Preparing your setup for Payment Management
To make it easier to start working with Payment Management, see the following checklist:
| Area | Make sure to: |
|---|---|
| BC setup | Make sure to use bank accounts. Set up an ending number on all number series related to the bank module (payment journal, cash receipt, reconciliation, and so on.) |
| Bank account ledger entries | Close and reconcile all bank account ledger entries in BC up to a date that is close to the PM implementation date. |
| Vendor bank account setup | Make sure that the vendors contain the following information: Payment Method, Bank, Master data, Branch number, Account number, IBAN, and Swift. |
| Bank accounts | Make sure that all bank accounts contain master data, branch number, account number, IBAN and so on. For some direct communication connections such as Bizcuit to allow multiple approvers, you must have the required permissions in the bank environment. |
| Bank agreement | Create a bank agreement with the bank related to direct data exchange through API. Order or set up recurring reconciliation and cash receipt files from the bank (CAMT 53 and CAMT 54). See the Bank integration article for more information. |