How to Optimize Vendor Payments in Business Central with the ‘Suggest Vendor Payments’ Function
In this video, UG Expert Dave Wiser describes how to streamline and operationalize vendor payments in Business Central using the Suggest Vendor Payments function.
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Key Takeaways
- Accessing the Suggest Vendor Payment function: The Suggest Vendor Payments function is an efficient method for populating the Payment Journal for vendor payments, allowing for the selection of necessary payments for vendor invoices due. To start, open the Payments Journal and click “Prepare” to see the function.
- Finding payments: The “Find Payments” section identifies payments to be made based on two date fields: the last payment date and the posting date. Dave notes the importance of selecting payments due within a certain timeframe to avoid late payments and vendor issues.
- Setting payment priorities: Dave explains that setting vendor priorities and available amount codes in Business Central enables the system to select high-priority vendors first when funds are limited.
- Printing checks: Next, he reviews the process of printing computer checks in Business Central, detailing how to filter for specific vendors or payment methods, and the system’s ability to populate the journal for check printing after suggesting vendor payments. The system consolidates different invoices for a vendor into a single check, which includes all the invoices being paid on the remittance date.
- Consolidating invoices: Users can also utilize the “Summarize per Vendor” option in the system, which consolidates multiple invoices into a single payment, making it especially useful for ACH payments to avoid multiple transaction fees. This reduces unnecessary payment fees for both the vendor and the company.
- Helpful tips: Finally, Dave offers a tip on using the Vendor Prepayment Journal report in Business Central to provide detailed information on proposed payments, despite the report not being directly searchable.
