Dynamics 365 Finance offers several features that help businesses streamline their financial processes. We have so many tools in our daily use that make our operations streamline, but are you missing one of the best features?
One such feature is the ability to send payment advice to vendors automatically.
Sounds like the solution you were looking for? We knew it!
Earlier versions of Dynamics 365 Finance allowed payment advice to be either printed on the screen or manually entered into vendor email addresses. However, this process was often tedious for customers who preferred automation.
In this blog, we will shed light on how to configure Dynamics 365 Finance to send payment advice to vendors automatically. We will also discuss the prerequisites that must be enabled and created before proceeding with the setup.
How does vendor payment automation in Dynamics 365 finance work?
Vendor payment automation in Dynamics 365 apps of Finance allows for the automatic sending of payment advice to vendors. This is done by configuring the necessary settings in Accounts Payable -> Print management and setting up an email address on the vendor with Payment as the contact purpose.
Once the payment file is generated with the payment status as Sent, the payment advice is automatically sent to the email address set up as Payment in the preferred file format defined in Print management. So, if you want to improve your supply chain payment process, let’s dive into the details for further assistance.
To enable the payment advice feature, navigate to Accounts Payable -> Print management and enable the necessary configuration. Once enabled, modify the Payment address purpose under Address and contact information purpose to be included as Contact information.
This modification helps distinguish email addresses set up on vendors based on their purposes, such as Purchase order emails and Payment advice emails.
Once the payment address purpose is modified, set up an email address on the vendor with Payment as the contact purpose. This step is crucial as it ensures the payment advice is sent to the correct email address.
Ensure t payment journal line is created and the payment file is generated with the payment status as Sent. Once the payment line(s) are in Sent status, the Print -> Payment advice option gets enabled.
In the new screen that opens up, mark the Print Management checkbox. Once the batch jobs (Payment advice, Email related ones) execute, the payment advice is delivered to the email address set up as Payment in the preferred file format defined in Print management, such as Excel.
Conclusion
Configuring Dynamics 365 Finance to create payments or send payment advice to vendors automatically is a useful feature that can save businesses time and effort. You can create a perfect balance sheet by enabling the necessary configurations, setting up email addresses with Payment as contact purpose, and following the steps outlined in this article. Moreover, businesses can streamline their financial processes and automate the payment advice delivery process.
If you are ready to improve your email payment system and account payable process, here are your goto features from Microsoft apps. If you need an expert to guide you through the implementation process, DHRP is here to help.
