In this program, documents that are to be paid by ACH and invoices that are to be paid by wire transfer are submitted for approval. Documents flagged to be paid on paper checks are skipped. Vouchers print for these electronic payments based on the Vouchers for Electronic Payments setting in Check Print Control F/M.
Documents to be paid electronically as ACH transactions are grouped together by the vendor. If no account pre-notifications are approved, the payment is not be created and the invoices remain selected in the payment file. The user receives a message identifying the vendor. Otherwise, the payment is assigned the next ACH number as the “check” number. The check type is set to “A--ACH”.
Documents to be paid electronically as wire transfers are grouped together by vendor and assigned the next wire transfer number as the “check” number. The check type will be set to “W-Wire Transfers”.
The vendor’s default routing and account number are assigned automatically. For vendors with multiple accounts, alternate bank accounts can be selected in the EFT approval program.
The Consumer Payment setting defaults from the vendor EFT file but can be changed in the EFT Approval program.
Vouchers, in the same format as the plain paper vouchers, will optionally print for the electronic payments. All plain paper vouchers print a page number and a report total page, whether they are for electronic payments or for paper checks. The check/payment date, check/payment number and vendor information also print on the line. The plain paper vouchers will print only for the EFT submissions that are currently being printed.
If the program is run when there are already submitted electronic payments on file for a specific vendor, a second payment for that vendor will be submitted for the additional invoices. This process occurs whether the existing payments have been approved or are still submitted. If you want all of the invoices to be combined into a single payment record, reject the first payment then re-select the invoices and submit all invoices at one time.
Click field descriptions for information on each field.