Sage X3 Core Financials - Day 3 - Setting Up For Payment & Receipts

Question 1

SETTING UP FOR PAYMENT & RECEIPTS:

Answer 1

In this Lesson, you will learn how to Setup Additional Options for entering Payments and Receipts.
This includes defining Payment Entry Types, Managing Checks, Reporting and Bank File.

TOPICS IN THIS LESSON:
- Defining Payment Entry Types,

• Setting Up other Options,
• Managing Checks,
• Cash Requirement Report,
• Setting Up the Bank File.

Question 2

Defining Payment Transactions: (GESTPY)
Path: Setup > A/P - A/R Accounting- Payment Entry Transaction

Answer 2

We use Payment Entry Transaction (GESTPY) to define the characteristics and operation Methods used by a Company.
You can define which Settings will appear in Payment Entry Windows using this Function.

• Specify whether the Payment is a Receipt or Expense.
• Whether the Payment Method is Transfer or Check.
• Which fields to display, including Mandatory fields.
• Which Accounting Stages and Grouping Methods to use, such as:
  Bank Posting or,
  Cash Posting..

Question 3

Setting up Other Options: ( )
Path:

Answer 3

1) Step 1: is to create a New General Ledger Bank Account.
This is done using the Accounts Function under: Common Data > General Accounting Tables > General > Accounts.

2) Step 2: Create a New Journal Code that will be used with the New Bank Account.
This is done using the Journal Codes Function: Common Data > General Accounting Tables > General > Journal Codes.

3) Step 3: Create the Bank Account and the Check Book.
This is done using the Bank Accounts Function under: Common Data > BP Accounting Tables > Bank Accounts.

4) Step 4 (Final): Create a Journal Entry to move money from the current Cash Account to the New Checking Account.

MANAGING CHECKS:
To allow for the Management of issued checks meeting US requirements for Reporting and Traceability there are several Settings that must be defined.

ACTIVATING CHECK CONTROL: (GESACV)
Path: Under Development Setup: Development > Data > Parameters > Activity Codes.

Activity Code CHQMG allows for the Activation or Deactivation of the Check Control Functionality.
- All the Functionality added for Check Management depends on this Activity-Code being activated.

BANK ACCOUNTS: (GESBAN)
Path: Common Data > BP Accounting Tables > Bank Accounts.

• When Activity Code CHQMG is activated, the Checks Tab appears in the Bank Accounts.
  The Bank Accounts Function is modified to include fields allowing you to control Check Printing by Bank Code.

Question 4

Cash Requirements Reporting: (CSHREQ)
Path: Reports > Reports > Cash Requirements Report

Answer 4

The Cash Requirements Report provides information on the Amount needed to pay Open Invoices based on the criteria you define.
- For example: You can run the Report to view the Cash Requirement needed to pay all Invoices Due as of a Specific Date.

• Information is listed for all Payment Types, such as Check, Wire, Bank Transfer, etc.
• The Payment Terms, dictate the Payment Types for a Supplier.

Question 5

Setting Up Bank File: (GESTFB)
Path: Setup > A/P - A/R Accounting > Files > Bank File Definitions

Answer 5

We use the Bank File Definitions (GESTFB) to Setup a Bank File to be used in a Payment Run.

• The Bank must provide the Setup detail to be able to create a Bank File.
• SEPA Files come as Standard.
• You generate Bank File from or after the Remittance Function.
• You generate the relevant Format: ASCII, SEPA.
• BANK FILE: Select an existing Bank File Definition from the left list or from the Selection Icon at the Bank File field. You can also create a New Bank File Definition by Clicking the New Icon.

BANK: This field is optional and is used to customize the Structure of a file for a given Bank.
The Record with an empty Bank Field will be used for Bank with no Specific Record.
- Record Type: There are 5 possible different types of records:
– Header,
– Detail,
– Total,
– Subtotal,
– Detail2.

• The Format Type of the Bank File can either be:
  Fixed Type, or
  Variable Type.