Payment Modes Tab

This section includes the fields and descriptions for the Payment Modes tab.

Payment Mode Island

Field	Description
Name	Here you enter the name of the new payment mode you are creating. Maconomy checks that the name is not already used.
Description	Here you can enter a detailed description of the payment mode. Maconomy shows the text with the name when you use the payment mode.
Payment Form	Here you choose the payment form you wish to use. All payment forms except “Conventional payment” are electronic payment forms. Payment formats and payment forms can be created by importing formats using the program Import Payment Forms. For further information, please see the detailed description of the current electronic payment format.
Payment Agent	You must select a payment agent in this field. Maconomy will verify that the payment agent supports the selected payment form. Payment agents are created in the window Payment Agents.
Check Book	Provided that you use checks, you can assign your checks to a check book in this field. Check books are created in the window Pop-up Fields in the Set-Up module.
Card Type Code	In this field, you can specify the card type code with which the current payment mode is usually applied. The field is for information only and does not limit the use of the payment mode to the specified card type code.

Payment Control Island

Field	Description
Blanket Payment	If you mark this field, a blanket (combined) payment will be made despite the fact that more payments may be involved. Please note that the selected payment form determines if you can mark this field. Blanket payment means that payments with identical pay to vendor, delivery vendor, and due date are combined into a single payment. See also the field “Blanket Payment by Deliv. Vendor” below.
Calculate Sum per Payment Order	This field is only used if the fields “Blanket Payment” and “Notify Payment Recipient” are marked as well. If you mark this field, all payment orders will contain an amount which corresponds to the total amount of the assigned remittance lines. If you do not mark this field, the total amount will be assigned to the first payment order, and any payment order which may be created for remittance-related reasons will contain a zero-amount in this field.
Blanket Payment by Deliv. Vendor	This field applies if you have selected blanket payment in the field “Blanket Payment” above. If you mark this field, Maconomy will group blanket payments by delivery vendor, that is, the vendor which delivered the goods or services. This means that a blanket payment to a pay to vendor will be divided into one payment order per delivery vendor. If you do not mark this field, Maconomy does not take the delivery vendor into consideration when creating blanket payments.
Blanket Payment by Company of Origin	This field applies if you have selected blanket payment in the field “Blanket Payment” above. If you mark this field, Maconomy will group blanket payments by company of origin, that is, the company to which a vendor invoice is sent. This means that a blanket payment to a vendor will be divided into one payment order per company of origin. If you do not mark this field, Maconomy does not take the company of origin into consideration when creating blanket payments.
Include Payment Orders with 0 Balance	If you mark this field, payment orders with a balance of zero will be printed out. You can only mark this field if the current payment form allows zero-balance payment orders to be printed out.
Reconcile Payment Orders with 0 Balance	If you mark this field, Maconomy will suggest that payment orders with a balance of 0 are automatically reconciled with corresponding open entries when the payment selection is created. This situation can, for example, arise if a vendor invoice and a vendor credit memo for the same amount exist. If you do not mark this field, Maconomy will only select entries for payment if the amount is greater than 0 when creating a payment selection. However, you can change this manually in the windows Change Collection Selection and Change Payment Selection by Vendor.
Allow Invoices	If you mark this field, the current payment mode can be used for paying invoices for a vendor. If this field is not marked, it is not possible to choose this payment mode when entering an invoice on a vendor, for example, in the window Vendor Invoices. The default is that the field is marked.
Allow Credit Memos	If you mark this field, the current payment mode can be used for paying or offsetting credit memos for a vendor. If this field is not marked, it is not possible to choose this payment mode when entering a credit memo (a debit entry) on a vendor, for example, in the window Vendor Invoices.
Allow Passed Payment Dates	If this field is marked, a payment date can be in the past. The payment date is normally set to the due date, but Maconomy changes the payment date to the current date if the due date is in the past - but only when this field is not marked.
Mandatory Credit Memo Reference	If this field is marked, then a credit memo must be linked to a vendor invoice. This will ensure correct reconciliation. The reference is set up in the Reference Invoice island on the vendor invoice.
Omit Payment Reporting	If you mark this field, the payment orders will automatically be approved. If you mark neither this field nor the field “Create Entries Being Paid” below, the automatic printing of checks will result in the creation of a payment line which can then be approved or error reported in the window Payment Reporting. When the payment journal from an automatically printed check or a manually created check is posted, a number of entries are created on both the bank account and the A/P control account - and thus also on the vendor in question. If you use bank reconciliation, a bank reconciliation line is also created. If a payment is reconciled in the window Bank Reconciliations, the payment line in question is approved and can thus be seen in the window Payment Reporting. If the payment of such a payment line is approved in the window Payment Reporting, the line will be marked as processed, and will thus no longer be available in the window Payment Reporting. However, if the payment is error reported, a general journal is automatically created. This journal will set off the bank account by the check amount, including any exchange rate variance and cash discount. Furthermore, an entry is made on the vendor for each vendor invoice or credit memo covered by the payment. Please note that the bank reconciliation line is not deleted. Instead, a new line with the sign inverted is created, ensuring the consistency between the G/L entries and the statement.
Aut. Appr. of Read Payment Status	If you mark this field, the registration of a read payment status is automatically approved, and the necessary journals are created by Maconomy. If you do not mark the field, read payment statuses must be approved manually.
Create Entries Being Paid	When a company sends payment orders to a payment agent, the company can choose to debit certain accounts by the amounts until the payment agent has reported the amounts which are actually being withdrawn from the bank accounts. If you mark the field, a number of entries are posted to the account “Being paid” specified in the pop-up field “A/P Control Account” and on the account “Account, Being Paid” specified in the table part of the window External Accounts. When the payment agent has reported the specified payment orders, the entries can be transferred from these suspense accounts to the relevant G/L accounts. If you do not mark the field, entries are automatically made on both bank account and A/P control account - and thus also on the vendor in question. If you use bank reconciliation, a bank reconciliation line is also created. For further information about this functionality, please see the description of the field “Omit Payment Reporting” above.

