Use the LATAM extension in vendor payments journals

This article explains how to use the vendor payment process with the Latin American (LATAM) extension and the payment methods functionality in the vendor payment journal. The LATAM localization adds fields that let you provide additional data to represent payment methods according to the legislation of each country or region.

Prerequisites

Before you complete the procedures in this article, the following prerequisites must be met:

• Enable the LATAM globalization feature with a valid country/region.
• Create a document class for each payment method.

Add LATAM information to vendor payment journal lines

1. Go to Accounts payable > Payments > Vendor payment journal.
2. On the Action Pane, select New.
3. In the Name field, select a vendor payment journal.
4. On the Action Pane, select Lines.
5. In the Account field, select a vendor account.
6. On the LATAM tab, in the Document class Id field, select OP as the document class ID for a payment order document.
7. Select Settle transactions, and then select the invoices that you want to pay to the vendor.

Add information to the Payment method page

Use the Payment method page to select one or more payment methods for the same transaction. After you complete the LATAM tab on the vendor line, complete the following procedures for each payment method that you must use.

Use a bank transfer

Follow these steps to select a bank transfer payment.

1. Go to Accounts payable > Payments > Vendor payment journal.
2. On the Action Pane, select LATAM > Payment methods.
3. On the Payment method page, select New.
4. In the Document class id. field, select TRB as the document class ID for a bank transfer. For more information, see Document classes for Latin America.
5. In the Account number field, select a bank account.
6. In the Document number field, enter the bank transfer number that's assigned by the bank. If the document class ID is configured as automatic, the number is automatically filled in.
7. Close the page, and review the information in the vendor payment journal before you post.

Use your own checks

Follow these steps to record your own checks. You can use the same steps for both current-date checks and deferred (post-dated) checks, because the entry of values is similar for both types and has the same impact on the vendor account. Only the entry of additional data differs.

1. Go to Accounts payable > Payments > Vendor payment journal.
2. On the Action Pane, select LATAM > Payment methods.
3. On the Payment method page, select New.
4. In the Document class id. field, select a document class ID that represents your company checks. For more information, see Document classes for Latin America.
5. In the Document Number field, enter the check number. If numbering is configured as automatic, the check number is automatically assigned.
6. In the Document Date field, enter the date when the check was issued.
7. In the Amount in Transaction Currency field, enter the check amount.
8. In the Exchange Rate field, enter the exchange rate value. By default, if the currency isn't the base currency, the nearest exchange rate is assigned.
9. In the Due Date field, enter the expiration date of the post-dated check.
10. Close the page, and review the information in the vendor payment journal before you post.

Use checks that are received from customers

1. Go to Accounts payable > Payments > Vendor payment journal.
2. On the Action Pane, select LATAM > Payment methods.
3. On the Payment method page, select Select payment media.
4. On the Select payment media page, in the Action field, select Exit action.
5. In the Document class Id field, select a document class ID that represents the type of customer check.
6. Select one or more checks, and then close the page.

After the checks are selected, lines are automatically created on the Payment method page. The number of lines matches the number of selected checks.