Setting Up Customer Payments
To set up a customer payment instrument, you must do the following:
1 Ensure that you have defined the own bank account you will use in the process. This bank account is defined on the Banking tab of a GL account of type Bank and is referred to in the customer record in Customer Create. The system retrieves your bank account details and the formats required for payments from the account information you define on the Banking tab of the customer record. See
Banking Tab.
2 You must link payment formats to your bank accounts.
Payment formats include information on the type of payment (AR or AP), the direction (inbound, foreign, or both), the currency, and the instrument, such as check or draft. For electronic customer collection (direct debit and electronic draft), the payment format is also linked to an imported Bank File Format driver.
You must define as many payment formats as you have different types of customer payments.
See
Linking Payment Formats to Bank Accounts for a description of how to set up payment formats and how to link them to bank accounts.
3 Define Customer Payment accounts to be associated with payment statuses. The account balance then reflects the total value of payments in each status.
For more information on defining GL accounts, see
Creating GL Accounts.
4 Define a Customer Payments daybook to contain the postings generated by the status transitions.
For more information on daybooks, see
Using Daybooks.
5 Create a set of payment statuses to match the stages through which you want to process the payment. This is described in
Customer Payment Statuses.