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A statement is used to determine the total amount owed by a certain entity during a specified timeframe, typically this is one month, however, this can also be daily, weekly, or annually. Every statement will start off with a status of “pending” and will cycle through to “processing”, and finally to “paid”. Below is a chart of all the possible statement statuses.
Statement Status | Explanation | Associated disbursement status |
|---|---|---|
Pending | Pending payment This is the starting status of every statement | Returned If an associated disbursement has a status of “returned”, the statement can revert to “pending” |
Processing | Payment has been initiated, but not confirmed | Processing When the disbursement updates to “processing” |
Paid | Statement has been fully paid | Processed The disbursement updates to “processed” and the total matches the amount of the statement |
Partially Paid | Statement has been partially paid | Processed The disbursement updates to “processed” and the total is less than the amount of the statement |
Cancelled | Statement has been cancelled. Example: client already paid by other means, or responsibility to pay has been waived | NA This status does not receive an update from the disbursement |
Partially cancelled | Statement has been partially cancelled. Example: Client has partially paid by other means, and the remainder has been waived | NA This status does not receive an update from the disbursement |
In order to understand how the statuses can be automatically updated, we need to understand how an entity can pay for a statement; The standard process to pay for a statement is by using our disbursement process, where a debit payout schedule is set up to collect the total amount of the statement on a recurring basis. In the below chart we will cover each disbursement Status, and how it can impact the statement.
Disbursement Status | Explanation | Impact to statement status |
|---|---|---|
Requested | The disbursement has been requested and will be processed on the next business day | No impact/change |
Processing | The disbursement request has been processed | Status will change to processing |
Processed | The disbursement has been fully processed | Status will change to paid or partially paid |
Failed | The disbursement requested failed locally | No change, status will remain as pending |
Denied | The disbursement request was denied by he processor | No change, status will remain as pending |
Returned | The disbursement was returned / rejected by the issuing bank | status will change to pending or partially paid |
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Any statement payments received outside of the system will require a manual update! |
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