Setting up Vendor Payment Information
Before you start managing your purchase processes, it's crucial to configure the settings that define how you pay your vendors. This involves configuring settings that dictate how payments are made to your vendors. Some of these settings can be predefined as defaults on the Payment Management Setup page or within individual payment methods. However, certain specifics must be outlined on the vendor card or on the purchase document.
Important
Once you've finished installing Payment Management, you must update the payment methods for your existing vendors. Make sure to choose payment methods that are compatible with Payment Management, as the solution operates exclusively with these options.
To add assistance for vendor payment information
When setting up a new vendor card, Payment Management offers helpful support to input crucial payment details. This assistance includes notifications about necessary information, automatic creation of preferred vendor bank accounts, and suggesting payment methods based on the vendor's location.
To turn on or turn off the assistance for filling in the vendor payment information:
- Use the
icon and search for Payment Management Setup, then select the related link. - On the action bar, select Assisted Setups.
- Start the Set up vendor payments setup.
To update payment information of multiple vendors
Payment Management has an assisted setup that allows you to validate and update payment information, such as payment method code and balance account, for multiple vendors simultaneously. Use the setup to select which vendors you wish to update and specify the information that should be updated.
To update the payment information on multiple vendors at once:
- Use the icon and search for Vendor Payment Setup, then select the related link.
- When updating payment methods, enter the same method in the Payment Method (New) and Payment Method (Current) fields. This action will import all vendors with the specified payment methods into the payment overview, allowing you to review the information without making any changes to the payment methods.
To connect a balance account to a currency
Payment Management has the Vendor Payment Setup that helps you set up a connection between a balance account and a specific currency code. Payment Management will handle the rest, automatically updating vendors and their ledger entries with the appropriate balance account based on their currency code.
To set up a connection between a balance account and a currency:
- Use the icon and search for Vendor Payment Setup, then select the related link.
- On the Set up Balance Accounts page, you can now select a currency for a balance account. Select Next to move on.