Evaluated Receipts Settlement, Pre-2000 Version B
Status: Balloted and Ratified by Membership, November 1998 Most 1998
models will be recast as Scenarios.
Seller issues ship notice to buyer, creating a receivable (AR).
Buyer receives goods, creating a liability (AP).
Receipt advice sent to seller (optional).
Buyer issues payment with remittance detail, relieving liability
Buyer’s bank converts payment instructions into ACH transaction
and sends payment with remittance detail to seller’s bank.
Seller’s bank notifies seller of payment received.
Seller receives payment and remittance detail, relieving a
Supplier suppresses hard copy and electronic invoices
associated with the regular shipment; however, the supplier may issue Invoice
(810/INVOIC) transactions for additional charges such as freight and tax
payments if necessary, using one of the other Financial Business Models
described earlier in this document.
Customer and supplier resolve all discrepancies. The
Credit /Debit Adjustments may be needed to facilitate the process of
reconciliation. Financial models for adjustment/reconciliation processes have
not been completed by EIDX as of this writing.