The R365 Payments Service is designed to save you time and money by streamlining the Payment Process from within R365. Once you create the Payment in R365, the R365 Payments Service does the rest!
This added service delivers your Payments to each of your Vendors using the best available payment method (ACH, Virtual Credit Card, Check, etc.), all based on the needs of you and your Vendor. This article will provide an overview of the R365 Payments service.
Please reach out to your Sales Representative or R365 Support for more information on the R365 Payments service.
When the R365 Payments Service is enabled, a number of minor field label changes will occur in your database. This is to assist in your usage of the R365 Payments Service and will not cause any issues with your existing data.
- Check Runs - The Check Run is renamed to 'Payment Run' on the 'Vendor' menu, and 'Check' is replaced with 'Payment' where applicable on the Check Run screen itself
- Vendor Record - The Name, Payment Terms, and Address fields are all required for Vendors that will utilize R365 Payments. Additionally, the R365 Payments Payment Method can be selected and assigned to your Vendors. When this is selected, the two additional fields will appear: the 'Last Payment Method' field, which will list the last type of payment created, and the 'Exclude from 'R365 Payments' field, which will exclude a Vendor from this feature
- Bank Account Record - The 'R365 Payments' sub-section will appear on the Bank Account record to display the setup status and the option to exclude the bank account from being used for R365 Payments
- System Preferences - A new tab called 'Payments' displays the setup status of R365 Payments and lists the User-selected Stakeholders who will be contacted if issues arise in R365 Payments
Once R365 Payments has been activated, Payments can be created by all Users that previously have the ability to create and approve AP Payments.
The Permissions listed here are associated with AP Payments. These Permissions can be added to Custom User Roles or single Users. Learn more about managing Permissions and Custom User Roles here.
AP Payments Permissions are found in the Permission Tree as follows:
- Accounts Payable
- AP Payments
- View AP Payments
- Edit AP Payments
- Create ACH Payments
- Apply AP Transactions
- Approve AP Payments
- Unapprove AP Payments
- Void AP Payments
- Unvoid AP Payments
- Delete AP Payments
- AP Payments
The Permission Access report can be used to determine which User Roles or Users already have these Permissions assigned. Learn more about User Setup and Security here.
Payments Process Flow
The following is an example of the R365 Payments process flow as it would occur after the initial setup process was completed:
- An AP Invoice for an R365 Payments Vendor is approved and ready to be paid
- A User with access to R365 Payments prepares to submit the payment on either the AP Invoice record or the Payments Screen (formerly known as the Check Run Screen)
- The Payment is created using the same process as creating an AP Payment ('Create Payments' on Payments Screen) and delivered electronically for R365 Payment Processing
- The Payment is issued to the Vendor based on the Vendor's agreed upon Payment Method:
- Electronic Payments (ACH, VCC etc.) - When the Payment run has been processed by the R365 Payments Team, the 'R365 Payment Status' on the AP Payment record will be updated to 'Issued'
- Physical Check Payments - When the check has been mailed, the number value on the AP Payment record will be updated to reflect the R365 Payments number that was selected
- The Vendor is paid and the payment process is complete
The initial setup of R365 Payments requires both bank accounts and Venders to be updated to include necessary information for successful payments or mark as 'Excluded from R365 Payments' if not used for this feature. Doing so will initiate the verification process where all bank account and Vendor information is verified by R365. Click here to be taken through each step of the R365 Payments: Initial Setup.
Paying Vendors via R365 Payments
Vendors can be paid using the Payments Screen, formerly known as the Check Run screen. Click here for more information on paying Vendors via R365 Payments.
Add or Remove a Bank Account
Each bank account that will be used to issue payments to Vendors via R365 Payments must be properly setup. On the contrary, if a bank account needs to be removed from R365 Payments, it can be done easily and effortlessly. Click here to learn more about adding or removing a Bank Account to/from R365 Payments.
Add or Remove a Vendor
Each Vendor that will be paid via R365 Payments must have the Payment Method on their respective Vendor record set to 'R365 Payments'. On the contrary, if a Vendor needs to be removed from R365 Payments, it can be done easily and effortlessly. Click here to learn more about adding or removing a Vendor to/from R365 Payments.