<\/span><\/h3>\nThe foundation of any settlement run begins with creating a bank account for the company.<\/p>\n
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For example, a bank account named \u201cTara\u201d can be created, with details such as country, payment types, and supported currencies defined.<\/p>\n
Key points in this setup include:<\/p>\n
Multi-currency support<\/strong> \u2013 allowing the account to accept transactions in various currencies.<\/p>\nDefault financial institution<\/strong> \u2013 selecting a primary bank for processing payments.<\/p>\nDetailed account info<\/strong> \u2013 including bank codes, email, phone numbers, and supporting documents.<\/p>\nTarget balance settings<\/strong> \u2013 establishing thresholds (e.g., 25,000 units) to manage liquidity.<\/p>\nThis structured setup ensures the company has a reliable foundation for handling financial transactions.<\/p>\n
<\/span>Step 2: Configuring Payment Rules and Processes<\/strong><\/span><\/h3>\nOnce the bank account is active, companies must define bank routing rules and payment categories. These rules govern the processing of various types of transactions, ensuring that funds flow correctly and securely.<\/p>\n
For example:<\/p>\n
Supplier payments<\/strong> \u2013 categorised by supplier type and amount.<\/p>\nExpense payments<\/strong> \u2013 managed under a separate set of rules.<\/p>\nWay accounts<\/strong> \u2013 configured to prevent misrouting of funds.
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