Establish customer payment fees
We will not be accepting edits to this topic, because it is generated from a business process in Lifecycle Services.
Create payment fees for customer payments.
This task uses the USMF demo company.
- Go to Accounts receivable > Payments setup > Payment fee.
- Click New.
- In the Fee ID field, enter a Fee ID.
- The Fee ID displays on payment journals, so make it descriptive to understand what fee is being assessed.
- In the Name field, enter a fee Name.
- In the Fee description field, enter a description for the fee.
- Select whether the fee will be charged to the Customer or a Ledger account.
- If the customer is assessed the fee, select Customer. If the fee will be assess to your organization as an expense, select Ledger. For this task, select Customer.
- Select the type of journal that can use this payment fee.
- If these fees are used for customer payments, the journal type will likely be Customer payment.
- Click Save.
- Click Payment fee setup.
- The Payment fee setup is used to define the criteria for when the payment fee will be assessed. For example, you can define that the fee will be calculated if the bank account is USMF OPER, and the method of payment is check.
- Select either Table, Group or All to define which bank accounts will be assessed this fee.
- If you select All, all bank accounts could be assessed this fee. If you select Table, only the bank account you select could be assessed this fee. If you select Group, only the bank accounts in the selected bank group could be assessed this fee.
- Select either a bank group or a bank account.
- If you selected Table, the lookup will display bank accounts. If you selected Group, the lookup will display bank groups.
- In the list, click the link in the selected row.
- Select the Method of payment for which this fee will be assessed.
- For example, you may assess a fee to your customers if they send payments as a check, rather than as an electronic payment.
- In the list, find and select the desired record.
- If relevant, enter a payment currency.
- The payment currency is used as an additional criteria for whether the fee will be assessed. For example, your bank may charge an extra fee for payments received in USD currency, since they normally only transact in EUR currency.
- Select whether the fee will be a percent, amount or interval.
- Enter either percentage or amount of the fee.
- If the Percentage/Amount field is Percent, then the value enter here will be a percentage. If the Percentage/Amount field is Amount, then the value you enter here will be an amount. If the Percentage/Amount field is Interval, use the Interval tab to define the tiers.
- In the Fee currency field, select the currency of the fee.
- This is the currency in which the fee will be created.
- Click Save.