You can use the electronic payment method to make payments to vendors. When the bank processes a payment, you receive a file from the bank. You must import the file and post the journal to post the transactions to the ledger. One of the formats that you can use to make electronic payments to vendors is Telepay 2.01.

You can create a payment proposal and export the file by using an available export format. You can send the file to the bank using the bank's software and import the return file that is received from the bank to approve or reject the transactions and identify errors, if any.

1. Click Accounts payable> Setup> Payment> Methods of payment .

2. Click the Overviewtab. Create a method of payment for Telepay 2.01.

3. Click the File formatstab and select Telepay 2.01as the import file format and return file format.

4. Click the Payment controltab and select the additional validation criterion that is run in the journal upon posting when the method of payment is used.

5. Click the Dimensionstab. Select the Dimension controlcheck box to enable the dimension control to create a payment proposal for the method of payment. The Department, Cost center, and Purposecheck boxes are enabled only when you select this check box.

   • If you select the Dimension controlcheck box and do not select a specific dimension, a payment proposal is created for the method of payment.

   • If you select the Dimension controlcheck box and select a specific dimension, a payment proposal is created for the method of payment for the dimension. For example, if you select the Departmentdimension, a payment proposal is created per department.

   Note
   If you clear the Dimension controlcheck box, a payment proposal is created based on the dimensions that are selected on the settled invoice.

6. Select the Departmentcheck box to create a payment proposal per department for the method of payment.

7. Select the Cost centercheck box to create a payment proposal per cost center for the method of payment.

8. Select the Purposecheck box to create a payment proposal per purpose for the method of payment.

   Note
   If you select more than one dimension, a payment proposal is created for the dimension combination.

9. Click the Bank accountsbutton to open a form where you can define the dimension number for the selected dimension or dimension combinations. You also can define a bank account for the dimension line.

10. On the Overviewtab, enter the information in the following fields:

    • Department: Select the number for the department.

    • Cost center: Select the number for the cost center.

    • Purpose: Select the number for the purpose.

11. Select the currency for the dimension line in the Currencyfield.

12. Select the bank account for the dimension line in the Account identificationfield.

13. Press CTRL+S or close the form to save the settings.

    Note
    When you define the method of payment, it is attached to the vendor records and automatically becomes the current method of payment to record incoming invoices. You also can change the method of payment for the record before you settle the invoice.