Days to clear funds

The Days To Clear funds system setting looks at the number of calendar days to wait before Clearmatch considers the funds that have been deposited, actually cleared, and available for use. 

For example, a payment comes in on the first of the month, the system setting for days to clear funds is set to 7 days, therefore Clearmatch waits for 7 calendar days to elapse and will clear the funds in the overnight processing on the seventh day. The funds are available. 

There is a current Celoxis Change Request to alter the way that Clearmatch calculates days to clear funds to move from Calendar Days to Business Days. It will therefore when implemented in the future use the inbuilt Clearmatch calendar to work out how many business days have past before releasing (clearing) received funds. The system setting can be found from the following navigation NOTE : this can only be changed by Internal Administrators. 

1. Navigate to Configuration > Organisational Structure:

2. Select Finance Companies under Finance Company:

3. Select the relevant finance company from the list provided (click on the link under Description):

4. Find the Business Rule option from the association tab by selecting it from the drop down list or the quick link (if enabled):

 

5. Select the System Settings rule by clicking the link under the Description:

6. Click on the Other tab and it will display the Days To Clear Funds (which should read as 7): 

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