Enter Payment Institute

Explanation

This activity is used to enter, change, and view details of the payment institutes used by your company when entering payments, e.g., customer and supplier payments.

You can define new payment institutes such as petty cash (for which the best institute type is Bank). You can also define payment institutes of type cash box by selecting the Cash Box check box. Cash box payment institutes are different from other types because they involve direct handling of cash. All fields in this window can be modified except the ID. 

Prerequisites

There are no Prerequisites.

System Effects

As a result of this activity:

• Cash accounts used for the payment institute can be entered.
• Payment methods can be connected to the payment institute. This provides the file format for different kinds of payments, e.g., direct debiting, domestic or foreign supplier payments, incoming customer payments on file or electronic statements of bank account.

Window

Payment Institutes

Related Window Descriptions

Payment Institutes

Procedure

To perform this activity, follow these steps:

1. Open the Payment Institutes window. 
2. Query for the payment institutes.
3. To create a new payment institute, create a new record.
4. Enter up to 20 alphanumeric characters for the identity of the payment institute.
5. To enter our company's ID at the payment institute, e.g., the customer ID number, use the Our Identity field. This information is required by some payment formats.
6. Enter a description of the payment institute.
7. Select the Use Value Date for Matching check box, if you want to use value date parameters for the payment institute, during the bank reconciliation process.
8. If the payment institute is a cash box, select the Cash Box check box.
9. Save the changes.