Japan Zengin Bank Fee Calculation

Note:

Zengin Bank Fee Calculation feature for Electronic Bank Payments SuiteApp is available for bank accounts only if it uses the native Zengin payment file template format. This feature does not support custom Zengin payment file format.

In Japan, it is common for customers to send payment through electronic fund transfer to their supplier’s bank. The customer's bank charges a fee to complete the transfer, and the customer and vendor negotiates who will pay the fee.

The Electronic Bank Payments SuiteApp enables you to set up your Zengin bank fee schedule, calculate the appropriate bank fee for your payment transactions, and generate the payment file that contains instructions for facilitating electronic fund transfers between bank accounts with the appropriate bank fee applied.

The bank transfer fee can be paid by any of the following:

• Vendor – If the supplier or vendor will pay the bank fee, the full amount of the bill less the bank fee is requested for transfer and reflected on the payment file.

• Company – If the company will pay the bank fee, the full amount of the bill is requested for transfer and reflected on the payment file.

The bank fee is automatically calculated every time you process a bill payment transaction. The fee is then reflected in the Bank Fee field under the EFT subtab of a bill payment record. You can instantly generate payment files from payment transactions that have been tagged for electronic bank payment, where the total amount requested for transfer will depend whether the company or vendor pays the transfer fee.

Setting Up Vendor Records for Zengin Bank Fee Calculation

You can set up Zengin Bank Fee Calculation for any existing vendor record. For more information on adding a vendor, see Creating a Vendor Record.

To set up a vendor record for Zengin bank fee calculation:

1. Go to Lists > Relationships > Vendors.

2. Click the Edit link next to the name of the vendor.

3. On the Bank Payment Details subtab, check the box for the following options:

   • EFT Bill Payment

   • Vendor Bank Fees

     Note:

     Vendor Bank Fees checkbox can only be enabled in conjunction with EFT Bill Payment field.

     Leave the Vendor Bank Fees field unchecked if the bank transfer fee will be paid by the company.

4. Click Save.

Refer to the following topics for more information about using the bank fee calculation feature in Electronic Bank Payments SuiteApp:

• Setting Up Zengin Bank Fee Schedule

• Importing of Zengin Bank Fee Schedule

• Calculating Zengin Bank Fee when Processing Bill Payments

Limitations and Considerations for Zengin Bank Fee Calculation

• Bank transfer fee can only be calculated for payment transactions if the company account and vendor bank account uses a Zengin payment file template.

• Importing of bill payment transactions that calculate bank fees via CSV is not yet supported.

• In Japan, the bank transfer fee for payment transactions of employees, partners, and customers is by default paid by the company.

• Japan Zengin Bank Fees feature is only available for single currency accounts that use Japanese Yen. This feature does not support Multi-Currency.

• When importing bill payment transactions via CSV import, make sure that the Run Server SuiteScript and Trigger Workflows preference is enabled in your account. This preference is required so that correct bank fee is calculated during import. For more information about this preference, see Setting CSV Import Preferences.

Related Topics

• Electronic Bank Payments
• Setting Up Electronic Bank Payments
• Setting Up Zengin Bank Fee Schedule
• Importing of Zengin Bank Fee Schedule
• Calculating Zengin Bank Fee when Processing Bill Payments

General Notices