X9 Releases TR-45 Retail Debit Balances Best Practices and Procedures
Posted by Ambria Frazier
The Board of Directors at ASC X9 recently approved a new technical report, TR-45 “Retail Debit Balances Best Practices and Procedures.” This technical report was created by a group of retail industry practitioners representing retailers and suppliers. The need for this project was identified in focus group research conducted by the Remittance Coalition. The X9C work group began by conducting a broad-reaching survey to research and benchmark current practices in the retail industry. The scope included but was not limited to account reconciliation, notification guidelines, time frames, roles and responsibilities of each party, supporting documentation needed to support debit balance claims, and so on. TR-45 will be a useful tool for retail industry members such as accounts payables and accounts receivables practitioners as well as software vendors who desire to improve and standardize how debit balances are handled by various trading partners. As a result, this will lead to efficiencies, potential cost savings in terms of reduced labor, improved cash management, and better relationships between trading partners. TR-45 is the retail industry’s first attempt to standardize retail debit balance handling. It advocates a consistent approach that can potentially benefit all parties. This technical report is being provided for free and can be downloaded at the X9 Remittance Coalition page.