Update the vendor payment information

5 min.

Before you can start handling purchase processes, you can adjust a few settings, such as balance account and payment method, that define how to pay your vendors. Some of these settings are defined by default, for example, on the Payment Management Setup page or the payment methods, while others must be defined directly on the vendor card or the purchase document.

The assisted Vendor Payment setup guide allows you to update and validate the payment information for multiple vendors at the same time.

To set up the vendor payment information, follow these steps:

From the Role Center, go to the Payment Management Setup page.
From the Payment Management Setup page, select Assisted setup.
Select Set up vendor payment.
Select Next to begin the setup. On the Setup Balance Accounts page, you can set up multiple balance accounts if, for example, you need a balance account in one or more currencies. For a simple setup, with just one balance account to handle all payments in the local currency, you just specify the balance account but leave the Currency Code field blank.
Next, you must change the payment method for your vendors to a payment method that is supported by Payment Management. For each payment method listed in red, you must specify a Payment Management-supported payment method in the Payment Method (New) field.
Select Next to get an overview of the vendors that will be updated with the new payment method.

Tip

To review payment information for several vendors at the same time without updating the information, you can enter the same payment method in the field Payment Method (New) as the payment method in the Payment Method (Current) field and select Next. This imports all vendors with the given payment methods into the vendor payment information overview, which allows you to review the payment information without actually updating the payment methods.

The list now shows all the vendors for whom the payment information will be updated when you proceed. While you're at it, you can also update the balance account number or the preferred vendor bank account for each of the listed vendors.
If there are vendors you do not wish to update with the new payment method, select the Exclude vendor check box for those vendors.

Note

To show the excluded vendors in the list again, select Exclude Vendor > Clear filter.

On the next page, you will see the same overview, but for vendor templates. Make the relevant adjustments, and then select Next.
If you also want to have existing vendor ledger entries updated, leave the Update open Vendor Ledger Entries toggle on. In this way, the existing entries can also be paid using Payment Management. Select Next to confirm all the changes to vendors and vendor templates.
That's it – the setup is done. Select Finish.

You've now completed the first module, and it's time to check your knowledge.