Setting up Vendor Bank Accounts

  • 26/04/2021
  • 3 minutes to read

Payment Management has enriched the vendor bank account with additional functionality, making it possible to define a default setup on how vendors should be paid and notified, depending on the vendor bank account. This can be an advantage if a vendor has several bank accounts, for which payments should be processed differently.

To set up vendor bank accounts for Payment Management

  1. Use the Search for page or report icon and search for Vendors, then select the related link. This will open the list of vendors.
  2. Open the vendor card, for which you want to set up a bank account and on the action bar select Navigate > Bank Accounts. This will open the list of vendor bank accounts.
  3. Open the bank account that should be set up for Payment Management or create a new vendor bank account.
  4. On the vendor bank account card, navigate to the FastTab Payment Management and add information for the following fields:
    • Standard Payment Method - specify the payment method that should be used for payments to this account.
    • Notification Template - specify the payment notification template that should be used for payments to this account.
    • Notification Method - specify if you want to notify the vendor about payments for this account by Bank, or by Bank & Email.

To define vendor bank accounts based on currency

In case you have vendors who are paid in more than one currency, you can define on the vendor bank account, if the account should be applied per default to the payment document, when paying the vendor in a given currency.

  1. Use the Search for page or report icon and search for Vendors, then select the related link.
  2. Access the vendor card, for whom you want link a bank account to a given currency.
  3. On the vendor card, on the action bar, select Navigate > Bank Accounts. This will open the list of vendor bank accounts.
  4. Open the vendor bank account that should be linked to a given currency.
  5. On the vendor bank account card, on the General FastTab, in the Currency Code field, specify the relevant currency code for the bank account.
  6. Enable the Standard for Currency function, if the bank account should be used as default on purchase documents using the currency defined in step 6.