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Understanding Payment Life Cycle JOBAID

Understanding Payment Life Cycle JOBAID 2025

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The document outlines the Payment Life Cycle in PeopleSoft Receivables, detailing the steps from receiving customer payments to updating deposits in the system. It explains the processes involved, including entering payment information, balancing deposits, applying payments to open items, handling miscellaneous cash receipts, journaling payments, and creating accounting entries. The central theme emphasizes the importance of following these stages to accurately record and manage payments.

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What are the four basic accounting transaction cycles?

The four transaction cycles in Accounting Information Systems are the revenue cycle, expenditure cycle, financing cycle, and payroll cycle. Each cycle covers essential activities such as generating sales, managing purchases, securing financing, and compensating employees.

What is the life cycle of a payment?

There are three stages to payment processing: validation, reservation, and finalization. The payment life cycle is related to the order life cycle stages: order capture, release to fulfillment, and shipping.

What is the lifecycle of a financial transaction?

In the world of finance and business, the term transaction lifecycle refers to the various stages that a financial transaction goes through from the moment it is initiated to the point at which it is settled.

What are the different phases in the payments lifecycle?

There are three stages to payment processing: validation, reservation, and finalization.

What are the four phases of the information life cycle explain?

The Information Life Cycle refers to the proper management of information throughout its entire lifespan in order to maximize its use and benefits. It involves phases such as planning, acquiring, storing and sharing, maintaining, applying, and disposing of information.

What is the lifecycle of a card payment?

The lifecycle of each specific card payment transaction can vary depending on a variety of factors but a few steps in the credit card transaction lifecycle are fixed in place: authorization, batching, clearing and settlement.

What are the four phases of a transaction lifecycle?

The four main phases of a transaction lifecycle are initiation, contract negotiation and due diligence, execution and compliance, and post-transaction management. Each phase has specific objectives to keep transactions organized, compliant, and aligned with company goals.

What is the payment processing cycle?

Payment processing is the sequence of actions that securely transfer funds between a payer and a payee. Typically, it involves the authorization, verification, and settlement of transactions through electronic payment systems.

Understanding Payment Life Cycle JOBAID 2025

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