As a company/customer working with vendors, providing the ability for vendors to maintain their own information allows for efficiencies and reduces data entry errors. Once account changes are submitted, this information needs to be validated and primary account payment methods may also need to be modified. More information can be found here: https://docs.microsoft.com/en-us/dynamics365/finance/accounts-payable/maintain-vendor-bank-info
Vendors can use the Vendor collaboration functionality to maintain their bank account information. This topic explains how to add and maintain bank information for vendors that you do business with.
Turn on the vendor bank account information feature
Before you can use this feature, it must be turned on in your system. Administrators can use the Feature management page to check the feature status and enable it if needed. In the Feature management workspace, the feature is listed in the following way:
- Module - Accounts payable
- Feature name - Maintain vendor bank information using vendor collaboration workspace
After feature activation, you can now create vendor bank account.
There are two places from where you can manage vendor bank accounts. It depends who will be managing the bank accounts.
- If Vendor is managing his own bank accounts by himself, she/he will use the following page: Vendor collaboration module > Vendor information link in the Workspaces section > More details > Bank information
- If you company/customer (the D365 company issuing the PO or RFQ is a customer, then it states “Customer”) is managing bank accounts on behalf of the vendor, you will be using Accounts payable > Vendors > All vendors > Vendor tab > Set up section > Bank accounts
Adding a new bank account by vendor
This page is used by vendor to manage their bank accounts
Go to Vendor collaboration module > Vendor information link in the Workspaces section > More details > Bank information
To add a new bank account, select the Add button that is located above the Bank accounts grid in the Vendor information workspace.
In the New dialog box that appears, you can enter the following information:
- Bank account
- Bank name
- Bank account number
- Bank routing number
- Effective date
- Expiration date
- Comments (optional)
If the legal entity is outside the United States, the dialog box also includes fields for the SWIFT code and the International Bank Account Number (IBAN).
If there are any documents that are related to the specific bank account, you can attach them by selecting Document.
Bank information that vendors enter on the page will show Vendor as the source. You can also enter bank account information on a vendor's behalf. That information will appear here, and Customer will be shown as the source. For more information, see Create a vendor bank account: https://docs.microsoft.com/en-us/dynamics365/supply-chain/procurement/tasks/create-vendor-bank-account
After an account has been added, vendors can edit their bank's effective and expiration dates as required.
Vendor bank information inquiry
After bank account information has been added by a vendor, the information will be visible on the Vendor bank information inquiry page.
Go to Accounts payable > Inquiries and reports > Vendor reports > Vendor Bank Account Inquiry
By default, all new or modified bank account records are visible on this page.
An Accounts payable clerk can view the changes and validate the information through their confirmation process to validate. When the information has been confirmed, the bank account record listed on the page can be selected and marked as reviewed. Marking the record as reviewed will remove it from the default list.
All bank account changes are visible on the Vendor bank information inquiry page. If a change isn't displayed on the page, you can view it by adjusting the filters for the vendor account, effective date range, or choosing whether to include information for bank account changes that have been reviewed.
Once bank account is reviewed and marked as reviewed, Reviewed field will be updated accordingly. To update the Reviewed field back, Mark as reviewed button needs to be selected again.
Adding a new bank account on behalf of vendor
This page is used by the company to manage vendor's bank accounts. The page is not accessible by the Collaboration Vendors.
Go to Accounts payable > Vendors > All vendors > Vendor tab > Set up section > Bank accounts
Add new bank account as described here: https://docs.microsoft.com/en-us/dynamics365/finance/accounts-payable/maintain-vendor-bank-info
There are several differences between this page and vendor collaboration bank information page:
- If the bank account is entered from the vendor card, Source field will be set to Customer
- If the bank account is entered from the vendor card, Reviewed will be set to YES automatically and no need to review it again.
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