Hold Payment reasons are used to “tag” transactions with the reason you are currently not paying the Suppliers Invoice. A Hold Payment Reason can be applied against a Supplier’s invoice as you enter it, or it may be added to invoices at a later date using the Adjustments function.
Invoices with a Hold Payment reason are not picked up and included in a payment run. This allows you to ‘mark’ the Supplier’s transactions, so the user performing account payments does not have to worry about inadvertently including them in a payment run and paying them prematurely.
Once the reason a transaction is being “held” has been resolved, the hold payment can be removed using the Adjustments function.
Example
Some sample reasons you might consider having on your list are ‘Price Dispute’, ‘Incorrect Goods’, ‘Waiting a Credit’, ‘Goods Not Received’, ‘Goods Not Ordered’ etc.
As a real-world example of how you would use a Hold Payment reason, imagine your supplier has sent you incorrect stock and an accompanying invoice. You have returned the stock to the supplier. You then record the invoice into the system with hold payment reason ‘Waiting a Credit’. While you are waiting for the credit, you do a payment run that includes this supplier. The invoice that is ‘waiting credit’ will be excluded automatically from payment on the run. When the credit note is received you can match it to the waiting invoice to clear the account balance.
Minimum Requirements
Hold Payment reasons are optional – no set-up is required if you do not plan to use them.
Changing Established Data
Add new Hold Payment Reasons and apply to Invoices at any time.
Panel Options
- Standard panel features
- Maintenance
- Views
- Audit – shows an audit of data changes made over time to the hold payment reason currently being viewed
- Held Payments – shows all the transactions currently on ‘held payment’ status
- Reports
- List Held Payment Codes