How to make payments using the Payment Wizard

Transcription

1 How to make payments using the Payment Wizard Overall Business Processes BANKING Related Business Process FINANCIAL ACCOUNTING Responsible Department ACCOUNTING Involved Departments ACCOUNTING Last Updated 23/11/2011 Copyright 2011 Supernova Consulting Ltd. All rights reserved. The current version of the copyrights, trademarks, and disclaimers at is valid for this document. This content may not be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopy, recording, or any information storage or retrieval system, without written permission. Requests for permission should be directed to , or mailed to Supernova Consulting Ltd, P.O. Box 56747, 3309, Limassol, Cyprus Copyright 2011 Supernova Consulting Ltd. All rights reserved. Page 1 of 15

2 CONTENTS Payment Methods... 3 Introduction... 3 Create a new Payment Method... 3 Assign Payment Methods to Business Partners... 5 Payment Wizard... 6 Introduction... 6 Procedure... 6 Copyright 2011 Supernova Consulting Ltd. All rights reserved. Page 2 of 15

3 Payment Methods Introduction This section describes the process of creating Payment Methods and assigning them to Business Partners. These methods are used by the Payment Wizard for creating a batch number of payments in the system. The process of executing the payments will be described briefly in the second section of this document. Create a new Payment Method The Payment Wizard uses payment methods for executing batch outgoing or incoming payments. Create a new payment method for each action that you want to do with the assistance of the Payment Wizard. To access the Payment Methods, click Administration Setup Banking Payment Methods The required fields for a Payment Method are: Payment Method code Description Payment Type: Specify whether the payment method refers to outgoing payments or incoming payments Copyright 2011 Supernova Consulting Ltd. All rights reserved. Page 3 of 15

4 Payment Means: The way to make or receive payments in SAP Business One. o For the payment type Outgoing, you can select the payment means Check or Bank Transfer. o For the payment type Incoming, only the payment means Bank Transfer is available. House Bank: click the icon next to the field to select the required house bank. Due Date in cheques (if applicable): this section appears only if the selected payment means is checked. Select one of the following options: o Date of Payment Run: if this option is selected, the due date of the payment is similar to the posting date set in Step 2 General Parameters of the payment wizard. o Due Date of Invoice: if this option is selected, the due date of the payment is determined by the due date of the invoice in Step 6 Recommendation Report of the payment wizard. If more than one invoice is chosen in that window, a weighted average is calculated in order to determine the overall due date of the payment. o Payment Terms: if this option is selected, the due date of the payment is determined according to the date of the payment run plus a number of additional days according to the payment terms selected in the dropdown list displayed next to this field. The payment due date is calculated in the same way as the due date is calculated in a standard invoice. In the following example we create a payment method to produce outgoing payments for checks. We use the bank account Barclays and set the due date of the checks to the due date of the invoice. Copyright 2011 Supernova Consulting Ltd. All rights reserved. Page 4 of 15

5 Assign Payment Methods to Business Partners After creating all payment methods required, it is important to connect them to the Business Partners for which to make incoming or outgoing batch payments. In the following example we have assigned to supplier Acme Associates as a default the payment method Outgoing Checks. From now on, all AP invoices that are posted in the system for this Business Partner will have this method as default. In the following example, the invoice displays Outgoing Checks by default as the Payment Method for supplier Acme Associates. Copyright 2011 Supernova Consulting Ltd. All rights reserved. Page 5 of 15

6 Payment Wizard Introduction This section describes how to create outgoing and incoming payments in batches for bank transfers, checks and bills of exchange. The payments are created according to your selection criteria and payment methods.. Procedure 1. To access the Payment Wizard, choose Banking Payment System Payment Wizard 2. The system prompts the user either to start a new payment run or load a saved Payment run 3. Select Start New Payment Run to create a new payment run process. 4. Click Next to proceed to the next step. Copyright 2011 Supernova Consulting Ltd. All rights reserved. Page 6 of 15

7 5. Fill in the general parameters: Payment Run Name: this code is defined automatically; however, you can change it manually if required. This name functions as a unique code. Posting Date: define the posting date of incoming/outgoing payments to be created by the payment run. Payment Type: you can create both outgoing and incoming payments in the same payment run. o Select Outgoing to display all open A/P invoices that match your previous selection. o Select Incoming to display all open A/R invoices that match your previous selection. Payment Means: select the payment means to be used in the payment run: o For outgoing payments: check, bank transfer or bill of exchange o For incoming payments: bank transfer or bill of exchange 6. Click Next to proceed to the next step. Copyright 2011 Supernova Consulting Ltd. All rights reserved. Page 7 of 15

8 7. Click Add to find the required Business Partners for this run using the criteria provided. The system will select from the list only the suppliers that have an outstanding balance. 8. Select the Business Partners that you want to pay from the selected list. 9. Click Next to proceed to the next step. Copyright 2011 Supernova Consulting Ltd. All rights reserved. Page 8 of 15

9 10. Select the documents that need to be included in the payment run by setting up parameters (i.e. Posting Date, Due date, Amount etc.) In the following example we have selected to include documents that have a due date between to Click Next to proceed to the next step. Copyright 2011 Supernova Consulting Ltd. All rights reserved. Page 9 of 15

10 12. Select the required payment methods for this payment run. All methods of the system are displayed here. In the following example we selected to include the method of outgoing checks since we want to make payments only by cheque. 13. Click Next to proceed to the next step. Copyright 2011 Supernova Consulting Ltd. All rights reserved. Page 10 of 15

11 14. Recommendation report: in this step the system recommends the payments that should be made according to the data provided. The system enables the user to further break the recommendation report by pressing expand all (shown in the image below). 15. To approve the payments, check the option boxes on the left of the report screen. In the following example we selected six AP invoices to be paid Copyright 2011 Supernova Consulting Ltd. All rights reserved. Page 11 of 15

12 16. Click Next to proceed to the next step. 17. Select a Save Option: Save Selection Criteria Only: select to save the selection criteria for invoices. This option does not reserve the selected open invoices for this Payment Wizard only. This makes it possible to clear these invoices using either the incoming or outgoing payment documents or by using a new Payment Wizard. When you load a saved Payment Wizard, it will not display invoices cleared by other methods. Save Recommendations: select to save the recommendations for invoices. This option reserves the selected open invoices for this Payment Wizard only. This means open invoices saved under this option cannot be cleared using the incoming or outgoing payment documents. In addition, you cannot clear them using a new Payment Wizard. To delete a payment run saved as recommended, load the saved payment run, proceed to Step 2 and on the menu bar, choose Data Cancel. Execute: select to perform the payment run and create the corresponding incoming and/or outgoing payment documents. In the following example we select execute all the outgoing payments by cheque. 18. Click Next to proceed to the next step. Copyright 2011 Supernova Consulting Ltd. All rights reserved. Page 12 of 15

13 19. Payment Run Summary: in this step the system provides a description of the payments, cheques and bank transfers created to the system by the payment run. 20. Click Next to proceed to the next step. Copyright 2011 Supernova Consulting Ltd. All rights reserved. Page 13 of 15

14 21. In this step the system provides the option to print any summary reports for the payments executed. In the following example we select print a summary for all the outgoing payments. 22. Click Next to proceed to the next step. Copyright 2011 Supernova Consulting Ltd. All rights reserved. Page 14 of 15

15 23. In this step you can print all the cheques that were posted in the system. 24. Click Finish to finish with the payment wizard. Copyright 2011 Supernova Consulting Ltd. All rights reserved. Page 15 of 15