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:

System Effects

As a result of this activity:

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.