Creating vendor classes
- Select Financials > Payables > Payables Setup > Vendor Classes.
- Click Create.
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Specify this information:
- Vendor Group
- Specify the vendor group.
- Vendor Class
- Specify the vendor class and description.
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In the Vendor Class Details section, specify this information:
- Invoice Currency
- Specify the currency used in the invoice.
- Posting Option
- Specify whether to post transactions for this vendor class to Global Ledger in summary or detail. To post in summary, you must also select summary as your general ledger account posting option.
- Income Code
- To use an income code default value on vendors that are assigned to this vendor class, select a valid code. You may want to assign an income code to a vendor class in special cases. For example, if you have grouped all contractors in the same class and you want to track their reportable income under one code.
- Tax Code
- You can specify a valid tax code to use on vendors that are assigned this vendor class. This is used to calculate invoice tax.
- Tax Usage Code
- Specify the tax usage code for the vendor. This field is required if VAT reporting is required for the Payables company.
- Tax Override
- Specify the tax override.
- Distribution Code
- You can specify a distribution code to use on vendors that are assigned to this vendor class. This is used to automatically create distribution lines for an invoice.
- Enclosure
- Select the check box if the invoice requires an enclosure with its payment.
- Invoice Routing Category
- Specify the invoice routing category for the vendor class.
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In the Options section, specify this information:
- Cash Code
- Specify a cash code.
- Payment Code
- Specify a payment code.
- Payment Priority
- You can specify a payment priority for the vendors that are assigned to this vendor class. If this field is blank, then 1 is the default.
- Zero Payment Allowed
- Select the check box to automatically
create zero payments for vendors in this vendor class. A zero
payment is created if the vendor's invoices net to zero. For
example, when a vendor has a $100 debit and a $100 credit.
If this check box is cleared, then vendor invoices are not selected for payment if the invoices net to zero. The invoices remain open items until there is a debit balance for the vendor.
- Zero Payment Code
- Specify the payment code that represents a
zero payment, if the vendor class allows zero payments. This field
is not required, but is suggested if you use zero payments.
For a cost savings, you can define a payment code that is not printed on your standard check stock.
- Maximum Payment Amount
- Specify the maximum single payment amount that can be created for any vendor in this class.
- Maximum Hold Code
- If you defined a Maximum payment amount, then specify the hold code to apply to invoices that exceed that maximum amount.
- Minimum Payment Amount
- Specify the minimum single payment amount that can be created for any vendor in this class.
- Minimum Hold Code
- If you specified a minimum payment amount, then specify the hold code. Hold codes are applied to invoices that do not exceed that minimum amount.
- Excluded Invoice Templates
- Use this field to exclude invoice templates. For example, if a vendor should only have match invoices, the vendor can be updated to exclude other invoice templates such as Basic.
- Restrict To One Invoice Per Vendor
- If the vendor class is assigned for one-time vendors, select this check box to restrict to one invoice per vendor.
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In the Match Options section, specify this information:
- Require Purchase Order
- Select whether purchase orders are required for the vendor class. Select Company Default to use the default company value.
- Match Prepayment
- Select the check box if the invoice will be prepaid for match invoices.
- Match Prepayment Method
- Specify the method of match prepayment.
- MSCM Sync Flag
- Select whether to upload this vendor class to Infor Mobile Supply Chain Management (MSCM).
- Create Expense Management User
- Select this check box to create a user in Expense Management (XM) for vendors that are assigned to this vendor class.
- Match Table
- Specify the processing rules to use during matching.
- Rule Group
- Specify the rule group used for invoice matching and messaging purposes.
- Click Save.