Payments Tab

The Payments tab allows authorized users to control the validation and posting of the third party payment batches and whether changes are allowed to approved batches. Your organization also has the ability to generate general ledger accounting entries which support three different versions of warrant processing.

To access the Payments tab of the Company Suite Settings page, go to Maintenance > new world ERP Suite > System > Company Suite Settings and click the Payments tab.

Note: If while updating the information on this page you need to clear your changes, click Reset at any time to return to the previous state the page was in before you save your changes.

Processing Options

  1. In Default Payment Department, enter the default payment department that applies to all payments.
  2. Select the Allow Changes to Approved Batches check box to give users the ability to make changes to approved batches.
  3. In Payment Batch Validation and Approval Sequence, select a value to determine the order of the validation and approval steps in the payment batch process.
    • Require Approvals for Validation – If selected, the payment batch must be fully approved before it can be validated.
    • Require Validation for Approvals – If selected, the payment batch must be validated before it can be approved.
    • Require No Dependencies – If selected, added batches can be validated and approved in any sequence.
  4. After you select all of the appropriate options, click Save to store these settings.

Warrant Processing

The following settings allow your organization to enable the use of warrant processing.

  1. Select the Use Warrant Processing check box if your organization is using warrant processing. When selected, the remaining fields under the Warrant Processing section header are enabled as are fields on the Bank Account Maintenance, Default Offsetting Account Maintenance, and Fund (Organization 1) Maintenance pages. The ability to generate journal entries from payment reconciliation will also be available if Warrant Processing is selected.

    If your organization issues both checks and warrants, the Use Warrant Processing check box must be selected. Users can specify on the individual bank accounts if payments drawn from the account are checks or warrants.

  2. If your organization uses warrants, in Warrant Processing Accounting Method select the accounting methodology to use. The two options are: Hit cash when warrants are redeemed (i.e., during payment reconciliation) and Hit cash when warrants are issued.
    1. Hit cash when warrants are issued — When selected, the Establish Warrant Liability check box and Outstanding Warrant Payable Label and Prepaid Warrant Payable Label fields are enabled.
    • If the Establish Warrant Liability check box is selected, additional entries are made when the warrants are issued to establish a liability for the warrants. At the time the warrants are redeemed, entries are made to reverse the liability entries made at the time the warrants were issued (Establish Warrant Liability is specified) or new entries are made to the Treasurer's Fund cash and equity accounts (Establish Warrant Liability is not specified) when the warrants are redeemed.
    • In the Outstanding Warrant Payable Label and Prepaid Warrant Payable Label fields, you can define the specific labels for these account descriptions used on the Bank Account Maintenance, Default Offsetting Account Maintenance, and Fund (Organization 1) Maintenance pages. When these options are selected, the system continues to make the cash account entries at the time the warrants are issued (just as if checks were being issued).
  1. Hit cash when warrants are redeemed — When selected, the Warrant Payable Label field is enabled.
    • In Warrant Payable Label, define the specific label for the Warrant Payable account description used on the Bank Account Maintenance, Default Offsetting Account Maintenance, and Fund (Organization 1) Maintenance pages. Also, like the selection implies, all parts of the system (Accounts Payable, MB Refunds, Payroll, UM Refunds and Licensing Refunds) will no longer credit cash when payments are issued and replace those credit entries with entries to the Warrant Payable account. When the warrants are redeemed, the entries to the Warrant Payable account are reversed and cash is updated.

If your organization uses warrant processing, additional fields are enabled on the Bank Account Maintenance, Default Offsetting Account Maintenance, and Fund (Organization 1) pages.

  1. After you select all of the appropriate options, click Save to store these settings.

To print the system settings, click Print. On the Print Company Suite Settings Listing dialog box, click OK to submit the listing to myReports.

See Also

G/L Setup

Company Suite Settings