YayPay by Quadient is a web app solution to automate your accounts receivable process.
>90 days bucket (Aging bucket) aging bucket that includes all debit items that are more than 90 days past due
1-30 days bucket (Aging bucket) aging bucket that includes all debit items that are 1 to 30 days past due
31-60 days bucket (Aging bucket) aging bucket that includes all debit items that are 31 to 60 days past due
61-90 days bucket (Aging bucket) aging bucket that includes all debit items that are 61 to 90 days past due
A
ACH (Automated clearing house) is a computer-based electronic network for processing transactions, usually domestic low-value payments, between participating financial institutions. It may support both credit transfers and direct debits
Accounts receivable - (AR) is the balance of money due to a firm for goods or services delivered or used but not yet paid for by customers. Accounts receivables are listed on the balance sheet as a current asset. AR is any amount of money owed by customers for purchases made on credit.
Adjustment - adjusting entries are entries that are made in the general journal at the end of an accounting period to bring account balances up-to-date. Unlike entries made to the general journal that are a result of business transactions, account adjustments are a result of internal events.
Admin - user role within YayPay system. Admin has full visibility and control over the business account.
Aging bucket - is the time period in which you age and can review your debit items.
Aging report - is the primary tool used by collections personnel to determine which invoices are overdue for payment. Given its use as a collection tool, the report may be configured to also contain contact information for each customer.
Amount collected - an amount for or on account of, or which represents, withholding, income tax, value-added tax, tax on the sale or disposition of any property, duties, or any other lawfully collected amount.
AR specialist - Accounts Receivable Specialist is a person in charge of looking after payment transactions to be upheld by clients to the company. AR specialist maintains ledgers, oversees invoice and bill processing, maintains spreadsheets and database of important information, and uphold the company’s policies and image with customers, therefore contributing to its growth.
Assignee - in YayPay system, an assignee is a person responsible for a Customer account and linked entities.
Automated reminder - an email sent to customers that invoices are due, or overdue, for payment, or any other configured event was triggered.
Auto-payment - An automatic payment is an arrangement with a creditor that allows the creditor to periodically withdraw money from a credit card, checking or savings account to pay a bill
Average days to pay - the total number of days to pay divided by the number of closed invoices.
Average payment time - Average payment period refers to the average time period taken by an organization for paying off its dues with respect to purchases of materials that are bought on the credit basis from the suppliers of the company, and the same doesn’t necessarily have any impact on the company’s working capital.
B
Bad debt (invoice status) - Bad debt occasionally called Uncollectible accounts expense is a monetary amount owed to a creditor that is unlikely to be paid and, or which the creditor is not willing to take action to collect for various reasons
Balance due - the amount currently due, minus previous payments, plus cash advances and purchases.
Balance from ERP - [YayPay] - unlike “Calculate balance”, this is a customer balance synchronized to YayPay from an ERP system.
Billing contact - represents the payment details that are used to bill your customers. Usually, there is one Billing Contact, but in some cases, you need one App to be paid by one credit card and another App to be paid by another credit card.
Business account - [YayPay] or Biz - Instance of YayPay by Quadietn web application. Multiuser system form automating AR of a given company.
Business currency - default currency assigned to a business account while creation. Business currency may differ from customer currencies, invoice currencies.
Business reference - invoice or credit note (Chorus Pro)
C
Cash app - or Cash application is a part of the accounts receivable process that applies incoming payments to the correct customer accounts and receivable invoices. In order to do this, the first step is to determine where to apply the payments. This is normally done by matching the payment to the associated invoices.
Cash collected - Cash collection, also known as payment collection, is a treasury function that describes the process whereby a company recovers cash from other businesses (or individuals) to whom it has previously issued an invoice. Cash collected - amount received as a result for cash collection.
CC - Credit Card.
CC expiration notice - [YayPay] - configurable notification automatically sent to a customer upon a rule in order to replace the expiring credit card and prevent disruption in the automated payments process.
CC payment limit - The limit, which is usually in terms of money, is the maximum amount the user can spend using a credit card.
CC processing fee - Credit card processing fees are the costs that business owners incur when processing payments from customers.
Check - a written order signed by its maker directing a bank to pay a specified sum to a named person or to that person's order on demand.
Child company - a company that is owned or controlled by another company called the parent company. If child companies are linked to a parent company in YayPay, it is possible to activate the consolidated mode for them. That mode allows YayPay users to manage the accounts receivable records of the child companies through the parent company. For example, it displays all the invoices belonging to the child companies on the given parent company's Statement page.
Chorus Pro - Chorus Pro is mandatory and accessible by many methods meeting the needs of companies: through this portal, directly within certain accounting management software or through specialized portals or software, through your accountant or a specialized company.
