Glossary
Find explanations for the most commonly used terms in the payment management solution:
| Word | Explanation |
|---|---|
| Notification | A notification is a message about the payment, attached to the vendor payment, that will be received by the vendor. You can choose between the following types of notification: • Bank, where notification takes place through the bank • E-mail where an e-mail is sent to the recipient • Manual, where you print the notification and send it to the recipient |
| Sender Notification | Sender notification is a receipt that you can order from the bank, as documentation that a payment has been made. |
| Payment Method | Specifies how you want to pay your invoice. For example a SEPA payment, bank transfer domestic or bank transfer international. |
| Payment ID | The payment ID is a unique identification of a payment. The payment definition specifies a mask for a payment format that determines how a payment ID should be structured. When you receive an invoice with a payment slip, you will find a payment ID at the bottom of these payment cards. This payment ID is usually made up of some information that is already known to you or is on the invoice. Payment Management can find the information needed to generate the ID from the invoice and automatically fill in the Payment ID field. For example, a payment ID could be built up by Our customer no. followed by invoice no. This information will Payment Management identify and use to generate and fill in the Payment ID field. Under Payment Management setup, you can access Payment Identification setup, from which you can build Payment Identification definitions. |
| Posting Date Calculation | In the posting date formula, you can enter a date formula, if you want to use a fixed posting date/payment date (for example, today's date + 16 days indicated by 16D) when payments are generated in the payment journal. If the field is not filled in, today's date will be used as a fixed posting date. |
| Posting date in the payment journal | Posting date in the payment journal is the date your payment will be processed in the bank. You should be aware that the payout journal takes into account bank holidays and automatically moves the date if it falls on a bank holiday. |
| CBIC | CBIC represents Continias Bank Integration Component which handles the creation of the payment file. It ensures that the format is complied with, and governs e.g. which tags should be in which fields and that these comply with the given values. |
| Direct communication | Direct communication, also called web service or sftp communication, is a form of communication that makes it possible to exchange files and information directly between your bank and your Business Central. With direct communication, your financial processes are automated by an almost real-time exchange of data between your Business Central and your bank. The prerequisite for using direct communication to your bank is that your bank supports either web service or sftp communication and that Payment Management supports it. |
| DLL | DLL files are an integral part of Microsoft Windows and the software running on Windows. The most important feature of a DLL file is that the program can be used by several programs at the same time, which reduces the amount of memory used and helps Business Central to run more efficiently. |
| Fee account | A fee account is the financial account, used to handle fees charged to a payment. |
| IBAN | The IBAN number is an international bank account number. Not all countries use IBAN. IBAN is most prevalent in Europe. |
| Balance account | The balance account is the bank account from which you make your payment. |
| Recipient reference | The recipient reference is the reference the creditor will get through his bank statement. If the vendor has specified a reference that is requested to be stated on payment, it must be stated in the recipient reference. |
| Required posting status | This field indicates when you may post items in the payout journal, and depends on the individual payment line's Status. If you use direct communication with your bank, it is recommended that the Required posting status be set to "Paid", so that you only post the payments that have actually been made in the bank. |
| BIC/SWIFT code | SWIFT is an international paying agency with more than 7000 banks in more than 192 member countries. All members of SWIFT get their own address; SWIFT address. For certain payment methods in certain banks, the SWIFT address is a condition for the payment to be completed at the lowest price. |
| Validation and formatting | When you import the setup for your bank in Payment Management, a number of bank-specific payment methods for that bank are imported at the same time. These payment methods have built in a wide range of validation and formatting rules that ensure that payments comply with those requirements. as the bank provides. It may be required fields to be filled out ex. IBAN and SWIFT, or restrictions on the length of fields, etc. Payment Management also validates when posting a purchase invoice. This ensures that the purchase invoice does not lack payment information when it is later to be paid in the payment journal. |