Payables accounts payment runs
It selects transactions that have become due for payment, creates the transactions necessary to clear the payment and produces a file of payment details.
Payment Run uses payment run rules to determine the currencies and transactions to be included in the run, and the selection criteria that are to be applied to them.
Checking the Bank Balance
Before you proceed with a batch of payments in Payment Run, the bank account balance is checked to ensure that sufficient funds are available to cover the run. Depending on the settings in your Operator Group, you are warned if the payment run exceeds available funds.
Optimising Settlement Terms
A next payment date can be entered during Payment Run. If settlement discount will still be available at this future date, transactions are not included in the current run.
Associated Documentation
Payment Run creates the necessary documentation to accompany a payment. This includes a listing of the transactions created, remittances, cheques, and so on.
Forcing/Withholding Payment
You can override the automatic due date selection criteria by flagging transactions with Force or Withhold allocation markers. You can do this in Journal Type (JNT), so that all transactions for a particular type are flagged. You can also selectively flag transactions using Account Allocations (ACA). Forced transactions are paid immediately, regardless of the due date. Withheld transactions are excluded from any payment run.
Automated Bank Clearing
You may transfer payments on creditors/payables and client accounts from SunSystems into a central payment clearing system. The United Kingdom's system for non-paper payment is called BACS, or Bank Automated Clearing System.
If you want to produce a bank file, you must ensure that the Ledger Setup (LES) specifies automatic bank payments. This prompts Payment Run to produce a bank transfer file containing payment details. This file can then be imported into a software package that handles funds transfer. The information on this file may also be used as input to other software, for example, an inter-company settlement system.
The Bank File is produced in the default UCS-2 format. This can be changed to UTF-8 by editing the SUN5.ini file on all application servers to include this line at the end of the SunSystems section:
Bank-File=UTF-8
Payment Voiding
Payment Voiding can cancel or remove payments that have been made in Payment Run. You select the payment to cancel by identifying a numeric payment reference. You can mark the original transactions that were paid with the allocation marker Withhold.