Closed invoice - When the status of the invoice is Paid, this means that the customer paid the partial amount and there's still an open balance left. On the other hand, when it's Closed, it means that the invoice is paid in full.
Collection goal - [YayPay] - KPI set per AR specialist in terms of collecting cash.
Collection workflow - Steps the collection team is expected to follow to collect cash and get invoices paid. Automated collection workflow is a set of rules that are executed under defined conditions and perform different tasks to help with the cash collection process.
Consolidated aging - aging report that combines aging data for multiple business accounts.
Consolidated balance - statement that shows the financial position of a parent company and its subsidiary companies at a specified date by listing the asset balances and the claims on such assets.
Consolidated collection workflow - [YayPay] - automated collection workflow that is applied to a parent company and its subsidiary companies at the same time.
Consolidated customer statement - [YayPay] - a statement of a parent company and its subsidiary companies.
Creation date - [YayPay] - date when the document (entity) was synced / created inside YayPay application. May differ from the due date, invoice (document) date.
Credit inquiry - request by an institution for credit report information from a credit-reporting agency. Credit inquiries can be from all types of entities for various reasons but are typically made by financial institutions.
Credit limit - the maximum amount of credit that a financial institution or another lender will extend to a debtor for a particular line of credit.
Credit memo - is a contraction of the term "credit memorandum," which is a document issued by the seller of goods or services to the buyer, reducing the amount that the buyer owes to the seller under the terms of an earlier invoice.
Credit risk - the risk of loss due to a borrower not repaying a loan. In YayPay, credit risk may be set to “high”, “medium”, “low”.
Credit score - also, credit rating - is a number that reflects the likelihood of the customer paying credit back. Сredit score is a numerical expression based on a level analysis of average invoice payment time for the last 3 months.
Currency - the primary medium of exchange in the modern world.
Current bucket - (Aging bucket) aging bucket that includes all debit items that are current.
Current (invoice status) - an unpaid invoice with a due date set to the future.
Custom condition - [YayPay] - In the YayPay rules engine, the custom condition is a configurable option to compare the value of a customer, invoice, payment field against a preset or user-defined value.
Custom fields - YayPay system feature that allows users to sync additional information on customer or invoice level from ERP system.
Customer - individual or business that purchases another company's goods or services. In the YayPay application, the customer entity is a record that holds historical and current information about the customer account receivable, payment activities, etc.
Customer currency - in a multicurrency business, customer currency can differ from the business currency.
Customer portal - [YayPay] - web application page that contains a particular customer statement and supports the option to pay in the invoice, set up recurring or automatic payments, contact with the service provider, open dispute on the invoice, create a promissory note, etc.
Customer SIRET (or identifier) - Business and Establishments Directory Identification System, which identifies each establishment of a single company
Customer statement - statement that shows the financial position of a particular customer at a specified date by listing the asset balances and the claims on such assets. Web application page inside YayPay system.
Customer Success manager - a person who represents an online company or brand, and is the primary point of contact for any customer concerns regarding the product, support, or billing. In YayPay: user role with limited access.
Customer Success specialist - an employee whose primary responsibility is to develop and maintain long-term business relationships by serving as an internal advocate and client liaison. In YayPay: user role with limited access.
D
Dashboard - A graphical user interface that often provides at-a-glance views of key performance indicators (KPIs) relevant to a particular objective or business process.
Delinquent (invoice status) - late or overdue on a payment.
Delivery method - the way an invoice is sent - Email, Mail, and Chorus Pro
Delivery mode - a combination of Invoice format - Paper, PDF, UBL; Delivery method - Mail, Email, EDI; and Delivery Network - ChorusPro.
Examples: For Outsourced mail → Paper, Mail; For PDF invoice sent by Email → PDF, Email; For signed PDF sent by Email → Signed PDF, Email; For UBL sent by ChorusPro with simple PDF → UBL, EDI, ChorusPro
Delivery network - Chorus Pro
Delivery settings - The setting related to an invoice delivery - Outsourced Mail, Digital Signature, Legal Archiving, and Chorus Pro.
Digital signature - The functionality of signing invoices electronically by Sovos through Impress. Only invoices sent by Email and to Chorus Pro can be digitally signed
Discount - a deduction from the usual cost of something.
Discount available - Maximum available discount amount for the document (invoice) according to the User’s (Biz) data, is pulled from ERP
Discount date -Date till discount is valid (available)
Discount taken - Discount amount applied to a document (invoice) that reduces Available Balance, may be different from Discount available, may be greater than Discount available (on User’s discretion)
Dispute - an invoice dispute is a client’s decision that they shouldn't be liable to pay an invoice for one reason or another.
