Set up vendor settlement delay
Some financial institutions require longer processing times between the upload of the payment file and when the vendor will be paid. Sparkrock 365 provides the capability to configure your payment process to have a delay in the settlement.
You can specify the default delay in settlement per bank account on the Bank Account Card page. This value will then default during the export process of the EFT files.
To set up a delay in the settlement
Choose
, enter bank accounts, and then choose the related link.The Bank Accounts page opens.
Select the bank account for which you want to configure the settlement delay, and then on the action bar, choose Manage > Edit.
The Bank Account Card page opens.
On the General FastTab, in Vendor Settlement Delay in Days, specify the delay in days.
Suggest vendor payments
On the Payment Journals page, the Document Date is the settlement date that is used in the export file and on the remittance advice. When on the Bank Account Card page, Vendor Settlement Delay in Days is greater than zero and on the Suggest Vendor Payments page, the Bank Payment Type is Electronic Payment, on processing of the payment suggestion, the document date on the lines that are being added to the payment journal is the Posting Date + Vendor Settlement Delay in Days.
Exporting the Electronic Payment
On the export of the electronic payment, accounts payable representatives can view the default value for Vendor Settlement Delay in Days and if required, can change the value. The accounts payable representatives can then proceed with the export process.
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