Payments Plus enables you to perform the following tasks in a single streamlined process:
- Choose where the money is paid from and how the payment will be made.
- Filter and retrieve the vendors and transactions you want to pay.
- Select the vendors and transactions that you want to pay.
- Refine your selection.
- For checks, confirm or adjust the assigned check numbers.
- For electronic, remove payments to vendors which have been rejected by the bank.
- Post and match the payment proposal.
- Cancel one, selected, or all checks or electronic payments on a proposal.
Additional benefits if Conga is used to generate the printed output:
- If you are using preprinted check stock you can generate the checks PDF directly from the check numbering page.
- For electronic payments you can generate the remittances PDF directly from the payment summary page.
Advantages of Using Payments Plus
Payments Plus has the following advantages:
- The “shopping basket” approach means you can build up the payment from multiple filters, reducing the number of payment proposals you have to create.
- On hold transactions are displayed, making reconciliation to vendor’s statements easier.
- You can pay a vendor even when the overall account balance is a negative value.
- You can pay a future-dated invoice.
- You can process zero value payments to enable automatic matching of transactions in bulk.
- You have greater control over the date used to calculate discounts, and the financial period the cash entries will be posted to.
- You can pay an electronic account by check and vice versa for maximum flexibility.
- The maximum number of vendor accounts for checks has increased to 1,000 (in Classic Payments it is 500). For electronic it has increased to 10,000 (in Classic payments it is 3,000).
- The maximum number of transaction lines you can retrieve is 10,000 (in Classic Payments it is 3,000).
- The signs are reversed, so a payable invoice appears as a positive value making the data easier to read.
- You can record the exchange rate for foreign currency payments before posting the cash entries meaning the actual bank rate is used, making bank reconciliation is easier.
- You can use custom filters to retrieve the transactions you want to pay.
- Better integration with Conga for printing on preprinted checks, and history tracking to provide an audit trail each time a PDF is generated.
- The availability of an API so you can create payments by code.
Limitations of Payments Plus
Payments Plus has the following limitations:
- Matching is done in document currency only. In Classic, you could configure a payment template to match based on Account currency.
- You cannot use Payments Plus to process customer payments, for example a direct debit collection.
- You cannot clear a payment's history.
- The vendors' bank details are not validated in this release of Payments Plus. Please ensure they are correct.
- Custom payment methods are not available, only check and electronic. However, you can search for transactions based on a custom payment method on the vendor's account.
- If using blank check stock you cannot generate the Print Checks PDF directly from within the wizard. If you are using blank checks you must post and match your payments first, and then print your checks using Conga.