Dispute code - [YayPay] - predefined reason required to open a dispute on invoice within the system.
DSO - Days sales outstanding (DSO) is a measure of the average number of days that it takes a company to collect payment after a sale has been made.
Due date - the day the invoice must be paid at the latest.
Due date soon (invoice status) - a current invoice with the due date set to the nearest future.
E
EFT - Electronic funds transfer (EFT) is the electronic transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, via computer-based systems, without the direct intervention of bank staff.
Email reminder - [YayPay] - manual email sent to a customer by accounts receivable specialist (Sales, CS) in order to notify of due date soon invoices, overdue invoices, etc.
Exchange rate - the price of one currency in terms of another currency. In YayPay, the exchange rate is applied on document level and may come from ERP system or from OANDA.
Excel mapping - [YayPay] - functionality that allows YayPay users to perform group actions like assigning ARs, Sales, CS, Workflows, etc. to customers via uploading an excel file.
Executing service code - An identifier of a referenced purchase order of a buyer (debtor, customer)
G
Global rule - [YayPay] - in Yay Pay rules engine, global rule is a workflow automatically applied to all customers/invoices, unless entities are excluded for any reason.
H
I
Integration with ERP - connecting and synchronizing ERP software with YayPay business application.
Invoice - a commercial document issued by a seller to a buyer, relating to a sale transaction and indicating the products, quantities, and agreed prices for products or services the seller had provided the buyer.
Invoice age - number of days that have passed since the due date of an invoice.
Invoice balance - amount that represents how much is owed on an invoice. An invoice balance can be positive or negative.
Invoice currency - in multicurrency business, invoice currency can differ from the business currency and / or customer currency.
Invoice date - a date on which an invoice for a good is issued. Invoice date can differ from “creation date”.
Invoice delivery status date - the date when a particular status was updated
Invoice due date - the day the invoice must be paid at the latest.
Invoice format - Paper, PDF, or UBL
Invoice fully paid - an invoice with a zero balance after payment was applied.
Invoice level billing contact - a billing contact associated with a particular invoice. Can differ from customer billing contact.
Invoice partially paid - invoice with the payment applied and non-zero balance left on in.
Invoice status - a representation of a state of an invoice as it moves from being created, to being sent to a client, to being paid in full.
Invoice template - [YayPay] - a custom template that can be added to YayPay system and be used in automated and manual reminders so that invoices are branded after the issuer.
L
Legal Archiving - the functionality of archiving invoices legally by Accueil - Cecurity.com via Impress. Invoices sent by Email, Mail, and Chorus Pro can be archived.
Last note - [YayPay] - a note added in invoice or customer level, and reflected on customer record (statement), and in reports (aging report, invoices report, to-do report)
Last touch - [YayPay] - a record of the latest interaction between YayPay application user and customer. E.g. call, automated or manual reminder, etc.
M
Main AR - [YayPay] - default system user. Email address that is used for a business account creation.
Main billing contact - primary billing contact.
Main email - primary customer’s email address.
Main note - [YayPay] editable field on customer statement to show brief info on customer.
N
Net credit sales - (NCS) the sales generated by an organization through the extension of credit to customers less all offsetting returns and discounts.
Non-billing contact - customer contact that is not used for billing purposes.
Note - [YayPay] - editable entity on customer or invoice level, reflected on the customer record, and in reports.
O
OANDA - web application, currency solution used by YayPay for daily currency exchange rates.
Oldest open invoice - customer's oldest open (has a balance due) invoice in Accounts Receivable.
Open (invoice status) - unpaid invoice that has a non-zero balance due.
Open credit - (Open-end credit) is a preapproved loan between a financial institution and borrower that may be used repeatedly up to a certain limit and can subsequently be paid back prior to payments coming due.
Original invoice delivery - sending an invoice for the 1st time. Only original sent invoices must be digitally signed and/or archived if the relevant features are on.
Outsourced Mail - the mail reminder that is sent from YayPay to the biz customer as a paper sending. “Outsourced“ because it is stored on YayPay as an electronic sending, but biz customer receives it as a paper letter. Outsourced Mail send the info to PSP via Impress
Outsourced Mail key - Impress provider key connects provider (supplier) in the Impress DB and biz (supplier) in YayPay DB to link a single customer in 2 DBs, autogenerated. Example, YAY_US_<OrderNum>_<ContractNum> - For example, YAY_US_16513085_969319.
Outsourced Mail services - Service through which a mail is sent to the biz customer
Overdue (invoice status) - unpaid invoice that has a non-zero balance due, and due date in the past.
