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
You can process automatic transfer of funds from a company's bank account to its vendors. SyteLine supports various output file formats for submission to third-party EFT transmission systems.
| Application | Setup or Actions |
|---|---|
| ERP | When you set up vendors on the Vendors form, specify the Payment Type as EFT. Then enter additional electronic funds transfer information for
the vendor. See the banking prerequisites in General configuration of the application for Sweden. See also the help topic on Setting up Electronic Funds Transfer (EFT) Payments. |