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.