P
Parent company - a company that owns or controls other companies called child companies. If child companies are linked to the parent company in YayPay, it is possible to activate the consolidated mode for them. That mode allows YayPay users to manage the accounts receivable records of the child companies through the parent company. For example, it displays all the invoices belonging to the child companies on the given parent company's Statement page.
Partial payment - the payment of an invoice that is less than the full amount due.
Pay on account - to submit a payment before an actual invoice is issued.
Payment method - the way that a buyer chooses to compensate the seller of a good or service that is also acceptable to the seller. Typical payment methods used in a modern business context include cash, checks, credit or debit cards, money orders, bank transfers, and online payment services.
Payment probability - the likelihood that a customer will pay on the invoice on time, or fail to pay on time, calculated using machine learning algorithms.
Payment provider - a service for accepting electronic payments by a variety of payment methods.
Payment type - in YayPay: same as payment method. Supported types: CC, ACH (EFT).
Payments report - [YayPay] - a report that contains an overview of financial status changes, events, and modifications for all payments.
Pending payment - a payment that has begun, but is not complete. An approved debit or credit transaction that has not been fully processed yet (i.e. has not been posted).
Preferred Delivery method - The method by which the biz customer prefers his invoices to be sent. Possible methods are Email, Mail, and Chorus Pro.
Process type - this is an “Invoice is fully paid from ERP” = A2 framework, for “Invoice is partially paid from ERP” = A1 or others.
Promise to pay - Agreement between a borrower and a lender in which borrower states he or she will provide payment by a specific date.
R
Recurring payment - (AutoPay) means the consumer has given permission for a retailer or merchant to deduct payments for goods or services from the consumer's bank account or to automatically charge his credit card in the amount due on defined terms.
Remittance advice - a letter sent by a customer to a supplier to inform the supplier that their invoice has been paid. If the customer is paying by cheque, the remittance advice often accompanies the cheque. Remittance advice is also referred to as remittance or remit throughout YayPay.
Receiver address - the customer's address, also called a recipient address or address carrier.
Recycle mode - the option to edit sending to Chorus Pro when it was rejected by Chorus because of some reasons.
Resolve dispute - to come to an agreement upon complaints (disputes) from business partners with regard to incorrect invoices and credits or missing invoices and credits as dispute cases.
Role - [YayPay] - a type of user; a predefined level of access to the different modules of the system.
S
Sales manager - the person responsible for leading and coaching a team of salespeople. In YayPay: user role with limited access.
Sales order - a document generated by the seller upon receiving a purchase order from a buyer specifying the details about the product or service along with price, quantity, buyer details like the shipping address, billing address, mode of payment and terms and conditions.
Sales report - or sales analysis report is an overview of the state of the sales activities within a company.
Sales representative - a person who presents and sells products or services to organizations, businesses or government agencies. In YayPay: user role with limited access.
Secondary billing contact - non-primary billing contact.
Security group - [YayPay] - configurable set of rules defining different levels of access to the system functionality or users included into the group.
Send Mail - the action that triggers sending an invoice and/or customer statement and/or letter body to the biz customer either by rules or manually
Sender Address - business's address
Split by currency - [YayPay] - in multicurrency business, a way to reflect customer balance due split by document currency.
Subdomain - an additional part to the main domain name. In YayPay: a way to include a business account name into the URL of the web application.
Subsidiary - an organizational unit that corresponds to a separate instance of the YayPay application. It is configured with its own unique settings and setup, covering data, integration, email, payments, branding, reporting, and other functionalities. One customer of YayPay may have multiple subsidiaries, covering the needs of different departments or business units.
Supplemental document - a document used to provide additional information to recipients. These documents don't require signatures and may be used to convey the terms and conditions of an agreement.
System custom fields - [YayPay] - a functionality that allows the user to tag any record in the system in order to search for or filter out data on the desired level of granularity.
T
To-Do - (task) [YayPay] - a manually or automatically created record to help YayPay users to organize their working process.
Transaction report - the detailing of each major currency exchange, withdrawal, transfer, or payment made by, to, or through a financial institution.
U
Unapplied amount - a payment that reduces the total amount owed by the customer, but does not reduce the amount remaining to be paid on a specific debit item.
User role - [YayPay] - set of permissions in terms of access to data and functionality.
W
Workflow action - [YayPay] - a task that is automatically performed by the YayPay web application when a configured event has happened under defined conditions.
Workflow condition - [YayPay] - a configurable option that defines if the rule should be executed or skipped.
Workflow event - [YayPay] - a thing that happens or takes place on the customer, invoice, payment, or sales order level, and triggers automated action like sending a reminder, creating a task, etc.
Workflow rule - [YayPay] - the main container for a set of workflow instructions
