Creating Payment Forms and Accounting Transactions

 Once a user is satisfied with the selected payments, payment creation processing may be run.  This processing creates the payment header and application records, as well as the accounting transactions to account for the payments. 

If the automatic netting of the debit memos flag is set to 'Y' and if the remaining balance is negative or zero, a payment will not be created.  You can either manually enter a clearing transaction for whatever is available to clear, or you can wait until there is an overall positive balance, at which time a payment can be created for the net amount.

Multiple payment forms are supported by the design (check, bank transfer, notes payable, drafts, etc.).  Payment forms can be created for different banks and payment types simultaneously for a company/location.  A standard check printing process as well as a bank tape creation process is provided.

If the Withholding Point flag on Reference File category 201 is set to 2, vendor withholding is performed at payment time for each vendor assigned a withholding code through the Vendor Master Maintenance conversation.