Handling Payments - Incoming and outgoing payments

After completing this topic, you will be able to list the steps of the payment process and perform them in SAP Business One including: incoming payments, outgoing payments and deposits,  explain the consequences of each step on the involved G/L accounts and adjust the appropriate payment scenario to the customer needs and localization according to decisions made together with client accountant.

Here are some key points to take away:

1. In incoming payments involving cash, check and credit card, payments are usually posted to a clearing or temporary account.
2. A Deposit document must be processed in order to transfer the funds from the clearing account to the house bank account and clear the clearing account.
3. When a customer pays using the Bank Transfer payment means, the transaction does not involve a clearing account. The customer transfers the payment directly to your house bank. 
4. In a payment document, an asterisk (*) after the invoice date indicates that the invoice is currently due. That is, the invoice due date is earlier than or equal to the current date. 
5. In outgoing payments typically the process does not involve clearing or temporary accounts. Instead, the credit posting is done directly on the bank account. 
6. If you wish to use a clearing or temporary account in outgoing payments, you can do this in three ways. You can manually insert an interim account in the G/L account field in the Payment Means window. You can use the payment wizard to automatically generate payments against a clearing account. Or, you can use the Bank Statement Processing functionality. 

You can also download the document here for your records.