Payment Method Defaulting Rule in oracle apps

In 11.5.10, default payment method lookup code is Check and set up under Financial Options using  Purchasing Super User

In R12, This set up should be completed in Payment responsibility
NOTE:  If you don’t see any record in iby_payment_rules  table then create.  Default payment method lookup code at invoice level will be default from this set up  if there is no default rule at supplier and site level.
Responsibility: C GUS Payables Manager GUI
Navigation:         Set up-> Payments -> Payments Administrator

Click on Create Button to create one

Click on LOV

Look for payment method ‘CHECK’ and click GO button
Select  ‘Check’ and click Select

Type Rule Name ‘Check’ and click APPLY

Default Payment Method Rule is Created as shown below …