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Display payee name for customer and vendor payment information
Introduction
This Display payee name for customer/vendor payment information feature is available in 10.0.46 version.
This feature enables the system to retrieve and display the Payee Name from the vendor or customer bank account details. The Payee Name will appear in vendor and customer payment journals, payment proposals, and payment files. Since the Payee Name can be different from the vendor or customer name in the master data, it helps ensure that payments are processed using the correct bank account holder name.
By introducing the Payee Name field, the system improves payment accuracy by ensuring the correct beneficiary name is included in journals, proposals, and bank files, which helps reduce payment errors and bank rejections
Purpose
The Payee Name may differ from the Vendor/Customer name maintained in the master record. Banks use the Payee Name to verify the beneficiary receiving the payment, ensuring that the name in the payment file matches the bank account holder’s name and helps prevent payment rejection or processing errors.
First, User need to enable Display payee name for customer/vendor payment information feature in feature management.
Set-up payee name in Vendor/customer bank account.
Once the feature is enabled, users can find the payee name field in vendor/customer bank account.
Go to Accounts payable > Vendors > All vendors.
Select a respective vendor from vendor list and provide payee name.
Click on Vendor > Set up > Bank accounts in action pane.
In this vendor bank accounts form, users can find payee name under General fast tab.
Click on Edit to Add Payee name.
Enter the payee name and click on Save.
Ensure same bank account mapped in vendor master payment fast tab.
Same way user can add payee name in customer bank accounts also.
Go to Accounts receivable > Customers > All customers.
Select the respective customer from customer list and provide payee name.
Click on Customer > Set up > Bank accounts in action pane.
Click on Edit and enter payee name under general fast tab and click on Save.
Ensure same bank account mapped in customer master payment defaults fast tab.
DEMO
Vendor payment process
Go to Accounts payable > Payments > Vendor payment journal.
Click +New and select journal name in name field and enter description for future reference, then click on lines.
Once user selects the respective vendor account in account field user can find payee name in payee name field.
In Bank tab also users can find payee name in payee name field.
This payee name is also available in payment proposal form.
This payee name is also available in payment proposal form.
Customer payment process
Go to Accounts payable > Payments > Vendor payment journal.
Click +New and select journal name in name field and enter description in description field for future reference, then click on lines.
Once user selects respective customer account in account field user can find payee name under payee name field.
In Bank tab also users can find payee name in payee name field.
This payee name is also available in payment proposal form.
Note: –
- If user wants payee name in check, payment advice – modify Check and Payment Advice SSRS reports to display the Payee Name field.
- If the user wants the Payee Name to appear in the payment file (e.g., ISO 20022 XML – pain.001), field mapping must be configured in the payment export format.
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