US 5,121,945 · Granted 1992-06-16

Financial data processing system

There are disclosed herein methods and systems for affecting the accounting functions of debiting and crediting a bank's account records, a payer's bank account records and a corporation's accounts receivable records with their customer's payments, and are based upon the combination of data from two or more sources to prepare an integrated document comprising an invoice (bill) and a negotiable instrument, usually a bank check. These documents form an integrated document and contain all necessary pre-printed machine readable data and are combined to effect a variety of multi-function transactions. By combining all of the required data elements in a single document at the time of initial preparation of the integrated document, including an accounts receivable invoice and the payer's check, the requirement for subsequent redundant, labor intensive processes are eliminated. The single integrated document becomes a multi-functional document which generates the transaction to effect the customer's accounts receivable, the negotiable instrument to (i) credit the corporation's institutions account and (ii) debit the customer's financial institution's account while creating a complete audit trail and accountability at each separate processing level.

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