WorkPlace Payments provides Enterprise users the option of processing Vendor and Employee payments within the WorkPlace Spend Management solution for a fully centralized standalone P2P platform.
The Payment process is initiated with Payment Batches which can be loaded based on Company, Due Date, Payment Terms, Supplier, Vendor Rank and more. Terms discounts are automatically calculated based on the assigned Payment Terms with full financial journal tracking for reconciliation of discounts taken, payments and exchange gain/loss in multi-currency environments. Once payment has been processed, remittance information is automatically transmitted to the respective suppliers and payment information is updated and available for internal stakeholders to view from the originating transaction details.
WorkPlace Payments offers integration to a number of payment providers for automated ACH, EFT and wire payments as well as personalized integration options through the WorkPlace DIAPI or report exports. The specific configuration options and processing steps below may vary depending on the chosen integration method and WorkPlace environment.
'Enable Payment Processing G/L Journals' in System Settings to automatically create G/L Journals for payment transactions.
Optionally update the default 'Next Payment Number' mask that will be used for Payment transactions.
Assign Posting Code accounts for the following distribution types;
Realized Gain/Loss: Required for multi-currency payments to record gain/loss amounts based on exchange rate differences between when a payable was recorded compared to the date of payment.
Payments: Required to record the amount for all payments processed through WorkPlace.
Terms Discount: Required for processing discount amounts recognized at the time of payment based on the Payment Terms for the supplier invoices.
Identify the Company Addresses / Branches that you will be paying from and enable them to 'Send Payments Through Workplace' and update the EFT information required when integrating with a Payment provider.
Identify the Vendors that you will be processing payments for and enable their Remit To Address to 'Send Payments Through Workplace', and update the EFT information required when integrating with a Payment provider. Check the option to 'Automatically Email Remittance' for Vendors that wish to receive a copy of the Remittance report for their payments when they are processed. Update the default 'Branch' assigned to the Vendor to reflect the Company Address responsible for the Payment.
Provide security access to Payment, Payment Batch and Remittance Report options for the Accounts Payable team members or roles that will be processing payments.
Once WorkPlace has been configured for Payment processing, Accounts Payable team members will be able to process payments using the following steps;
Start a new pay run by clicking the 'Payments Load' option on the Accounts Payable Dashboard.
Confirm or update the posting date and select load options for the Payments Batch.
Review the suggested payments and discounts loaded into the Payments Batch.
Optionally update and apply amounts for partial payments or remove items to be paid later.
Submit the Payment Batch to create the selected Payment transactions.
When integrated to a Payment Provider, Payment transactions are created in an Open status and issued for payment. Payments are moved to a status of History upon confirmation from the Payment Provider.
G/L Journal records are created for the processed payments when the ''Enable Payment Processing G/L Journals' System Setting is enabled.
Remittance e-mails are sent to those Vendors configured to 'Automatically Email Remittance' for their Remit To Address.
Payment summary information is updated and available to view under the Purchasing Information section of the originating transaction detail inquiry pages in Requisition, Check Request, Receive / Match Invoice and Expense Entry..