Setting up Payment Journals

Payment Management has enriched the payment journal with additional setup and functionality which improves the payment flow.

During the general setup of Payment Management, a payment journal will automatically be generated with Payment Management enabled. However, when creating a new payment journal or using an existing payment journal, you must manually activate Payment Management on the journal.

The first time using a payment journal which has 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.

Note

If you are used to work with the standard payment journal, you will notice that Payment Management has extended the standard payment journal with additional functionality. Also, payment lines will be validated by Payment Management before they are sent to the bank and a status on the payment line will notify if further actions are needed for the payment.

To activate Payment Management on a payment journal

  1. Use the Search for page or report 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 the Search for page or report. This opens the General Journal Batches.
  3. In the general journal batches list identify the payment journal for which you want to activate Payment Management.
  4. Navigate to the column Payment Management journal and activate the box.

Payment Management has now been activated on the payment journal.

To define the payment journal setup

  1. Use the Search for page or report icon and search for Payment Journal, then select the related link. This will open a payment journal.
  2. In the action bar navigate to Prepare and select the Payment Journal Setup.
  3. On the payment journal setup, go through, and if needed, update the settings.

Once you have defined the settings in the payment journal setup, the setting will form the basis of the Suggest Vendor Payments setup up 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 criteria 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

Note

If you use manual communication and are exporting a payment file, you should set the required posting status to Sent, as the two other statuses are only available when using direct communication.