|
Page 1 of 6 After we have posted an invoice, which is now due, we are going to pay it by initiating a Payment Run ( PAY).
What is the Payment Run?
Payment Run (PAY) is used to settle selected outstanding transactions on creditor/payables accounts. It can also settle transactions on client accounts with a credit balance. Payment Run can trigger the creation of the necessary payment documentation, for example, remittances and cheques. It can also produce a bank transfer file for electronic transmission. The type of output produced by Payment Run and the transactions it selects for payment, are determined by the payment profile you select at run time, and the run time selection criteria you enter. You can define any number of payment profiles using Payment Profiles Setup (PPS). Each profile can contain different selection criteria, including account selection criteria, currency codes, due dates, etc.
Before you use Payment Run you should identify or define the payment profile that contains the payment run selection criteria. You may also want to preview the payment collections.
Tip: If you want to pay a transaction immediately, you can access Payment Run directly from Ledger Entry.
What Does the Payment Run Do?
Payment Run performs the following tasks: - it uses the selection criteria to locate the transactions eligible for payment.
- it produces a payment run details report that lists or summarizes the account transactions selected for payment and shows the total number and amount of the payments being generated.
- it optionally produces a warning if the bank accounts will become overdrawn as a result of the payments.
- it creates the payment details from which the payment documents are produced, for example cheques and remittances.
- it generates and posts the ledger transactions required to record the payments, any settlement discounts taken, and tax adjustments on the discount.
the payments are allocated against the transactions they are paying using the allocation marker Paid. This prevents them being reselected for payment and allows them to be archived. An allocation reference, period and date are also entered on both sets of transactions. - it optionally produces a bank transfer file, if the payment method is Bank.
|
Tip: When you run the Payment Run, you can choose to produce the payment run details report only and use this to verify that the correct payments are produced. This allows you to review the proposed payments and make adjustments, if necessary. Note: If you are using over expenditure checking, you should note that transactions are posted during Payment Run even if budgets are exceeded. |
Sun Documentation 
