Populating the Payments Journal in Business Central
In this how-to video, UG Expert Dave Wiser reviews the three methods for populating the Payments journal in Dynamics 365 Business Central.
This episode is sponsored by Community Summit North America, the largest independent gathering of the Microsoft Business Applications ecosystem, taking place Oct. 13-17, 2024, in San Antonio, Texas. Register today to connect with thousands of users across the Microsoft business applications ecosystem at the for user, by user event.
Key Takeaways:
- Populating the Payments journal: In Business Central, the Payments journal is used to make vendor payments. There are three methods to populate the Payments journal in Business Central – manual entry, using the “Create payments” functionality, or using the “Suggest vendor payments” function.
- Manual entry: Dave outlines the steps to manually enter payment lines, select a bank payment type, and apply the payment to open invoices. Payment types include computer checks, manual payments, and electronic payments. He uses a computer check and applies the payment to all open invoices by using the “Apply entries” function, which sets the “Applies to” field to ‘Yes.’ The process ensures that the payment is correctly recorded and applied to the vendor’s account.
- “Create payments” function: The “Create payments” function involves selecting open entries for payment, and choosing the payment template, batch name, posting date, bank account, and payment type. Once these selections are made and confirmed, the system automatically adds the payment line to the cash batch journal, with all applications completed and ready for payment. This method is efficient for certain situations where payments are being made directly from the vendor ledger.
- “Suggest vendor payments” function: The “Suggest vendor payments” function automates the process of identifying invoices due for payment. Users can specify the last payment date to include upcoming invoices and select whether to apply early payment discounts. The function allows for summarizing transactions per vendor into one line or listing each invoice separately. Dave sets the posting date and bank account for the payment entries, which the system then processes accordingly. This function streamlines the payment process by automatically finding and applying payments to the necessary vendor entries.
- Final thoughts: Dave concludes that the “Suggest vendor payments” function is a highly efficient method, especially for regular payment cycles, as it automatically populates the journal with checks due by a specific date. Choose the method that best fits your organization’s needs!
