We will not be accepting edits to this topic, because it is generated from a business process in Lifecycle Services.
Create a method of payment for customer payments. This task uses the USMF demo company.
- Go to Accounts receivable > Payments setup > Methods of payment.
- Click New.
- In the Method of payment field, enter an ID for the method of payment.
- The Method of payment ID is shown on invoices and payments, so make it descriptive enough to understand what type of payment is being recorded, and for what bank account.
- In the Description field, enter a description.
- Select what payment status is required in order for payments to be posted.
- When creating a customer payment, it can only be posted when the payment status matches the payment status you define here.
- Select how customers payments should be created for invoices.
- This option is only used when running a payment proposal. A payment proposal could be used for customer payments when doing direct debits, and pulling the funds from the customers' bank accounts.
- Select the type of payment.
- The payment type will help determine whether some validation will occur or not on the payment.
- Select what account type payments will post to.
- Typically, Bank would be selected for this option.
- Select the bank account into which this payment will be recorded.
- Enter the Bank transaction type to identify the type of payment used by your bank.
- The bank transaction type is used during the bank reconciliation process, and can make reconciliation easier.
- Select whether this payment will temporarily post to a bridging account.
- If you want to try the float time for a payment to clear the bank, use the Bridging functionality. The payment will temporarily post to a Ledger account until it clears the bank, at which time the payment will move to the bank account you defined here.
- Enter the main account used for the bridging posting.
- This is the main account to which the payment will temporarily post if using bridging.
- Use the File format tab to define setting for electronic payments.
- Use the Payment control tab to define fields that are mandatory.
- For example, if you require all payments with this method of payment to be deposited, you can choose that option on this tab.
- Use the Payment atrributes tab to define which payment attributes you want to use for this method of payment.
- Click Save.