Processing and maintaining payments received

A payment received is an amount of money received by the organization and recorded on the system. Payments received are usually sent to the organization in response to a bill. That is, they are used to pay off liabilities. Unlike payments and liabilities, payments received are not generated as part of case processing. Instead, they are recorded on the system either manually by a user or by using a batch process that records payments received in bulk, for example, all payments received by electronic funds transfer (EFT) from a particular bank. Payments received are associated with a person's financials through the allocation of the payment received toward one or more outstanding liabilities.