Payment is the transfer of money or goods and services in exchange for a product or service. A payment can be made in the form of cash, check, credit card and debit card.
Payments can be done against invoices that are generated from sales invoice or purchase invoice and Customer/Supplier BP invoice from the AP-AR accounting module. Payments transactions are created bank-wise as per the selected supplier/vendor. Payments are also done against multiple invoices and users can create the remittance entry against multiple payments. The purpose of Remittance entry is to provide the payment transactions to a particular bank in proper format with cash settlement, bill exchange issues, collections, check payments, discounts, etc.
As payment is created we can print the cheque for that specific payment .To print checks, the CHQMG – Check management activity code must be active and the following parameters must be set to Yes:
USACHK – US/CAN Check printing
CHQCT – Check controls
Steps to be followed:
Navigate to:> Parameter > General Parameter > Parameter values
Go to chapter TRS(Business partner) > Go to group BNK (Bank and reconciliation)
Set the value of parameter CHQCT (Check controls) to yes and save it. Refer the below screenshot.
Now,
Navigate to: > Common data > BP Accounting tables > Cheques
The code identifies a bank account. Select a bank account used on payment for which we need to enable a cheque printing. Here we are using a bank AO2KZ.
Check number: In this field enter the first check number for the checkbook received from the Bank.
Number of checks: Here enter the total number of checks in the checkbook received from the bank.
If the first check number is 1001 and the total number of checks is 100, the check record with check numbers 1001 to 1100 is created. Refer the below screenshot.
After creating a cheque for the particular bank go to bank account.
Navigate to: > Common data > BP Accounting tables > Bank accounts
Select the bank account. Here we will select AO2KZ bank. On the Cheque tab, there is a field named next check number. This field is only active when the CHQCT – Check controls parameter is set to Yes.
Next check: Enter the cheque number which we have entered on while creating cheque.
Check status: Through this we can check the status of the cheque.
Here we have entered 1001 for the bank account AO2KZ.Click save. Refer the below screenshot.
Now, we can print cheque for the payment having the bank account as AO2KZ.
The above blog help us to enable cheque printing for payment.