Supplier payments

Requirement

Functionality for payments and remittances of invoices to approved suppliers, through the banking systems of a specific country, is a normal business requirement.

For electronic funds settlement in India, the Indian Financial System Code (IFSC) is used to find banks and their branches. This code is eleven characters long, in the format AAAA0NNNNNN. This structure is used:

• AAAA stands for the bank identifier.
• ‘0’ is reserved for future use.
• NNNNNN stands for the numeric branch code, six digits long.

M3 solution

Supplier payments can be managed electronically or manually. Manual methods include check printing or the delivery of payment orders to the bank.

Supplier checks are generated from the M3 payment proposal. After the printing of a check run, check numbers are recorded in M3 for subsequent bank statement reconciliation. Void checks and reprints are supported in this process.

Configuration guidelines

Not applicable.