Assisted setup of vendor payment information

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

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.

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.

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.

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.