What are the bank details?
SunSystems Financials can produce bank transfer files to automatically pay suppliers, or collect payments from customers.
To produce the bank transfer files, details of the customer and supplier bank accounts are required and these are held on Bank Details records. At least one bank details record must be defined for each debtor/receivables account and creditor/payables account if the Payment Method is set to Bank.
The bank transfer file can be used as input to a software package that handles transmissions to an automatic clearing system such as the UK Banks Automated Clearing System (BACS). The information in this file can also be used as input to other software, for example, an inter-company settlement clearance system.
Using Multiple Bank Accounts
Several bank details can be maintained for each debtor, creditor, or client account by using separate bank subcodes for each set of details. This enables you to define any number of banks from which you can draw funds, or into which you can deposit funds, when settlement is by bank transfer.
You may need more than one bank account so you can process different currencies for a creditor or debtor account. You settle the account by currency, and consequently through different bank accounts. For example, you might identify a US dollar bank account for a range of suppliers, using a bank code of USD. When you choose to settle these accounts, you can select the USD currency transactions and the USD bank accounts. Payments are generated or collected into the appropriate currency account.
The default bank subcode for a customer or supplier can be identified in Customers (CUS) or Supplier (SUS). Additionally, you can select the bank subcode in Payment Profiles.