(Note: Screen shots included herein are from NAV 2016, the most current version of Microsoft Dynamics NAV. Electronic payments have been part of NAV for several earlier versions so your screens may look different from those shown here but the setups are largely parallel).
Take a step back and think about where you are at this point. The vendor file has been segmented into at least two groups of vendors, ones to pay via paper checks and ones to pay via electronic payments. The electronic payments setup (covered in my blog on April 22nd) setup the vendor’s bank account information, the paths where electronic files are to get placed and similar activities. All that remains now is to process those payments.
Your disbursement process is now split into two parts, one for paper checks and one for electronic payments. This document will only cover the electronic payment side. Processing electronic payments is a three part process:
You generate electronic payments the same way you do with paper checks via a payment journal. And in that regard, it is processed identically as paper checks except for selecting payment method and bank account. At the bottom of the Suggest Vendor Payment process, select the bank account to process the payments against and select electronic payments.
You fill out the top part of this form the same as you normally would. When you select the bank account and electronic payment type, the system will examine the vendor’s setup for electronic payments and decide which of their invoices should get paid in this particular processing run.
NOTE: With electronic payments, the journal lines MUST be exported AND transmitted before you can post the journal.
After the journal lines have been generated and edited in the normal course and you are satisfied with the results you are now ready to export the file.
The payments file has been generated. To export it, in the payment journal select
Navigate | Electronic Payments | Export
When Export is chose, you get a dialog that allows you to set the following:FieldMeaningBank Account No.The Bank Account Number from which the payments will be deducted.Settle DateThe settle date to be transmitted to the bank. Will become the posting date for the exported payment journal entries. Transmission should occur several days before the settle date. Your bank can tell you the exact number of days.If Posting Date Does Not Match Settle DateTell the system what should occur if the posting date does not match the settle date. You can change the posting date to match the settle date or you can skip any lines where the entered posting date does not match the settle date. Exercise caution to make sure you make the appropriate selection.Number of CopiesThe number of additional copies of the remittance advice that will be printed. One is always printed to match the payee but additional copies can be printed if needed.Print Company AddressSelect if you want the company address printed on the remittance advice. Don’t select this if you are using preprinted remittance advices with you address already on them.
The payments file has now been generated. It cannot be posted until the file is transmitted to the bank. It can however be voided in its entirety so you can restart the process if necessary. Examine the screen shot above. Export, Void and Transmit all exist on the same submenu.
If the file has been reviewed and is ready to go to the bank, select transmit. That selection will create the actual payments file to send to the bank.
After transmitting the payments to the bank, post the payment journal.
Special Note regarding VOIDS: The Void selection above will essentially undo the payment journal so you can start over. Occasionally you may find the need to void an individual transaction from the payment batch. To do this you must contact the bank for their assistance. Once the bank has provided the necessary help, you can then void individual transactions just like with paper checks from the Check Ledger entries table.