Mehods of payment - Vendors - Payment control

(3) Share

Report

Posted on by CU30081051-1

102

Hello :-)

In Methods of payment for vendors there is this part of Payment Control

I would like to know where to find information about these parts and what they mean if being enabled except for the Check number, because that is not in applicable here.
Primarily I am interested in
Bank transaction type
Payment Specification
Payment ID
Payment Reference

Any link where to find the details would be highly appreciated

Categories:

Dynamics 365 Finance

I have the same question (0)

All responses (4)

Answers (2)

Sohaib Cheema 49,677 Super User 2026 Season 1 on at

Like (1)

Report
Copy link

Link copied!

Hi,

These options(Control) represent choices, which if marked/enabled: certain fields become mandatory on the vendor payment journal.

1 people found this reply helpful.

Was this reply helpful? Yes No
CU30081051-1 102 on at

Like (0)

Report
Copy link

Link copied!

I would like to understand why and when these fields need to be entered?
Any difference if the method of payment is Check or Electronic for example?

Are the fields more to be used if there is going to be bank reconciliation used or not?
If there may be more reasons for the use of this, for example to fill in the Payment ID
when are you supposed to get the info that need to be filled in from?

I would really appreciate some more examples in order to understand this area more.
Thank you in advance for helping me understand this more in detail for hands on usage :-)

Was this reply helpful? Yes No
Verified answer

Arvind Bharti 789 Super User 2026 Season 1 on at

Like (0)

Report
Copy link

Link copied!
Hi ,

Bank transaction type: This tells the system what kind of bank transaction it is, like a payment, transfer, or fee. You enter it when you want to classify the transaction for reporting or bank reconciliation

Payment specification: Provides additional details about the payment, often required for SEPA, ISO20022, or other electronic payment formats.

Payment ID: This is a unique number or code for the payment. You enter it if your bank needs a specific ID to track the payment. Often, the system can generate this automatically.

Payment reference: This is the text that appears on the vendor’s bank statement, like an invoice number or description. You enter it so the vendor knows what the payment is for, and it helps with matching during reconciliation.

Best practice is to define the rules for these on method of payment

Was this reply helpful? Yes No
Verified answer

Sohaib Cheema 49,677 Super User 2026 Season 1 on at

Like (0)

Report
Copy link

Link copied!

Hi,

various banking standard use different file formats and need information based on their standards, in the output files. This is for electronic payments (not for checks).

1 people found this reply helpful.

Was this reply helpful? Yes No