Setting up Vendor Payment Information
Before you begin managing the purchase processes, you should configure the settings defining how to pay your vendors. Some settings can be defined as a default setup, for example, on the Payment Management Setup page or on the individual payment methods, while other settings must be defined directly on the vendor card or alternatively on the purchase document.
Important
After completing the Payment Management installation, the payment method defined on your existing vendors must be changed to a payment method supported by Payment Management, as the solution only runs with these payment methods.
To manage assistance for vendor payment information
When creating a new vendor card, Payment Management can assist you in filling in some of the vendor payment information. The assistance concerns being notified about recommended information that needs to be filled in, automatic generation of preferred vendor bank account, and a payment method being suggested based on the vendor's country/region code.
To turn on or turn off the assistance for filling in the vendor payment information:
- Use the
icon and search for Payment Management Setup, then select the related link. - Under the Purchase and Payments FastTab, turn the Activate Vendor Setup action on or off.
To update payment information of multiple vendors
Payment Management has an assisted setup that allows you to validate and update payment information, such as payment method code and balance account, for multiple vendors simultaneously. Use the setup to select which vendors you wish to update and specify the information that should be updated.
To update the payment information on multiple vendors at once:
- Use the icon and search for Vendor Payment Setup, then select the related link.
- When updating payment methods, enter the same method in the Payment Method (New) and Payment Method (Current) fields. This action will import all vendors with the specified payment methods into the payment overview, allowing you to review the information without making any changes to the payment methods.