VICS Financial Transactions Communication
The Financial process encompass invoicing, reconciling of purchase orders to invoices, resolution of discrepancies for goods and services, and payment.
The primary financial transaction set used from supplier to buyer is the Invoice (810). Additional transactions used include the Payment Order/Remittance Advice (820), that can be sent from the buyer to supplier with information ranging from notification of imminent payment to actually initiating the transfer of funds from the buyer’s bank to the supplier’s account. The Payment Order/Remittance Advice (820) can be the response to an Invoice (810), or a Ship Notice/Manifest (856) (the latter if an Evaluated Receipts Settlement (ERS) arrangement exists between buyer and supplier). The financial institution may require the Application Control Totals (831) to be used as a supplemental transaction set in conjunction with the Payment Order/Remittance Advice (820).
The Commission Sales Report (818) allows a buyer to report sales by person/location, within a store, for commission purposes. In these relationships, both the buyer and supplier contribute to the sales associates’ compensation.
The Credit/Debit Adjustment (812) may be used by both the supplier and the buyer to communicate financial adjustment information. The Direct Store Delivery Summary Information (882) may be sent by the supplier to the buyer to request payment for goods that were re-stocked by the supplier. The Application Control Totals (831) is sent by a bank, to the remitter of funds, to confirm the amounts received.
The receiver of a transaction set may generate an Application Advice (824) to communicate any errors encountered within the receiving partner’s financial application systems.
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