PROMOS Cash Connection

The bank-independent solution for accounts receivable and accounts payable

If the number of managed rental units increases, assigning the rent payments to the corresponding real estate contracts can lead to significant manual work, and this does not just affect the contractual relationships with customers – the management of direct debit mandates in the context of vendor contracts also becomes more complicated as the company expands. While automatic allocation based on the reason for payment is possible, if the tenant mistypes or uses incorrect wording, for example, the postings of the payments have to be post-processed manually.

To avoid this, PROMOS has developed the bank-independent payment transactions solution Cash Connection. In the scope of this solution, an individual virtual account number (CashIdent) is created within the real estate contract in SAP® and then transferred to the corresponding house bank. The customer or vendor can automatically assign or post payments and direct debits to the appropriate contract by entering the relevant CashIdent.

Generating an individual CashIdent allows payments and direct debits to be precisely assigned. There are no actual bank accounts behind the virtual account numbers. Instead, they are linked to your main business account, which makes holding sub-accounts unnecessary.

The tenant’s golden account number

In a debit contract, the CashIdent is generated based on the assignment of the relevant house bank, the allocated number range and the correspondence account number. The CashIdent assignment procedure can be performed either via automatic generation or manual assignment. Every tenant is provided with an individual account number for transferring the rent. The result is a golden account number for debit payments that identifies each tenant and thus allows automated posting of incoming rental payments.

Clever management of vendor direct debit mandates

Multiple direct debit mandates, each with their own virtual account numbers, can be managed for a vendor. All the relevant conditions (e.g. a fixed or dynamically determined amount or the specification of the number of permitted direct debits) are recorded based on the direct debit mandate issued. The posting rules are also specified. For example, the total amount can be automatically split and posted to various G/L accounts. A multi-stage release system is available for this purpose so that account transactions are processed automatically only with prior approval. This allows efficient and secure booking of amounts from direct debit mandates. The functionality for managing direct debit mandates can also be used without integrating CashIdent. In addition, ready-made letters for issuing and cancelling direct debit mandates can be generated directly from the system.

Your benefit

Time savings: Clear assignment of the CashIdent to the appropriate real estate contract allows account transactions to be posted automatically, thus considerably reducing the manual effort required.

Independent of banks: The payment transaction solution can be implemented regardless of the house bank.

Cost savings: Not only the reduction in processing work results in cost savings, but also the elimination of potential sub-accounts at the house bank in question, which may be subject to a fee. All you require is a single main business account.

References

End user

Technical requirements

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