Set up vendor bank account
The vendor bank account card is part of standard Dynamics NAV or Business Central on-premises. With Payment Management installed, additional fields have been added to the card. These fields will be described in this article.
- Select the icon , type in Vendors, and select the related link.
- Select the vendor for whom you want to create a bank account.
- Under Navigate, select Bank Accounts, which opens the windows Vendor Bank Account Card.
- Select New to create a new vendor bank account.
- Fill in information about the vendor bank account. Below you will find descriptions of the fields and functions in the window.
- Select OK to finish the setup.
|Code||Specifies the unique code used to identify this bank account.|
|Name and Address Information||Specifies the name and address information of the bank.|
|Country/Region Code||Must be completed.|
Specifies the country code of the bank.
|Payment method (Default)||Specifies the default payment method for payments registered to this account.|
|Currency Code||Specifies the currency for payments to this account.|
|Bank Branch No.||Should be filled in for Danish vendors.|
|Bank Account No.||Should be filled in for Danish vendors.|
|SWIFT Code||BIC / SWIFT Code (Bank Identifier Code) is an international standard for identifying a bank. SWIFT is an international paying agency with more than 7000 banks in more than 192 member countries. All members of SWIFT get their own address; SWIFT address.|
Using IBAN and SWIFT will often speed up the payment process.
When transferring to foreign accounts, most banks require the SWIFT code to be completed correctly for payment to be made at no additional cost. Because the transaction is handled automatically, the transaction costs are generally lower as well. If
If SWIFT code cannot be provided, there is still a possibility for transfer to be completed if correct Bank Registration Code (BLZ Code) and bank number are provided. BLZ means bank leitzahl, which is the registration number of a bank in Germany or Austria.
The code has a length of 8 or 11 characters. The first six characters are always letters, while the rest can be a combination of letters and numbers.
If SWIFT is required for a specific payment method, the validation defined in the bank setup and applied to the bank card using the Bank Code field, will alert you that SWIFT code must be applied.
|IBAN||IBAN, means International Bank Account Number, and is an extension of your existing account number that you can use when making international payments. |
IBAN gives you a greater degree of assurance that the incoming and outgoing payments are sent as quickly as possible via the banking systems. Because the structure of IBAN is uniform worldwide, the payment process with IBAN is faster.
IBAN is used in all EU countries and some other Western countries (eg Norway, Switzerland and Tunisia) We recommend using IBAN, but this is not a requirement.
If IBAN is required for a specific payment method, the validation will alert you that IBAN must be completed.
|Bank Number||The field Bank Number is associated with the field Bank Registration Code. It is different how long the number should be with the respective codes, and the length is on the right in the list below.|
|Bank Registration Code||Specify this code, for the system to identify a foreign bank. |
Bank registration code corresponds to the Danish registration number. You can also use SWIFT code, which is recommended, as SWIFT code is more well-known for the most banks.
Bank Registration Code always consists of 2 or 5 letters:
AT Bankleitzahl (Austria) 5 digits
BL Bankleitzahl (Germany) 8 digits
CC Canadian payment association (Canada) 9 digits
CP CHIPS participant id (USA) 4 digits
CH CHIPS code (UID no.) (USA) 6 digits
FW FEDWIRE (ABA no.) (USA) 9 digits
SC Sort Code (UK / Ireland) 6 digits
|Standard for Currency||The box is selected if this bank account is to be used by default for the given currency. One bank account can be selected per currency |
When enabled, this account will per default be selected when the vendor payment is created in that currency.