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 installed, e.g. payment methods for customer direct debiting, automatic supplier payments, check payments, and Bill of Exchange payments.

Prerequisites

In order to perform this activity:

• A company must be created.
• The Used in Company check box in Payment Formats per Company window should be selected 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) to make payments with this method possible.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.

Window

Payment Methods

Related Window Descriptions

Payment Methods

Procedure

To perform this activity, follow these steps:

1. Open the Payment Methods window and create a new record.
2. In the Identity field, enter up to 20 alphanumeric characters for the payment method's ID.
3. Enter the description.
4. In the Format ID field, select one of the predefined formats from the List of Values. The Format Description field is populated. The Generate Trace Information check box  will be selected if the selected format supports payment file traceability. It will not be selected for new payment methods if no payment trace information is needed.
5. Enter a description for the payment method in the Description field.
6. Select a predefined payment format from the List of Values for the Format ID field.
7. If the payment method should allow creating a payment order with any cash account connected to the payment institute, select the Cash Account in any Currency check box.
   Example: Accounting Currency = EUR,  Payment/Invoice Currency = USD. 
   If the check box is not selected, the cash account in EUR or USD should be selected when creating a payment order. If the check box is selected, the cash account can be selected in another currency.
8. Save the changes.