Create the Payment Method in Oracle Apps R12

Create the Payment Method in Oracle Apps r12

• The Payment Method we do create for supplier payments. As per our requirement, we can create the new payment methods for the suppliers and then make the payment for that supplier in oracle apps.
• Supplier Payment Method is a Medium by which the first party payer, makes a Payment to a third party payee, such as a supplier. You can use a payment method to pay one or more suppliers.
• Oracle Payments supports several payment methods for funds disbursement, including the following.

 4 Types of Payment Methods

1. Check
2. Electronic (EFT)
3. Wire
4. Clearing

Steps to create the new Payment Method

Step: 1

Navigation: Payables Manager –> Setup –> Payment –> Payment Administrator

Step: 2

In Payment Administrator, We need to go to the Payment Methods.

Step: 3

To create the new Payment Method, We need to click on the ‘+’ icon.

Step: 4

Here below, we are creating the payment method. We are defining the payment methods for ‘Check’.

Step: 5

Creating Payment Method as below.