Vendor Method of Payment - Payment Attributes

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Posted on by K_G

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What do the following Payment attributes do when marked in the Method of payment form:

Payment account
Third-party bank

I've found that enabling the Payment ID attributes actually pulls the Payment ID value from the invoice/s selected in the payment proposal to the Payment ID field payment journal batch line.

Does anybody have any information regarding the other two attributes?

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BenjaminColeman 10 on at

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Vendor Method of Payment - Payment Attributes

answers to this question helped me
thank you
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K_G 136 on at

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Vendor Method of Payment - Payment Attributes

Here's what I've discovered.

If the Payment ID attribute is enabled, the payment ID from the invoices in the payment proposal are both transferred to the payment journal batch lines, and used a field on which to group/combine lines (obviously this also depends on your Period setting in the method of payment).

If the Payment account attribute is enabled, the payment account (i.e. your company's bank account in the context of a vendor payment) is defaulted from the bank account field in the vendor transaction record. This is normally irrelevant as most organisations set a payment account in the method of payment itself, or in the journal name. If however you didn't set a default offset account in the journal name, nor did you set a payment account in the method of payment, then you will need to ensure a payment account (bank account) is set in the vendor transaction record, and the Payment account attribute is enabled; otherwise you will need to manually select the payment account (offset account).

For the remaining attribute, Third-party bank, I cannot figure out what this does. I have tried several combinations with a vendor bank account set at the transaction level, the vendor level, both transaction and vendor levels, and neither, and I cannot see any difference in the resulting payment journal batch line.

Would be great if anybody could help provide further details on this one.
K_G 136 on at

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Vendor Method of Payment - Payment Attributes

@Hana Xue

I appreciate the response, I am still unclear however on how the resulting payment journal lines would differ by enabling or disabling the two mentioned payment attributes.

Are you able to provide an example?

Thanks

K
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Hana Xue Microsoft Employee on at

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Vendor Method of Payment - Payment Attributes

Hi,
The payment attributes are used only when you select invoices by using a payment proposal.
The Payment Account attribute specifies the bank account for the payment, which means that when a payment is processed using this payment method, funds will be withdrawn from the specified payment account to settle the payment. The Third Party Bank attribute indicates that a third party bank is involved in the payment process. This could mean that payments are routed through third-party banks before reaching their final destination.
Best Regards,
Hana

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