Assisted setup of vendor payment information
The assisted setup helps you validate and update the payment information on your existing vendors. If you are trading with vendors, for whom payments are transferred to foreign bank accounts, the setup guide will assist you in which codes should be reported to your Nationalbank.
Note
Before running the guide, you must have completed the Payment Management Assisted Setup, which will help you set up the basic features of the extension.
For the guide to run optimally, you are expected to have prepared the following steps:
- Giro number or FI-Creditor number (PBS agreement).
- You must know the vendors structure of the OCR-string, to be able to designate or define a Payment ID def. code.
- You must be familiar with vendors bank branch number, bank account number, IBAN number and or SWIFT code.
How to run the assisted setup
To start the guide, follow the instructions below:
- Select the icon
, type in Vendor Payment Info Setup Wizard, and select the related link. - Follow the instructions in the guide. The 9 steps in the assisted setup guide are further described in the table below.
- Note that all setup in the assisted setup can also be accessed by navigating to the desired configuration form, which you can read more about in the column "Read more about this feature" in the table below.
- When the assisted setup has been complete, select Exit to close the guide.
What set up are accomplished in the guide
The assisted setup will help you set up the following features:
| Step | Feature | Read more about this feature |
|---|---|---|
| 1 | The assisted setup is carried out for one vendor at a time, who you must select in the first step. You can either choose to associate a vendor with a vendor payment group, or you can define payment information directly on the vendor. | Setting up vendor payment information |
| 2 | Define if the vendor must be paid with a merged payment - that is, whether several payment entries must be merged into one payment. This can be an advantage if you want to save payment fees. Define whether credit notes should be excluded when creating payment entries in the payment journal. Define a sender reference, which is the text that appears for the vendor payments when the payments are send to the bank. The sender reference will also be included in the bank account statement. When you import the bank account statement, the sender reference will be used to identify the correct creditor, in order to complete settlement and update the payment. If you enter a text in the Sender Reference, make sure it is unique across all your vendors, otherwise the matching, and thus the settlement, can fail. Vendor name is used by default. With Payment Management, it is recommended that you enter a sender reference in the bank account. When you enter the sender reference in your bank account, Payment Management will automatically generate a unique payment reference number for each payment (UPR number). Note that the sender reference in the bank account always overwrites the sender reference created on the vendor. | Set up vendor payment information Set up sender reference in a bank account |
| 3 | Set up the vendor payment method. Create one or more vendor specific payment methods that you want applied to this particular vendor. You can choose from all the payment methods available for the bank or banks you created in Payment Management. For each payment method you create, you can specify a Payment method - ie whether the vendor should be notified through the bank or manually via e-mail. Bank Notification Def. Code or Manual notification Def. code specifies how to format the notification. | Set up vendor payment information |
| 4 | For each payment method you create, you can also enter a Giro number or FIK number as well as, in the case of a PBS agreement, a vendor number. These fields shold be filled in, only if they are relevant to the specific payment method. If the vendors payment method is a FI card, you can also specify a Payment ID def. code. The code specifies a template for how the OCR string is structured on the FI card and should only be completed if it is relevant to the payment method. | Setting up vendor payment information |
| 5 | Opsætning af kreditors bankkonti. Create one or more vendor bank accounts. Create a vendor bank account, by entering a bank account code and a bank account name in a blank line. Select a currency if the account should be used for foreign payments. Also in case of foreign payments we recommend that you fill in IBAN. IBAN, means International Bank Account Number, and is an extension of the bank account number that you can use when making international payments. IBAN is a international standardization of bank account identification, and using IBAN can speed up the process handling the payment. Årsagen er, at opbygningen af IBAN er ensartet verden over. IBAN is used in all EU countries and some non-EU countries (eg Norway, Switzerland and Tunisia). We recommend using IBAN, but it is not a requirement. | Set up vendor payment information |
| 6 | BIC / SWIFT code setup. BIC / SWIFT Code (Bank Identifier Code) is an international standard for identifying a bank. It can be advantage to use IBAN and SWIFT to send money electronically to foreign vendors, as this can speed up the payment process. As no manual handling is done, transaction costs are also lower. When transferring payments to foreign accounts, most banks require a BIC / SWIFT code. If BIC / SWIFT code cannot be provided, Bank Registration Code (BLZ code) and bank number might be used instead. BLZ means bank leitzahl, and is the registration number of a bank in Germany or Austria. | Set up vendor payment information |
| 7 | Nationalbank information is required for transfers to foreign accounts, or currency transfers to domestic accounts. Specify recipient country code, destination code and notification. | Set up vendor payment information |
| 8 | Set up Cost Type Code, Exch. Rate Type, Calculate Entry Based On, and Entry Date Calc. The two calculation fields calculates the entry date, e.g. "+ 10D". | Set up vendor payment information |
| 9 | Summarizing creditor's payment information and final confirmation of setup. |