In this program an authorized user approves the electronic payments that have been submitted. Approving a payment means you want to process the payment in the next batch sent to the bank (for ACHs) or is ready to manually create the wire transfer.
Payments can also be rejected, which means they will be removed from the approval screen and not paid. The invoices will be cleared from the payment file. Rejected payments will be recorded as rejected on the Payment Register.
Multiple payments to the same vendor and bank account will be combined in the payment batch file. Optionally, based on the setting in Vendor EFT Entry, payments to different vendors that go to the same bank account will also be combined in the batch file. Note that the combining of accounts in processing an EFT payment is not applied/used for .PPD type Consumer payments.
The approval process provides control over EFTs similar to the act of signing a check. If desired, you could require one person to select the payments and a different person to approve them and generate the batch file that would be sent to the bank.
If you select this menu option and are not authorized to approve AP EFT transactions in User Code F/M, a message will be displayed and you will return to the menu.
EFT Payment Processing Details
If payments are selected that are flagged as a consumer type, these will be written to a separate EFT payment batch file from the non-consumer type payments. This is because each EFT payment batch file is created in only one ACH entry class code format. The consumer payments will be built into a batch file with the PPD entry class code format. All other payments will be build into a separate payment batch file with the selected entry class code format.
All approved ACH payments to the same ACH entry class code will be in one EFT Payment Batch. Each approved wire transfer will be in a separate EFT Payment Batch. This way, each wire transfer “batch” can be accepted as it is manually created.
Multiple ACH payments for the same vendor to the same bank account in the same batch will combine into one payment record in the EFT Payment Batch file. Optionally, multiple ACH payments to different vendors with the same bank account in the same batch can also combine into one payment record in the EFT Payment Batch file. When this happens, the single payment will be assigned the next ACH combined payment number as the “check” number. This is what will be transmitted to the bank and show on your bank statement. When the register prints, the combined payment information will print and then the individual checks that made up that payment will print. Note that the combining of accounts in processing an EFT payment is not applied/used for .PPD type Consumer payments.
Click field descriptions for information on each field.