EDI Capabilities

Draft payments are more and more currently transmitted via EDI between vendors, banks, and customers. 

Draft payments allow the vendor to reduce the administrative cost of payment procedure, by choosing magnetic forms of payments and facilitating payment application procedures.

When you remit payment to the bank, remittance records are sent via magnetic tape or via paper.  If sent by magnetic tape, the tape can only be in the base currency of the company/location; paper can be in any currency.  The magnetic remittance flag on Reference File category 344 (Payment Types) determines whether the payments for the particular payment type can be remitted via tape.  If flag is set to 'Y' (yes), the payments may be sent to the bank on a magnetic computer tape or on a paper remittance advice.  If the flag is set to 'N' (no), the payments can only be sent to the bank on paper remittance advice.

The Remittance Tape Selection screen, DM360S01, allows you to save to electronic media a member of the Bank Remittance File.  The file must have already been created using the Bank Remittance Creation menu option.  You must select a particular company/location, bank code, and remittance type.  If bank remittance information is found for the combination, a job is submitted to save the information on tape.