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Define vendor payment fees

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Set up vendor payment fees. This task uses the USMF demo company.

  1. Go to Accounts payable > Payment setup > Payment fee.
  2. Click New.
  3. In the Fee ID field, type a value.
    • The Fee ID should describe when this fee will be used, such as "EFT_Fee".
  4. In the Name field, type a value.
  5. In the Fee description field, type a value.
    • Add a description to provide more detail on when the fee is assessed.
  6. In the Charge field, select either Vendor or Ledger.
    • Ledger is used when the fee will be expensed to your organization. Vendor is used when the fee will be assessed to the vendor.
  7. Enter a main account for where the fee will be expensed.
    • This option is only available when selecting Ledger as the Charge option.
  8. Select the journal on which this fee can be used.
    • For a vendor payment fee, you would select the journal 'Vendor disbursement.'
  9. Click Save.
  10. Click Payment fee setup.
    • Continue to the Payment fee setup to define when the fee should default onto the journal you selected.
  11. Select either Table, Group or All.
    • Table is used to select a single bank account, Group is used to select a bank group, and All is to use this fee setup for all bank accounts.
  12. Select either a bank group or a bank account.
    • The lookup will show bank group if you selected Group, and will show bank accounts if you selected Table.
  13. Select the method of payment for when this fee will be assessed.
  14. Select the Payment specification for the selected method of payment.
    • The Payment specification is used with electronic fund transfer methods of payment.
  15. Select whether the fee is a percentage, amount or interval.
  16. Enter the percentage or amount of the fee.
    • If the Fee is a percentage, enter the percentage. If the Fee is an amount, enter the amount of the fee. If the Fee is an interval, use the Interval tab to defined the tiered fees.
  17. In the Fee currency field, select the currency in which the fee will be assessed.
    • This currency is for the fee. The payment currency is used to define when the fee rule should be assessed based on the payment's currency. For example, your bank may charge a fee when a payment is made in EUR, but all other payments aren't assessed a fee.
  18. Click Save.