Payment date in Payment attributes

Can anyone explain the functionality of Payment Date under Payment attributes.

Requirement is we submitted the Payment process on say 19 Nov with Payment date in future, ex 25-Nov-21, send the Selected Payments report for manual approvals. Once the approval is received, we will release the batch for final payment.

Also, since the payment document is currently in use, it will not allow to create another batch for the same payment document type till the first one is completed. If we want to create another batch while this is pending, how can that be achieved.

Thanks

Venkat