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Hi,
Can anyone clarify the use of the Payment format code sets? It's set-up found under Accounts Payable -> Payment Setup -> Payment format code sets.
Would appreciate if someone could clarify what this set-up is used for and if anyone can point to any documentation as I couldn't find any.
Payment format code sets are used with some Accounts payable methods of payment, mostly ISO 20022–based ones. Those codes are used as additional tagging for payment transactions during payment processing e.g. the service level. If you go in an AP method of payment > Payment specification, you will see payment codes that are setup from the payment format code sets.
Hi James,
Payment format codes used as a specification for domestic or international payment with your bank when you use ISO20022 payment format.
Please check following post for more info:
ISO20022 Payment in D365FO for Norway – Part 3 (Company setup) – DynFOTech
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