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Difference between wire and electronic payment?
Posted: Mon Aug 25, 2008 2:53 am
by segu_tulasi55
what is wire payment?
what is the difference between wire payment and electronic payment?
Posted: Mon Aug 25, 2008 4:21 am
by niletra
Both Wire and Electronic are payment methods
1)Electronic:You genrate an Electronic payment File that you deliver to your Bank to create Payments.
Use Electronic if the Invoice will be paid using EDI OR EFT.
2)Wire:Used to manually record a wire transfer of Funds between your BANK and your Supplier's Bank.
Posted: Tue Aug 26, 2008 1:44 am
by segu_tulasi55
Thanx a lot.
Would pls give some more explanation about wire payment?
Posted: Wed Aug 27, 2008 7:05 am
by niletra
electronic payment method:
ex:
suppose you buy some material from your supplier on 1-aug-2008
and your payment term 30days
your banks name is A and your supplier's bank name is B so on 31-aug-2008 amount transfer from your bank 2 supplier's bank....
ON THIS TYPE OF TANSECTION WIRE METHOD IS USED........
OTHER COMMONLY TERM FOR THIS TYPE OF PAYMENTS ARE
PROMISSORY NOTES.
NOTES PAYABLE.
THIS 31-AUG IS A STORE AS A MATURITY DATE IN YOUR SYSTEM...
OK .......
THANKS.......
Posted: Thu Aug 28, 2008 4:18 am
by Jayasree
Hi,
Wire is a payment method where you pay invoices outside of
Payables by notifying your bank that you want to debit your
account and credit your supplier?s account with appropriate
funds. You provide your bank with your supplier?s bank
information, and your bank sends you confirmation of your
transaction. Your supplier?s bank sends your supplier
confirmation of the payment. You then record the transaction
manually in the Payables.
Another commonly used term is Telegraphic Transfer 'TT'.
hope it is clear.
Jayasree
Posted: Mon Sep 01, 2008 10:03 am
by segu_tulasi55
Thanx a lot. How can we notify thtough phone or paper to bank.