Technique for integrating electronic accounting systems with...

Details Technique for integrating electronic accounting systems with... Technique for integrating electronic accounting systems with...

1999-04-07

2002-03-26

Millin, Vincent (Department: 2164)

Data processing: financial, business practice, management, or co

Automated electrical financial or business practice or...

Finance

C705S039000, C705S034000

Reexamination Certificate

active

06363362

ABSTRACT:

TECHNICAL FIELD
The present application relates generally to electronic commerce and more particularly to a method and system for providing integrated electronic accounting and bill payment.
BACKGROUND ART
With the proliferation of desktop computing devices, such as personal computers, numerous functions which were previously handled manually are now performed electronically. A prime example of such computerization relates to accounting and bill payment. Numerous vendors have developed desktop computing software which can be utilized to maintain accounting records and perform accounting functions.
In a typical accounts payable application, the software can be used to track invoices and print payment checks. In lieu of payment by check, payments could be made via wire transfers by communicating, typically over voice lines, instructions to transfer deposited credited funds of the payor maintained at a financial institute to a deposit account of a payee maintained at another financial institute.
More recently, it has become possible to electronically pay bills by communicating instructions, typically via the Internet, to a financial institute maintaining deposited or credited funds of the payor, or to a financial institute representative. The payments are then made to the payee by the financial institute or its representative. Funds from the payor's deposit or credit account are debited by the financial institute to cover the payment. The payment by the financial institute or its representative to the payee can be made in any number of ways.
For example, the financial institute or representative may electronically transfer funds from the payor account to the payee account, may electronically transfer funds from a financial institute/representative account, e.g. a payment funds account, to the payee account, may prepare a paper draft on the financial institute/representative account and mail it to the payee, may prepare an electronically printed paper check on the payor's account and mail it to the payee, or may make a wire transfer from either the financial institute/representative account or payor account. If the funds transferred to the payee are drawn from the financial institute/representative account, funds from the payee account are electronically or otherwise transferred by the financial institute to the financial institute/representative account to cover the payment. Further, if the payment will be made from funds in the financial institute/representative account, the payment will preferably be consolidated with payments being made to the same payee on behave of other payors.
Accordingly, such electronic bill payment systems eliminate the need for a payor to write or print paper checks and then forward them by mail to the payee. This makes it easier and more efficient for the payor to make payments. Payees receiving consolidated payments, will no longer have to deal with checks from each payee and therefore can process payments more efficiently. The making of payments by the electronic transfer of funds provides even further efficiencies in payment processing by payees. It has become well recognized that making payments electronically can significantly reduce the cost of processing payments for both the payor and payee.
Because electronic bill payment services are generally provided by other than providers of accounts payable software, to pay bills electronically a payor must somehow transfer data output from the particular accounting software application being utilized to the electronic bill payment system. One way to do this is to manually input data generated by the accounting software application to the electronic bill payment system. Manual transfer is a tedious and error prone process.
Another alternative is to develop specialized software to electronically transfer the data generated by the accounting software application to the electronic bill payment system in order to seamlessly provide for electronic payments based upon information generated by accounts payable software. Hence, it has been proposed to supplement existing accounts payable software with an export utility which can translate payment data generated under the direction of the accounting software so that it can be processed by an electronic bill payment system.
To implement this proposal, it is necessary to send the vendor, payment and perhaps other files, which exists in the database of the accounts payable system, from the accounts payable system to the electronic bill payment system. These files include information such as payment dates, payment amounts and remittance information detailing how the payment is to be applied, e.g. references to multiple invoice numbers, multiple invoice amounts, discount amounts, adjustments etc., which is required for electronic bill payment.
Hence, it has been proposed to program electronic bill payment systems to perform a database query on a new database created with using the data output from the applicable accounts payable system and to import the above files from this new database for use in performing electronic bill payment processing. However, this will require that the user create and store the files which include the information required by the electronic bill payment system so as to be importable and used by the applicable electronic bill payment system. This in turn will require users to modify their current procedures. Developing specialized software can be expensive. Moreover, because each electronic accounting system typically outputs differently structured data and each electronic payment system typically requires differently structured data, any software developed to create and store data in the developed database will be useless if the user wishes to switch accounting software applications or electronic bill payment systems.
To avoid requiring procedural changes by users and the other problems mentioned above, it has been further proposed to program the electronic bill payment system to enter the pre-existing database files of the accounts payable system and import the necessary information. In view of the numerous different types of accounts payable software applications currently in use, this would require that the electronic bill payment system have specialized instructions for accessing the files in the differently structured databases of each type of accounts payable system. Hence, the implementation of this proposal would at best be very cumbersome and is likely to be prone to errors and anomalies in operation.
Accordingly, a need remains for a technique which will allow the practical integration of accounting and electronic bill payment systems.
OBJECTIVES OF THE INVENTION
It is therefore and object of the present invention to provide integrated electronic accounting and bill payment.
Additional objects, advantages, novel features of the present invention will become apparent to those skilled in the art from this disclosure, including the following detailed description, as well as by practice of the invention. While the invention is described below with reference to preferred embodiment(s), it should be understood that the invention is not limited thereto. Those of ordinary skill in the art having access to the teachings herein will recognize additional implementations, modifications, and embodiments, as well as other fields of use, which are within the scope of the invention as disclosed and claimed herein and with respect to which the invention could be of significant utility.
SUMMARY DISCLOSURE OF THE INVENTION
In accordance with the present invention, a system is provided for electronically paying bills using data generated by any of multiple different programmed accounting instructions, i.e. different accounting software packages, where the data generated by each of the programmed accounting instructions has a different structure. The system may, for example, be a programmed personal computer (PC) or workstation. The system includes a processor and a floppy or hard disk, compact disk (CD) and/or other type local or networked

Affiliated with

Also associated with

Rating

Technique for integrating electronic accounting systems with... does not yet have a rating. At this time, there are no reviews or comments for this patent.

If you have personal experience with Technique for integrating electronic accounting systems with..., we encourage you to share that experience with our LandOfFree.com community. Your opinion is very important and Technique for integrating electronic accounting systems with... will most certainly appreciate the feedback.

Rate now

Comments { 0 }

Profile ID: LFUS-PAI-O-2852996