Creditors Payment Processor

The Creditors Payment Processor function enables you to process cheque or direct credit payments for creditors either singularly or in a batch. The Payment Processor prints the cheque, the remittance advice and allocates the payment against the account in one complete process. In the case of direct credits, the Payment Processor does not process a cheque. Instead it creates a file to be loaded into your desk banking program. The file for your specific bank should be loaded in the set up. The remittance advice can be e-mailed to a supplier when you have this set up.

A cheque can be printed for a one-off payment using the manual cheque printing option in the Payment Processor. The manual cheque function has the capability to issue refunds to debtors. A debtor refund is used for example, in the case of an overpayment by the debtor.

The Payment Processor has the ability to calculate prompt payment discounts on invoices being paid and deduct that discount from the payment. The Payment Processor interacts with the creditor authorisation function within MYOB Exo Business. The release for payment is affected when this option is enabled within Exo Business and therefore must be used in conjunction with the staff login features.