This article is part of the R365 Payments training. Click here for more information on R365 Payments.


In this initial setup process, it will be crucial to update the bank account and Vendor records that will utilize R365 Payments. Work with your Account Representative to ensure this process is completed accurately.


Prerequisites


To initiate this service, the following prerequisites will need to be completed:

  1. Sign Up for the R365 Payments Service - You will complete the sign-up process with your Account Representative, and then they will enable the R365 Payments service in your R365 database.
  2. Identify Stakeholders that will receive email notifications - You will need to enter the contacts of the key individuals in your organization that will be notified if an issue arises with an R365 Payment on the 'Payments' tab of System Preferences.


Once you have completed these prerequisites, you will be ready to get started on the Initial Setup of R365 Payments. Be sure to rely on your R365 Payments Specialist throughout the Onboarding process as they are here to help you and ensure your success!


Step 1 - Bank Account Setup and Authorization


Open each Bank Account record to either enter in the necessary information for R365 Payments (#1-6) or exclude the account from this feature (#8). Users can view the current setup status of R365 Payments via the 'Status' field (#7).



1) Account Owner - The Legal Entity that owns the bank account. In order for this bank account to be correctly set up as a source of funds for R365 Payments, the Legal Entity must also be set to 'Active' for R365 Payments, and the 'Buyer ID' must be properly entered on the Legal Entity record

2) Bank - The name of the bank connected to this bank account

3) Account Type - The bank account type. Options include:

  • Checking 
  • Credit Card
  • ZBA (Zero Balance Account)
  • Saving

4) Bank Account Number - The bank account number for the bank account

5) Routing Number - The routing number for the bank account

6) Bank Name (on Check) - The name of the bank as it should appear on any printed checks that are issued from this bank account

7) Status - The setup status for R365 Payments. This reflects the status on the 'Payments' tab of System Preferences. Statuses include:

  • Pending Account Setup - This represents the need for the User to complete the required fields for one or more Vendors and/or bank accounts. Additionally, the User will need to add Payment Users on the 'Payments' tab of System Preferences. If a Vendor or bank account is not used, they can be opted out by being disabled on their record
  • Pending Account Verification - This shows that all required fields for the 'Pending Account Setup' status are complete and ready to be verified 
  • Enabled - This shows that all required fields have been verified and payments are ready to be sent

8) Exclude from R365 Payments - This checkbox will only appear when R365 Payments is enabled for your Organization. When checked, this will exclude this bank account from R365 Payments. Doing so will also remove the requirement to complete additional fields for R365 Payments


Ensure to save each record when complete.


Step 2 - Vendor Setup


When R365 Payments is enabled, any Vendor that has the necessary information for R365 Payments will have their Payment Method automatically switched over to R365 Payments. Prior to R365 Payments being enabled, a review of all existing Vendors should be performed. After R365 Payments is enabled, a second review should be performed so that any Vendor that was missed can be manually set up, and any Vendor that should not be included in R365 Payments can be excluded.


Prior to R365 Payments Switchover


Open each Vendor Record to enter the necessary information for R365 Payments. 


  • 'General' Tab
    • Name
    • Payment Terms
    • Address


R365 Payments Switchover


When R365 Payments is enabled, any Vendor that has the above information provided will have their Payment Method automatically switched over to R365 Payments. The Payment Method can be viewed on the 'Vendor Additional Info' tab of the Vendor Record. 


Vendors that have been set up with the 'R365 Payments' Payment Method will be contacted by the R365 Payment Service to determine the best way to pay the Vendor. R365 Payments can print and mail physical checks, pay via card, or initiate an ACH.


R365 Payments will set up the optimal payment delivery method depending on the needs of the Vendor and the best method to save you money.


 

After R365 Payments Switchover


The final step in setting up the R365 Payment Service is to review and confirm that the desired Vendors are set up for R365 Payments. 


If a Vendor that will be paid via R365 Payments was missed prior to R365 Payments being enabled, update the following on the Vendor Record:

  • 'General' Tab
    • Name
    • Payment Terms
    • Address
  • 'Vendor Additional Info' Tab
    • Payment Method = 'R365 Payments'
      • Note: Vendors that have been set up with the 'R365 Payments' Payment Method on the 'Vendor Additional Info' tab of the Vendor Record will be contacted by the R365 Payment Service to determine the best way to pay the Vendor. R365 Payments can print and mail physical checks, pay via card, or initiate an ACH.


If a Vendor will not be paid through R365 Payments, check the 'Exclude from R365 Payments' checkbox. This will remove any additional required fields on the Vendor Record once the Record is saved.




Regardless of whether Vendors will be included or excluded from R365 Payments, it is recommended to review all Vendor Records.


Awaiting Verification



Once these steps have been completed for each bank account and Vendor record, the Setup Status will be updated from 'Pending Account Setup' to 'Pending Account Verification' on both the 'Payments' tab of System Preferences and the 'Status' field on the Bank Account record. 


R365 will then verify the updates made and then R365 Payments will be enabled! Until then, learn how to Pay Your Vendors via R365 Payments here.