Setting Accounting Preferences for In-Transit Payments

Follow this procedure to set accounting preferences for in-transit payments.

To set accounting preferences for in-transit payments:

1. Go to Setup > Accounting > Preferences > Accounting Preferences.

2. Click the General subtab.

3. Under Accounts Payable, choose settings in the following fields:

   1. Check the Use In-Transit Vendor Payments by Default box if you want vendor payments marked as In-Transit by default. This setting can be changed when you create individual vendor payments. This field defaults to be checked.

      Clear this box if you prefer that vendor payments are not marked as In-Transit by default.

   2. In the Vendor In-Transit Payment Account field, choose an account to function as the interim Cash In Transit (CIT) account. This is the account where in-transit funds are held until they are confirmed by the vendor’s bank. For more information about a CIT account, see Creating a Cash In-Transit (CIT) Clearing Account.

4. Click the Approval Routing subtab.

5. Check the Vendor Payments box to require approval for vendor in-transit payments. This can be done using standard approval routing or by using a SuiteFlow custom workflow for vendor payment approvals. For more information, see In-Transit Payments with Approval Routing.

6. Click Save.

For informaiton about setting accounting preferences, see Accounting Preferences.

Related Topics

Setting Subsidiary Preferences for In-Transit Payments

Setting Approval Routing Preferences for In-Transit Payments

Setting Up a Checking Account for In-Transit Payments

Setting Preferences for In-Transit Payments

General Notices