG |
| Rate Definition | cf Appendix A, Table RFD field INTIRT |
| Cash Base | cf Appendix A, Table RFD field CSHRAT |
| Liquidity Costs | cf Appendix A, Table RFD field LQDRAT |
| Financing Flat Fee | cf Appendix A, Table RFD field OWNRATFLG |
| Our Share of Interest | cf Appendix A, Table RFD field OWNRAT |
| Document Currency | cf Appendix A, Table RFD field OWNCUR |
| Financing Flat Fee Amount | cf Appendix A, Table RFD field OWNAMT |
| Interest Start Date | cf Appendix A, Table RFD field BEGINTDAT |
| Interest Due Date | cf Appendix A, Table RFD field ENDINTDAT |
| Grace Days | cf Appendix A, Table RFD field GRADAY |
| Charges Condition | cf Appendix A, Table RFD field CHATO |
Compliance
DTAG Fields
