Enter Payment Methods

Explanation

This activity is used to view and enter payment methods to be used by your company. Each payment method is connected to one of the predefined payment formats available in the company. 

When you create a new company, a number of payment methods are automatically created, e.g. payment methods for customer direct debiting, automatic supplier payments, check payments, and Bill of Exchange payments.

New Payment Methods can be created via the Payment Methods page. A predefined payment format can be connected to the payment metohod via the Format ID drop-down list. Generate Trace Information can be enabled if the selected format supports payment file traceability. It will not be selected for new payment methods if no payment trace information is needed. If the payment method should allow creating a payment order with any cash account connected to the payment institute; Cash Account in any Currency should be enabled. Example: Accounting Currency = EUR,  Payment/Invoice Currency = USD. 
If Cash Account in Any Currency is not enabled, the cash account in EUR or USD should be selected when creating a payment order. If it is enabled, a cash account in another currency can be specified.

Prerequisites

In order to perform this activity:

• A company must be created.
• The Used in Company field on Payment Formats per Company page, should be enabled for the payment formats you want to connect to the payment method.

System Effects

As a result of this activity:

• The payment method can be connected to a payment institute(s), customer(s) or supplier(s) enabling making payments with this method.The payment format that is connected to the payment method controls the information that is necessary for electronic payment address.
• The payment method can be connected to invoice installments, installments in payment terms, recurring supplier payments and non-supplier payments if a specific payment method/payment address is required for the payment.
• The payment method is available for automatic customer and supplier payments: It can be used as a selection criterion for payment proposals. When creating payment orders the payment method controls the format of the output and  the payment trace information that should be stored.
• External payment parameters can be defined for the payment method. The external payment parameters for the payment method are necessary if external bank files are imported with the external interface for payments. The format of the input file is linked to the payment format of the payment method.

Pages

Payment Methods

Activity Diagrams

BDR for External Payments
BDR General Customer Payment Information
BDR General Payment Information
BDR General Supplier Payment Information
BDR for Payment File Traceability