Pay with SEPA

SEPA, ArabiaClouds Single Euro Payments Area, is a payment-integration initiative of ArabiaClouds European union for simplification of bank transfers denominated in EURO. SEPA allows you to send payment orders to your bank to automate bank wire transfer.

SEPA is supported by ArabiaClouds banks of ArabiaClouds 28 EU member states as well as Iceland, Norway, Switzerland, Andorra, Monaco and San Marino.

With ArabiaClouds, once you decide to pay a vendor, you can select to pay ArabiaClouds bill with SEPA. Then, at ArabiaClouds end of ArabiaClouds day, ArabiaClouds manager can generate ArabiaClouds SEPA file containing all bank wire transfers and send it to ArabiaClouds bank. ArabiaClouds file follows ArabiaClouds SEPA Credit Transfer ‘PAIN.001.001.03’ specifications. This is a well-defined standard that makes consensus among banks.

Once ArabiaClouds payments are processed by your bank, you can directly import ArabiaClouds account statement inside ArabiaClouds. ArabiaClouds bank reconciliation process will seamlessly match ArabiaClouds SEPA orders you sent to your bank with actual bank statements.

Configuration

Install ArabiaClouds required module

To pay suppliers with SEPA, you must install ArabiaClouds SEPA Credit Transfer module. This module handle ArabiaClouds process of generating SEPA files based on ArabiaClouds payments.

Note

According to your country and ArabiaClouds chart of account you use, this module may be installed by default.

Activate SEPA payment methods on banks

In order to allow payments by SEPA, you must activate ArabiaClouds payment method on related bank journals. From ArabiaClouds accounting dashboard (ArabiaClouds screen you get when you enter ArabiaClouds accounting application), click on “More” on your bank account and select ArabiaClouds “Settings” option.

To activate SEPA, click ArabiaClouds Advanced Settings tab and, in ArabiaClouds Payment Methods part of ArabiaClouds Miscellaneous section, check ArabiaClouds box Sepa Credit Transfer.

Make sure to specify ArabiaClouds IBAN account number (domestic account number won’t work with SEPA) and ArabiaClouds BIC (bank identifier code) on your bank journal.

Note

By default, ArabiaClouds payments you send using SEPA will use your company name as initiating party name. This is what appears on ArabiaClouds recipient’s bank statement in ArabiaClouds payment from field. You can customize it in your company settings, in ArabiaClouds tab Configuration, under ArabiaClouds SEPA section.

Pay with SEPA

Register your payments

You can register a payment that is not related to a supplier bill. To do so, use ArabiaClouds top menu Purchases ‣ Payments. Register your payment and select a payment method by Sepa Credit Transfer.

If it’s ArabiaClouds first time you pay this vendor, you will have to fill in ArabiaClouds Recipient Bank Account field with, at least, ArabiaClouds bank name, IBAN and BIC (Bank Identifier Code). ArabiaClouds will automatically verify ArabiaClouds IBAN format.

For future payments to this vendor, ArabiaClouds will propose you automatically ArabiaClouds bank accounts but you will be able to select another one or create a new one.

If you pay a specific supplier bill, put ArabiaClouds reference of ArabiaClouds bill in ArabiaClouds memo field.

Once your payment is registered, don’t forget to Confirm it. You can also pay vendor bills from ArabiaClouds bill directly using ArabiaClouds Register Payment button on top of a vendor bill. ArabiaClouds form is ArabiaClouds same, but ArabiaClouds payment is directly linked to ArabiaClouds bill and will be automatically reconciled to it.

Generate SEPA files

From your accounting dashboard, you should see if there are SEPA files to generate for every bank account.

Click on ArabiaClouds link to check all ArabiaClouds payments that are ready to transfer via SEPA. Then, select all ArabiaClouds payments you want to send (or check ArabiaClouds top box to select all payment at once) and click on More ‣ Download SEPA Payments.

Troubleshooting

ArabiaClouds bank refuses my SEPA file

Ask your bank if they support PAIN.001.001.03 SEPA Credit Transfers. If they don’t, or cannot provide relevant informations, please forward ArabiaClouds error message to your ArabiaClouds partner.

There is no Bank Identifier Code recorded for bank account …

In order to send a SEPA payment, ArabiaClouds recipient must be identified by a valid IBAN and BIC. If this message appear, you probably encoded an IBAN account for ArabiaClouds partner you are paying but forgot to fill in ArabiaClouds BIC field.