Configuring Microsoft Dynamics 365 Business Central: Electronic Payments (blog series)

One of the most desirable features of Microsoft Dynamics 365 Business Central is the ability to pay vendors via electronic payments. I've decided to make a blog series on configuration and processing electronic payments. Links will be updated below as the series gets posted online.

Blog Series Links

#1 - Configuring Microsoft Dynamics 365 Business Central: Electronic Payments

#2 - Microsoft Dynamics 365 Business Central: Processing Electronic Payments

#3 - Microsoft Dynamics 365 Business Central: Electronic Payment Issues I've Encountered

Configuring Dynamics 365 Business Central: Electronic Payments

Bank Account

Within the bank account card a few things need to be setup in order for the system to allow you to process electronic payments.
  1. Populate the following fields:
    1. General > Bank Account No.
    2. Posting > Last Remittance Advice No. - I like to use the format R000001 (R for remittance in this case.
    3. Transfer > Country Export Format
    4. Transfer > E-Pay Export File Name - I like to use the format C:\0000001.txt 
    5. Last E-Pay File Creation No. - 1
    6. Transit No.
    7. Payment Export Format - US EFT DEFAULT                                                                                      

Vendor Card

In order to pay a vendor electronically a few things need to happen within the vendor card. 
  1. Add the vendors bank account information within the Vendor Bank Account List. Open vendor card then navigate to Navigate > Bank Accounts. Select New and enter the vendors banking information into the Vendor Bank Account Card. Required fields:
      • General > Code
      • General > Bank Account No.
      • General > Transit No.
      • Transfer > Use for Electronic Pay                                                                                            


  2. Within the vendor card keep in mind that the address and email fields will be used by default. The email field on the vendor card only allows for one email address, if you need to send the payment remittance via email to more than just one email then look into using Document Layouts.
  3. The last setup piece with the vendor is to populate the Payments > Preferred Bank Account Code field. If the vendor only has one bank account setup then this is a good idea to populate this field so it doesn't slow you down when processing vendor payments.                                                           

You've now completed the configuration within Dynamics 365 Business Central for paying vendors electronically. Look for the second blog in this series to be posted soon. Subscribe to the blog to receive an email once posted.

Written by: Kristen Hosman, Microsoft MVP








Comments

Popular posts from this blog

How to use MICR fonts in Dynamics 365 Business Central AND modify the check layout

Voiding a check in Dynamics 365 Business Central