Hi Experts,
I am working with a UK customer implementing D365 F&O and they have asked about the BACS / CHAPS flag on the Bank account master > payment management tab. What is the purpose of this field and how do we enable this flag, as currently it is not editable for the UK company?
Regards
Mansoor
Hi Mansoor,
There are several different choices available if you need to make a local or international bank transfer from the UK. Most banks offer CHAPS, BACS, SWIFT and Faster Payments for their UK customers.
CHAPS(Clearing House Automated Payment System) payments are used for retail and wholesale, high value payments within the UK.
BACS(Banker’s Automated Clearing Services) payments are used for bank transfers within the UK, including direct debits.
More explanation about BACS and CHAPS are available in the link below. Hope it will be useful.
CHAPS, BACS, SWIFT and Faster Payments Explained - Wise
I'm not sure, maybe you need to check is in your method of payments and you should import the configurations from Lifecycle Services (LCS), after you import reporting configurations for those file formats, the imported formats will be available to select on the Methods of payment page. You can view the following article for reference.
Best Regards,
Hana
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