Specify
General Mixed Payment InformationThis step is mandatory.
A payment institute processes payments (whether electronic or document) and maintains the company cash accounts.
In the Payment Institutes window, enter the bank name for each payment institute. Select the institute type, and right-click to open the Payment Methods Per Institute window, and then select the way of payment for that payment institute, e.g., check. You can also view/enter dates blocked for payment per payment institute using Payment Date Administration option. You can define information to determine the date that a cash transaction affects your cash account at each payment institute, by right-clicking and selecting Value Date Calculation.
Note: You can also enter external payment institute information that the used by your customers and suppliers, in the External Payment Recepients window.
In the Cash Accounts window, enter the cash account, payment institute, currency, account number, and description. The cash accounts are used to define places where money will be received and/or disbursed. This could be bank accounts, cash boxes etc. Each cash account belongs to a payment institute. Currency for the cash accounts must be the same as the companys accounting currency in order for payment to be processed. A cash account can be linked to another cash account at bank giro (payment institute).
In the Payment Instruction Codes window, enter codes for instructions to payment institutes on how to handle a payment.
In the Payment Formats per Company window, you can select which payment formats should be available in a company.
You can add or modify International Bank Account Numbers (IBAN) and specify validation information per country in the IBAN Validation window.
Bank transaction codes, which are used by the bank to identify the transaction type can be added or modified in the Bank Transaction Codes window. These codes will be used in the matching process in reconciliation.
Note: Make sure that the payment posting controls are set up correctly if control type used is cash account.
Specify
General Mixed Payment Information