Initial Load of Current and Historical Data

When you/your AR team start using YayPay, you may want to see both current and some historical AR data for the Customers you are targeting your collection process for. For all active Customers, create a one-time batch process that will send YayPay:

• All Customer records including contact data
• All Open documents (invoices, unapplied payments, etc.) affecting the AR ledger
• All Invoice, payments, credit memos, and adjustment data for the last 12 months for the same active customers

This will start you out with a full picture (an end-state in YayPay) that mirrors your open AR ledger in your ERP. After which, you can update this data in YayPay as and when there is new information, i.e. as Customer records are created or updated, or changed in your ERP.

Ongoing Data Updates

Customers

Customer records should be updated when:

• A new customer is created in your ERP
• A current customer is modified in your ERP
• A customer is deleted from your ERP
• A customer's total due balance changes
  
  

There are several important considerations to take note of when sending Customers to YayPay:

Customer's Balance

YayPay needs to be updated with each Customer's balance, which aggregates to the actual Company AR (Total Due). The Customer Balance shown in YayPay can either be the same reflection (as obtained from the ERP) or derived through internal YayPay calculations based on all the open documents under the Customer record in YayPay.

Customer's Contact Details

The structure of Contacts in YayPay consists of a first name, last name, email address and phone number, and whether it is a billing contact. 

The email address is a critical data item when Users configure YayPay to send Workflow-based Email Reminders to follow up with Customers during the collection process, without which the Email Reminder attempt will end up in error because there is no recipient to include. 

The other information like First and Last names can also be used in Reminder Emails to make them more personal so the Customer knows who they can reach out to if they have any questions.

So as to enable the automated Email Reminders configured through Workflows in YayPay to work properly, Contact records should be updated in YayPay when:

• A new contact is created in your ERP
• A contact is modified in your ERP (including a change as no longer being a default billing contact)
• A contact is deleted from your ERP

Customer Billing Contacts

One or more Contact records for each customer should be designated as a Billing Contact. When a collection workflow is set up in YayPay, the recipients of the reminders are specified by type, and Billing Contacts are essential to this workflow.

Invoices

Invoices should be updated when:

• A new Invoice is created in your ERP
• An open or closed Invoice is modified (of more importance is the open invoice), e.g.:
  • The Invoice date or Amount changes
  • The Invoice changes status - e.g. from unpaid to being partially paid or unpaid to fully paid)
• An Invoice is deleted or voided from your ERP

Paid Invoices (with Paid Amount and Payment date)

Much of YayPay's Payment Forecast and Analytics, including the Machine Learning algorithms, is based on knowing when invoices were paid in full (partially paid invoices are not considered in payment forecasts/analysis).

If the payment amount and dates are not set properly, this can create incomplete/inaccurate data feeding into the Predictive Analytics, Average Payment Time, and some other statistical functions to provide reliable results.

Sync Frequency and Details

Schedule your integration of AR data to YayPay via a batch process. This schedule could be in the form of a daily integration, i.e. you will send all changes made in your ERP once a day, or at more frequent intervals to align the data in YayPay and what the platform reports with your ERP updates.

You can consider providing your users access and visibility of this info when they initiate the Sync also (as a user-driven activity):

• Display the date/time that you last pushed/synced data to YayPay (this information starts when a new batch of data is being requested to the point that it is committed)
• Provide a user control option to also allow your user to initiate the data push/sync immediately (apart of any scheduled process)

Currency tables include exchange rates between home and foreign currencies

Without daily exchange rates, calculations for multicurrency accounts will be performed based on the exchange rate specified on the document. This means that the Aging Report may not match the one in the ERP system if the ERP uses a daily exchange rate, and YayPay uses a document-based exchange rate.

Next Steps - API Overview

Refer to this Article link on what for an overview of how to configure YayPay and work with APIs.