AVAILABILITY

Beanworks has introduced a new payment workflow, which allow payments to be created in the accounting system and then paid in Beanworks. This workflow is currently supported for the following accounting systems:

  • Rent Manager

  • Sage 50 CA

  • Jonas Club

  • Jonas Premier

  • Northstar

  • Intacct (Supported with the vendor account number at the header level)

  • Great Plains

  • Sage 100

If you are on any other accounting system, please email beanpay@beanworks.com to discuss more about your specific needs.

BENEFITS

  • Since payments are created in the accounting system, payment terms/ early discounts negotiated with the vendors can be applied to the payments.

  • Payments are created in the accounting system and the payment data does not need to be exported back into the accounting system.

PRE REQUISITES

  • Payments module is enabled for your legal entity / company. For details, read here.

  • Vendors are on-boarded for at least one payment method. For details, read here.

  • Invoice(s) for the vendor has been successfully exported

  • You have the option to pay all the payments through Beanworks or have few payments paid through Beanworks and the remaining via your accounting system. Please note: If you choose to pay selected payments through Beanworks additional information will be required for setup, which will be discussed during the implementation.

FEATURES SUPPORTED

PAYMENT SETTLEMENT TIME

  • To learn more about how long does it take for the vendor to receive the payment for different payment methods, read here.

HOW IT WORKS

For this workflow the payment is created in your accounting system, the payment information is synced into Beanworks, payments are submitted for approval workflow, released to the vendor.

STEP 1: Code invoices, submit for approval and export invoice data into the accounting system.

Please note, the invoice needs to be successfully exported (status EX) into the accounting system. If the invoice is in the status sync error [SE] in Beanworks and manually entered in the accounting system, the payment will not be matched to the invoice in Beanworks. Also, if a payment has multiple invoices, it is mandatory for all invoices to be created in Beanworks and imported into the accounting system.

STEP 2: Create a payment in the accounting system, select the payment method and mark it as paid.

Please note: We are using the list of payment type to differentiate the payments, which will be paid from Beanworks and payments you want to make through your accounting system. Since each accounting system is different we will discuss the details of the setup at the time of implementation. Please see end of the article for details.

Below is an example of a payment for Sage 50 CA.

Please note, we have the option to either include or exclude the different payment types, which will be discussed during the setup.

STEP 3: Add payment details and submit for approval

Once the payment is successfully imported into Beanworks, it shows up in the InProgress tab of the payments module. You can add the following details to the payment.

  • Bank Account

  • Bank Name

  • Payment Method

Please note, you can not edit the payment amount on the payment or make partial payments for this workflow.

STEP 4: Approve Payments

Once payment are submitted for approval, they will hit the approval queue of the approver created at the time of setup. To learn more about how to create approval channels, please read here.

As an approver you have the option to approve or reject payments either by going to to each payment individually or by batch approving or rejecting payments.

STEP 5: Release Payments

Once payment(s) are approved, they appear in the Releases tab in the approved [A] status. Approved payments can then be released. You have the option to release them individually or batch release them.

The payment will change into Released [RL] status. When the payments are released we get confirmation back from the payment partners and the payment status then changes from Released [RL] to Paid [PD].

Please note, the timing of when the payment status changes to Paid [PD] depends on the payment method and our integration with the payment partner. Details can be provided during the implementation process.

STEP 6: Archive Payments

Once payments are in paid [PD] status they can be archived and moved to the archived tab.

Please note, since the payment was created in your accounting system, the payment information does not need to be exported back into the accounting system.

POTENTIAL DISCRIMINATORY FIELDS

Discriminatory fields will help to determine if a payment needs to be paid via Beanworks payments module or not.

RENT MANAGER

  • Email address for Vendor

  • Pay Method / Reference

  • Account Number

  • Comments

SAGE INTACCT

  • Bank

  • Bank Currency

  • Payment Method

SAGE 50 CA

  • Additional field (at the vendor level). Note, call this field isBeanPay

  • Source at the payment level

NORTHSTAR

  • Payment Type

JONAS CLUB

  • Payment Method

JONAS PREMIER

  • Payment Method

GREAT PLAINS

  • Credit Card

SAGE 100

  • BankCode

Please note, depending on your accounting system, if you are unable to use any of the above mentioned fields then we may need to do some additional work in order to support your specific needs. This can be discussed during the time of implementation.

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