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Manage Payments Business Process
Prepare and Record Payments
An Overview of Payments Process
Author:
Version:
Created:
Vijaya Gudipati
1.0
14th June 2011
1.
Table of Contents
INTRODUCTION
Objectives ..3
Purpose and Scope ....3
Glossary Terms ..4
PREPARE AND RECORD PAYMENTS
Create/Edit Payables Payment ..5
Manage/View Payments .9
Manage Payment Process Request Templates ...13
Reissue Payables Payment ....14
Stop Payables Payment .15
Submit Cash Requirement REPORT ..17
Void Payables Payment ....19
Setup Options .22
2.
Introduction
2.1.1
Manage Process and Account Payments to suppliers and employees which will enable and
confirm the system that they are paid and accounted accurately.
Once invoices are approved (if workflow enabled) and validated then Prepare and record
payment explains about the different scenarios to pay an invoice(s) and account.
2.1.2
Purpose
The purpose of this document is to provide a brief functional design of the Business Process
Manage Payments for Prepare and Record Payments.
This document will describe the existing functionality with the new interface for Single/Batch
Payments and payment related windows.
2.1.3
Features in Scope:
Payment creation
2.1.4
Glossary of Terms
Payment Method
A payment attribute on a document payable. The payment method indicates the medium by
which a first party payer makes a payment to a third party payee. Payment methods also include
other information used during the early stages of payment processing, such as validations and
rules that determine how payment methods can be assigned to documents payable.
3.
3.1
Single Payment
A Single Payment is a one-time, nonrecurring payment done in real time by user.
There are three types of Single Payments in Fusion payables:
Documents can be selected regardless of the payment terms, payment method, or due
date. For example, you can create a Quick payment for an invoice that is not yet due.
The payment can be made either electronically or by check (printed).
User pays an invoice with a single payment instead of a Payment Process Request.
If the Print Now box is checked at payment creation time, the payment will be printed
immediately to a printer that the user chooses from a list of values.
If the Create Accounting box is checked at payment creation time the accounting will be
created immediately. User has a choice to decide whether the accounting should be draft
or final.
Manual Payment
When you create a payment outside of the system, you can record the payment and
update the invoices that you paid.
A Manual payment is the typical way to record a wire transfer.
As a manual payment is only recorded in Payables, and not actually sent out, the user
can override some payment controls. For example, a single payment can be recorded for
multiple Pay Alone invoices. A single payment can also be recorded for supplier invoices
that have the Hold All Payments supplier option enabled.
Refund Payment
A refund closes out an outstanding credit balance with a Third-Party. (A third-party may
be a customer or a supplier)
Note:
The user pays a debit or credit memo. A refund is a payment in a negative amount. The
user is required to enter a paper check number to facilitate automatic reconciliation in
cash management. In event the supplier only sends a credit memo and no check, the
credit memo will be netted out with future invoice payments and no refund would be
recorded.
Enter all Payment details with mandatory fields Business Unit, Payee, Payment Date,
Disbursement Bank Account, PPP, Payment Method and upon all selecting Payment Type as
Quick/Manual/Refund.
Advanced Tab is to the advanced Options like Account and Post to GL, Print Now. Bills Payable
and Conversion options like Currency rate, Conversion type and Conversion date.
Click Actions > Select and Add: Invoices to Pay
On Submit Payment process request, status change for Pending proposal payment review.
Review the installments and resubmit the process to complete the payment process.
On completion of the process, status changes to Payment completed. Payment file is now
transmitted.
3.2
Manage/View Payments
View Payment
Enter Payment number to search
Click on Payment Number to view the details of Payment made.
10
11
Manage PPR
12
3.3
A payment process request template predefines invoice selection criteria, payment attributes,
processing instructions, and specifies how validation failures should be handled.
Payment process request templates enable you to:
Minimize data entry by saving you from re-keying frequently used values, which simplifies and
expedites pay runs.
Retrieve cash requirements for the invoices that will be selected for payment by running the
Schedule Cash Requirements Report.
Schedule payment process requests to run on a repeating basis.
13
Submit specific payment process requests by specifying a template that is used as a parameter
and which contains all the information needed for submitting the particular payment process
request.
Use a template as a starting point for submitting pay runs.
3.4
A payment can be reissued when the original was damaged or otherwise could not reach the
payee. For example, when a paper check is damaged during printing or a check is returned due
to an incorrect address.
Reissuing a payment means that the original payment is automatically voided and the new
payment is issued using the information provided by the user (new check number, new payment
date, new exchange rate (applicable to foreign currency payments), and voucher number (if
sequencing is used)).
A payment may be reissued only if:
1. Select the Allow Void and Reissue check box in the Payment tab of the Payables Options
page.
2. The payment is not a bills payable.
3. The payment Status is negotiable.
4. The payment is not a refund
5. The payment is not a manual payment.
6. The payment was not created via PPR
7. The payment processing type should be printed
Note: Reissuing a payment on a prepayment that has been applied to an invoice is allowed.
Though you cannot void such a payment.
14
3.5
When you void a payment, or confirm a stop payment, Payables automatically reverses the
payment status and accounting records for the invoices that you paid. Payables automatically
reverses and voids interest invoices associated with a void payment or stop payment.
Related Features:- Initiate/Cancel Stop on payment.
Setup Prerequisites:- Status of Payment is negotiable (quick payments) or issued(bills
payable).
Initiate Stop
15
Stop Initiated
16
3.6
Use the Cash Requirement Report to forecast your immediate cash needs for invoice payments.
You can submit this report before every payment batch to determine your cash requirements for
the batch. You can also submit this report for the next two or three payment batches to forecast
your cash requirements for the future and improve your cash management.
This report lists unpaid or partially paid invoices that match parameters you enter. The report
does not include cancelled or fully paid invoices.
If you submit the Cash Requirement Report with No for the Summary Option parameter, the
report lists all unpaid or partially paid invoices for a currency, by payment date and supplier
name, starting with those invoices with the earliest due or discount date. Payables subtotals the
amount due for each supplier and then for each payment date.
If you submit the Cash Requirement Report with Yes for the Summary Option parameter, the
report lists the cash requirements by supplier for each currency and each payment date without
displaying each invoice.
17
Click Monitor and Submit Jobs to view the status of the job process.
Click Report name to view the output of the report and log details to download.
18
3.7
The user can void a payment by providing a Void date and a GL date for the void.
A payment can only be voided if the status of Payment is negotiable, stop initiated (or issued in
the case of a Bills Payable). If the payment being voided has been made for any prepayment
invoice AND if that prepayment has been applied to a standard invoice then payment cannot be
voided.
Void allowed on all kinds of payments with few restrictions:
You cannot void a payment for a prepayment that is applied. You must first unapply the
prepayment, and then you can void it.
You cannot initiate a stop payment for a prepayment that is applied.
You cannot reissue a payment for documents with bills payable or electronic payment
method.
19
20
4.
Setup Options
Login with Admin Privileges.
Setup > Payables Options: Payment
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