Understanding the Automatic Payment Process Setup
Concept
You need to ensure that the basic setup required for automatic payment processing is complete to enable the system to run the automatic payment processes correctly.
Procedure
In this topic, you will review the automatic payment process setup.
| Step | Action |
|---|---|
| This flowchart lists the steps in processing automatic payments: | |
| The system manages every voucher through the entire payment processing cycle. It prioritizes the invoices for which discount opportunities exist. | |
| The system:
• Tracks the steps that you take. • Prompts you before each action. • Creates a thorough audit trail during the automatic payment process. |
|
| You select the vouchers you want to process and pay, with minimal system constraint. | |
| The system uses these user-defined code (UDC) document types for voucher document types:
• PV (voucher) • PR (recurring) • PL (voucher logging) • PD (debit memo) • PM (voucher without match) • Any user-defined voucher types |
|
| The system uses these user-defined code (UDC) document types for matching document types:
• PK (automatic payment) • PT (electronic funds transfer payment) • PB (Banker’s Automated Clearing Service (BACS) electronic funds transfer) |
|
| You must set up the following information before processing automatic payments: | |
| You must set up each bank account that you plan to use for payment processing. | |
| You must set up payment instruments and assign them to payment programs. | |
| You must set up print sequences for payments to specify the order in which payments are printed. | |
| You may also need to perform additional setup tasks, such as:
• Setting up localized bank information. • Preventing your company name from printing on payments. • Setting up the system for electronic funds transfer (EFT) payments. • Setting up the system for electronic data interchange (EDI) payments. |
|
| If you use electronic data interchange (EDI) or electronic funds transfer (EFT) payments, you must also perform additional setup tasks. | |
| To create payment transactions for outbound EDI processing, you must complete these setups: | |
| To create payment transactions for EFT processing, you must complete this additional setup: | |
| You have reviewed the automatic payment process setup.
End of Procedure. |
