Making Vendor Payments with SEPA EFTs
In the Vendor Payments in the Cash Management application, you can process SEPA electronic payments to pay vendors for AP vouchers.
SEPA electronic payments are also referred to SEPA EFTs (electronic funds transfers). SEPA files use the Single Euro Payments Area xml file format that is commonly used in European countries. This format produces an xml file that contains the SEPA service level code. You can also use the SEPA format for other service level codes, such as SDVA, URGP, or NURG. To use the SEPA format for other service level codes, after the xml file is generated in the export-to-text process in Vendor Payments, you can edit the XML document and replace the SEPA service code level with another code.
When you process SEPA vendor payments, you download a SEPA-formatted .xml file that you send to your bank. The bank uses the payment information in the file to make the direct deposit payments to your vendors' bank accounts.
Prerequisites
The following sections identify the settings and entries that you need to complete before you can process a SEPA vendor payment run in
.Settings
The following are settings that you complete for banks, vendors, the vendor payment template, and automatic payment numbering.
Location in Vantagepoint | Setting |
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For banks that you use to make SEPA payments to vendors:
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For the vendor-type firms that will receive SEPA payments:
In the Banking Information section of the Vendor tab: Click beside the Electronic Payment Method field. On the Electronic Payment Method dialog box that displays:
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On the Payments tab, the format that you select in the Printed Payment Format field and the template that you enter in the Template field control what the vendor payments look like when you print any type of vendor payment using the Print Payments or actions on the Payments grid on the Printing and Numbering page in Vendor Payments. The printed payments for SEPA EFTs have "NON-NEGOTIABLE" printed on them. The file copies have "COPY" printed on them. | |
In the Bank Transactions section, you can specify that the payment transactions for a bank be automatically numbered and enter a starting number to use for the next payments that are processed. You specify whether the auto numbering applies for all types of payments or only electronic payments.
When auto numbering is not turned on, you assign a starting number for each bank's payments in a vendor payment run by clicking Assign Numbers on the Printing and Numbering page in Vendor Payments. |
AP Voucher Entry
When you enter AP vouchers in
, if you want a voucher to be paid by a SEPA payment, you must select a bank for the voucher that is set up to make SEPA payments, and the vendor for the voucher must be set up to receive SEPA payments. Refer to the settings in the table above.Direct Deposit Test
Run a test direct deposit for vendors who will receive SEPA payments. See Perform Initial Test Direct Deposit.
Summary for Processing SEPA Vendor Payments
The following help topics provide instructions for processing all types of vendor payments in
, including SEPA payments:- Create a Vendor Payment Run (Set the Payment Type field to Check/EFT for a SEPA payment run.)
- Manually Select Vouchers to Pay in a Vendor Payment Run or Automatically Select Vouchers to Pay in Vendor Payment Run
- Process a Vendor Payment Run After You Select Vouchers (print payments, assign payment numbers, download the .xml SEPA file, print and email remittance advices, and print a file copy of each payment)
If any of the payees in the payment processing run or the bank from which the payments are made do not have an IBAN or BIC, you receive warning messages that ask whether you want to proceed with the file download process. If you click No, the process is stopped. You can go populate the payees' and/or the bank's IBAN and BIC fields, and then return to Vendor Payments to finish downloading the .xml file. If you click Yes, the download process will proceed, but the .xml file will not contain the IBANs or BICs for the payees and/or bank.
- Post a Vendor Payment Run