Creating a funds disbursement payment method
You will create a funds disbursement payment method. This will define the process of paying creditors. A funds disbursement payment method is method through which a first-party payer (in this case, your company) disburses funds to a third-party payee. Creating this payment method will allow you to more easily create and manage payments, as well as streamline the process for future payments.
Step 1
Select Right arrow.
In the live environment, you may have to select Right arrow multiple times in order to select the Others tab.
Step 2
Select Others.
Step 3
Select Setup and Maintenance.
Step 4
Select Setup.
Step 5
Select Financials.
Step 6
Select Payments.
Step 7
Select Manage Payment Methods.
Step 8
Select Create.
Step 9
In the Name field, type Maverick Payment Method 2020.
Step 10
In the Code field, type MAVpayment.
This code is a unique piece of information that identifies this payment method.
Step 11
In the Business Units row, select Specific.
Step 12
Select Add Row.
In the next steps, you will configure usage rules for a business unit and process transaction type. These rules will assign this payment method to the Maverick Solutions Training business unit and payables documents.
Step 13
Select Search: Business Units.
Step 14
In the Business Units drop-down list, select Maverick Solutions Training.
Step 15
In the Payment Process Transaction Types row, select Specific.
Step 16
In the Payment Process Transaction Types section, select New.
Step 17
In the Type drop-down list, select Payables Document.
In the Cross Border Attributes section, you should verify that both the Currency and Payee Location fields are set to foreign and domestic.
Step 18
Select Validations.
Validations are the rules configured to check whether or not payments are valid.
Step 19
In the User-Defined Validations pane, select Add Row.
Step 20
In the Field drop-down list, select Document amount to be paid.
Step 21
In the Condition drop-down list, select Greater Than.
Step 22
In the Validation Number Value field, type 850.
Step 23
Select Save and Close.
Step 24
Select OK.
Step 25
Select Done.
Step 26
Select Home.
