Vendor direct debits

An agreement must be signed with vendors so that they can collect money by direct debit from your company's bank.

Your accounting system must allow automatic allocation of the direct debit against AP invoices. To determine when the cash has been collected, see your bank statement.

Vendor direct debit is the reverse of customer direct debit, which provides for automatic cash posting and automatic cash allocation for accounts receivable.

How Infor meets this requirement

When a BankStatement BOD is received into SyteLine, automatic payments are generated for any A/P transactions in the statement that have a domain family code of Issued Direct Debits (IDDT) or Issued Credit Transfers (ICDT). See these help topics;

  • About Bank Statement Reconciliations

See Posting A/P Direct Debit Payments.