Enter Payment Series

Explanation

Use this activity to enter, change, and view details of your company’s payment series. This mandatory task is to be performed by a system administrator or equivalent person.

A payment series is used as an ID term for various types of payments. Three payment series are created when a company is created: SUPAY (supplier payments, CUPAY (customer payments, and GNPAY (general payments). The recommended minimum number of payment series is two: one for customer payments and one for supplier payments. You can enter a new series, edit the description of an existing series, or delete a series if no items are using it.

You must see a payment on account as a customer payment, i.e., belonging to payment series CUPAY. This means that when you have a Payment series for customer payments then you can create a payment on account. Within/connected to a CUPAY, however, we have different Series IDs. For example, for supplier invoices we have SI, for customer invoices CI,II...., and for payment on account from customers CUPOA and to suppliers SUPOA. If the payment series is for customer payments (CUPAY), then you can define a tax invoice number series, which will be used to number the tax invoices.  

For example, we have made a customer payment receiving $15,000 USD from the customer.
The result is: CUPAY 100 +15 000 (where 100 is the number ID for payment series CUPAY),
which we offset with the following transactions:

CI 125 - 10 000 (where 125 is the number ID for Invoice series CI) 
II 29 - 2 000 (where 29 is the number ID for invoice series II)
CUPOA 3 - 3 000 (where 3 is the number ID for the payment on account=document series CUPOA).

This CUPOA is not created by an end-user as a payment series. They are also automatically created when you create the company. In the Payment Documents window, you can see different types of documents.

The ID of a payment on account consists of the document series ID and a number from the number series linked to the payment document series. Each payment on account thus has a unique ID in the same way as invoices. The ID of a parked payment is taken from the same series as that used for payments on account. Different types of payment can be linked to different payment series as per the Modify Payment Types activity.

Enter payment series, description, and payment series type for each payment series to be used. 

Prerequisites

This activity has the following prerequisites:

• A company must be created.

System Effects

As a result of this activity:

• Various types of customer, supplier, and general payments can be identified and processed.

Window

Payment Series

Related Window Descriptions

Payment Series

Procedure

To perform this activity, follow these steps:

1. Open the Payment Series window.
2. To create a new series, create a new record.
3. Enter up to 20 alphanumeric characters for the series ID.
4. Enter a new description or edit an existing one.
5. Select the payment series type from the List of Values.
6. Save the changes.