Step 1: Payment is authorized
- Customer sends payment utilizing credits and early pay discounts if applicable.
- Centime posts Payment to Undeposited Funds GL for all invoices included in the transaction.
- If applicable Centime posts:
- Journal Entry to Discount GL
- Journal Entry to Surcharge GL
Step 2: Settlement is pushed
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Centime creates a negative Journal Entry, transferring the amount from Undeposited Funds to the Transaction Fees GL account as defined in your accounting setup.
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Centime then creates a deposit for the net amount (i.e., total payment minus any discounts, surcharges, and fees).