Electronic Payment Control Island

The fields in this island are defined in the payment format. When a payment format is imported into Maconomy, values defined by the format may be shown in this window. For more information, please see the detailed description of the current electronic payment format.

Field	Description
Description	The text in these fields is defined in the payment format. For more information, please see the detailed description of the current electronic payment format.
Popup	The values of these pop-up fields are defined in the payment format. The type of information you select here and the value you enter in the fields “Value 1-10” may be transferred to the payment files created using the current payment mode. For more information about the specific values, please see the detailed description of the current electronic payment format.
Value	The values that you enter in these fields may be transferred to the payment files created using the current payment mode. For more information, please see the detailed description of electronic payment in the selected payment format.

Remittance Island

Field	Description
Notify Payment Recipient	If you mark this field, the recipient of the payment will receive remittance when payment is carried out. It is only possible to create remittance lines if the current payment form supports remittance. Recipient notification is always allowed for payment by check. For more information, please see the detailed description of electronic payment in the selected payment format.
Create Remittance Lines	In connection with check printing, you can choose how to notify the recipient. If you mark this field, every payment order will result in remittance lines containing a specification of the vendor invoices included in the current payment order. The contents of the remittance lines are defined in the table part of this window. The advantage of this form of remittance is that you can freely choose which information should be included in the remittance, and the information can depend on the payment mode selected. If you do not mark this field, you must use Maconomy’s layout tools to add fields to the check layout. However, an advantage of using a layout created using Maconomy’s layout editing tools, is that you can format the remittance freely, for example, using proportionally spaced fonts. If you mark the field “Blanket Payment” in the island Payment Control, Maconomy will automatically create more payment orders if the number of vendor invoices and credit memos exceeds the number of allowed lines on a payment order.
Multiple Fields per Line	If the length of the remittance text is less than the maximum characters allowed (as given in the field “Max. Characters per Line”), you can choose that the remittance lines should contain information about more than one vendor invoice. Maconomy calculates the number of invoices allowed on each remittance line. Note that you cannot have multiple fields per line if you use footers in your remittance text.
Print Two Remittance Blocks	This field is only used in connection with payment by check. If you mark the field, all remittance lines are printed out in two consecutive blocks.
Max. Number of Lines per Payment Order	If the selected payment form allows remittance, this field will show the maximum number of remittance lines allowed for the assigned payment order. In connection with payment by check, you can enter the maximum number of remittance lines which fit on a check. Maconomy will automatically create new payment orders if the remittance lines do not fit on one check. If, for instance, 10 vendor invoices are to be paid by check and the remittance text takes up 7 lines, but the check can only hold 4 lines, Maconomy will break the payment order in two and print two checks which together constitute the full amount.
Max. Characters per Line	If the selected payment form allows remittance, this field will show the maximum number of characters allowed on a remittance line. If you are paying by check and have marked the field “Create Remittance Lines” above, you should enter a maximum number of characters on a remittance line in this field. For more information about what happens if this number of characters is exceeded, please see the description of the field “Length” in the table part.
Text for Void Checks	In this field, enter the text you wish to use on void checks. A check is void if the amount is zero.
Remittance 1-4	These fields are used in connection with automatic payment. The actual field names depend on the specification of the current electronic payment format. A maximum of four remittance fields are available. The remittance text is selected in the pop-up field. The text selected here is usually used by the payment agent for account statements which are returned to you. In some cases, however, the text selected here is sent to the recipient of the payment. This depends on the specification of the current electronic payment format. The options in the pop-up field roughly correspond to fields in the window Change Payment Selection by Vendor. Please see the description of that window for a description of the content of each of the selectable options. Furthermore, it is possible to transfer information about the company of origin (the pay to vendor) in the remittance by selecting the following options: “Company of Origin Name,” “Company of Origin Number,” “Name 1-5,” and “Company of Origin Phone Number.” In the table part of the window you can specify the appearance of the remittance lines.

Access Level Island

Field	Description
Access Level	Here you can enter the name of the access level. Users only have access to information about the current payment mode if they have been assigned to this or a higher access level in the User Access Levels window in the Set-Up module. This means that a user can only specify the payment mode on, for example, vendors if he has access to the payment mode. In addition, a user can only see information of payment modes to which he has access. In addition, the user must have access to the access level specified for the payment mode’s payment agent to have access to the current payment mode. Please note that this access control model only applies if the standard access control configuration has not been changed in your Maconomy system. If it has, the access to payment modes may depend on other factors. For further information about the standard access control configuration and access control in a multi-company model, please see “Introduction to the Access Control the Set-Up module.
Description	This field displays the description of the access level.

User Island

See the “Getting Started” topic for a description of the fields in the island User.