Setting up Payment Journals

• 18/05/2021
• 6 minutter at læse

Payment Management has extended the standard payment journal with additional functionality to improve the payment flow. In addition, payment lines will be validated by Payment Management before they are sent to the bank, and the status on the payment line will let you know if further actions are needed for the payment.

The first time you use a payment journal with Payment Management enabled, you will be asked to set up the payment journal. The payment journal setup forms the basis of the vendor payment suggestions in the given payment journal.

To activate Payment Management on a payment journal

1. Use the icon and search for Payment Journal, then select the related link. This will open a Payment Journal.
2. On the payment journal header, go to Batch name and select . This opens the General Journal Batches.
3. In the General Journal Batches list, in the Payment Management journal column, select the checkbox for the payment journal you want to activate Payment Management for.

Payment Management has now been activated on the payment journal.

To set up the payment journal

1. Use the icon and search for Payment Journal, then select the related link. This will open a payment journal.
2. In the action bar, select Prepare > Payment Journal Setup.
3. On the Payment Journal Setup page, you can update the settings for the specific payment journal. For example:
   • Required Posting Status - specifies the payment status required for posting. For example, it is a good idea to select the status Paid to only post the lines that are actually paid. If you select Sent or Processing, all payments in the journal with this status or higher will be posted. If no required status is defined in the journal, the value from the general Payment Management setup page will be used.
   • Find Payment Discounts - specifies if the suggestion should look for possible payment discount dates. For example, some vendors offer discounts of 1%-2% off the total invoice amount if paid within 10-15 days. If you switch this option on, Payment Management automatically finds these payment discounts for you.
   • Handle Bank Holidays on Payments - select how to handle Bank Holidays when suggesting payments for this journal. Payment Management has added all bank holidays to the system. If you send a payment on a bank holiday, you can select to handle a payment before or after the bank holiday instead.

After you have defined the settings in the payment journal setup, the settings form the basis of the Suggest Vendor Payments setup, and you are ready to create vendor payment suggestions.

Managing required status for posting payments

When payments have been processed and paid in the bank, you post the related payment lines on the Payment Journal page. To control when payments can be posted, you can choose a posting criterion based on the status of the payment line. You can manage the required payment line status for posting payments from the following two places:

• On the Payment Management Setup page, under the FastTab Purchase and Payments > Required Posting Status.

• On the Payment Journal page in the Payment Journal Setup > Required Posting Status.

In both setups, use the dropdown to choose between the following three required payment line statuses:

• Sent
• Processing
• Paid