Create vendor payment groups
If there are multiple vendors using the same payment method, it is recommended to create a vendor payment group. In vendor payment groups, common payment information can be set for all vendors who are part of the same group.
When you associate a vendor to a vendor payment group, all payment information available on the payment group, are copied to the vendors payment information. This ease the process of creating new vendors, as all payment information is automatically inserted from the payment group. However, you still need to specify vendor specific information on the vendor, such as bank account number, bank branch number or PBS vendor number.
How to create vendor payment groups
As a help, a number of vendor payment groups have already been created in Continia Payment Management after importing the bank setup. You can use the groups as they are, or use them as inspiration if you want to create your own vendor payment groups.
Follow the guide below to access and create vendor payment groups.
- Select the
icon or press Ctrl-F3, enter Payment Groups, and then select the related link. - This opens the overview of existing Vendor Payment Groups.
- To open a Vendor Payment Group Card, either select the action New to create a new vendor payment group, or select an existing vendor payment group and select the Edit action.
- This will open the form Vendor Payment Group.
- Below you will find descriptions of the individual fields and functions in the window, and what consequences this has for the use of Payment Management.
- When you have finished the setup, select OK.
Field overview for vendor payment groups
| Field | Description |
|---|---|
| Code | This is a unique code which will be used to identify the vendor payment group. After having created the payment group, this code must be selected on the vendor, to link the vendor to the payment group. |
| Description | Use this text field to add a description to the payment group. |
| Payment Method | Specifies the payment method to use for vendors in the payment group. |
| Allow Collecting Payments | Choose if aggregation of payment in the payment journal is allowed for vendors of this payment group. Read more about aggregating payments here. |
| Do not collect Credit Memo | Choose whether you want credit notes excluded in the payment journal suggestion. This includes, that no credit notes will be included when you make the aggregate payment. Please note that credit might block a payment if the credit note amount exceeds the invoiced amount. You must manually make sure that these are settled, either by collecting the money or by settling an invoice. |
| Exch. Rate Type Code | Specifies the type of exchange rate to be applied to the payments. It's possible to make an agreement with the bank, regarding exchange rates when you pay your foreign vendors. This agreement can be completed on different terms, depending on the bank. |
| Purpose Code | This field is only used in Norway, Sweden and Estonia. A purpose code is specified for certain payments where amounts are more than SEK 100,000 / NOK 150,000. |
| Calculate Entry Based on | Specifies the date on which the entry should be calculated. The date, together with Entry Date Calc. will be used to calculate the time of import when reporting to the National Bank. Expected Rcpt. Date Specifies the expected date of receipt as the point of reference Posting date Specifies the posting date as the point of reference. Document Date Specifies the document date as the point of reference. If nothing is specified, the import date must be stated on each purchase document. |
| Entry Date Calc. | In this field, you can enter a date formula, which is used to calculate the date that should be inserted in the field Import on the payment entry. If you, for example has selected Posting date in the field Calculate Entry Based on and in the date formula has 3M, while the posting date on the purchase invoice is 03.03.2001, then the import dated will be 062001. |
| Cost Type Code | Payments transferred abroad, often involves transfer fees, both in the sender and recipient bank. In Cost Type Code, you can specify who must cover the costs. For SEPA payments, there is only the option of using “Shared” cost. Notice that you can create new cost type codes. If you create your own cost type codes, be sure that the code you create is accepted in your bank's payment system. If the code is not valid in the bank, the payment might be rejected by the bank. |