Skip to Content
author's profile photo Former Member
Former Member

how to make vendor payment thru RTGS

Hi,

Will someone pl let me know as to how to make vendor payment thru electronic fund transfer?

Our vendors are paid thru RTGS. Can some pl let me know the complete business process procedure.

And also the configuration required for the same.

Thanks in advance

Regards

Anand

Add a comment
10|10000 characters needed characters exceeded

Assigned Tags

Related questions

1 Answer

  • Best Answer
    author's profile photo Former Member
    Former Member
    Posted on Dec 19, 2008 at 07:28 AM

    Hi Anand,

    For Doing RTGS payments u need to create a payment method in Country. Then give the payment method for the vendors whom u want to pay by RTGS.

    Before doing this u need to get the IFSC codes from the vendors to update the same in the your vendor Master. Becasue IFSC codes are mandatory from Bank side for processing payments by RTGS.

    So, u need to get the IFSC codes of your vendors and update it in your vendor master bank details in Bank Number column.

    Now, I dont know how you are currently doing payments through Bank, If you are using XI middle ware then after running F110 payments IDOC's will be generated and bank will receive the data.

    If that is not the case and you are sending payment file to the bank by extracting data then in that file IFSC code has to come for processing those payment from Bank End.

    The IFSC code is required for doing both RTGS and NEFT (Electronic Funds Transfer) and it is same for both.

    I hope u understood.

    regards

    srikanth.

    Add a comment
    10|10000 characters needed characters exceeded

    • Former Member Former Member

      Hi Anand,

      1. You can maintain one sub account for outgoing payments (again that depends on your requirement means if the volumes are high) but one sub account will suffice.

      2. Hi Coming EBS configurations actually when the transaction has been processed at banks end they will generate one UTR reference number for the RTGS transaction that has been done. That will be sent to you in the bank statement. So, u have to create accordingly.

      3. I am not very much sure whether u can generate Remittance Advice once u run f110, because generate data medium will be created based the print payment program that has been assigned for the payment method.

      regards

      srikanth.

Before answering

You should only submit an answer when you are proposing a solution to the poster's problem. If you want the poster to clarify the question or provide more information, please leave a comment instead, requesting additional details. When answering, please include specifics, such as step-by-step instructions, context for the solution, and links to useful resources. Also, please make sure that you answer complies with our Rules of Engagement.
You must be Logged in to submit an answer.

Up to 10 attachments (including images) can be used with a maximum of 1.0 MB each and 10.5 MB total.