Once a transaction has been raised, the next step in the receivables cycle is collecting payment. FAR models this with two entities: Cash Receipts record incoming payments, and Receipt Schedules reconcile those payments against outstanding transactions.
Raytio's Financials – Accounts Payable (FAP) module manages supplier accounts, supplier transactions, and payment obligations. It tracks who your suppliers are, what you owe them, and how payment schedules are generated.
Raytio's Financials – Accounts Receivable (FAR) module manages customer accounts, invoicing, and payment collection. It tracks who your customers are, what they owe, and how payments are received and applied.
Raytio's Funds Transfer Management (FXM) capability manages payment processing, externally connected funds accounts, and account transaction information within the platform.