How to Link a Payment Code to the Bank Reconciliation

We are starting to do EFT(s) to process some payments.  I usually create a batch of invoices and then create a payment batch,  In the past they have all been to cheques so I select criteria and then process the cheques.  Once posted they will appear in my Bank Reconciliation.

I created a new payment code EFT and selected Payment Type Cash so it would come out of our general account.  When I did the payment entry and selected EFT as the payment code I selected the Cash Account and it went to my Bank Account - Operating.  This is where I wanted it to go.  

When I went into the reconciliation I cannot see that payment.  I must not be linking the two properly.

So how do I link a payment code to the bank reconciliation?

thanks

Maggie

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  • "When I did the payment entry and selected EFT as the payment code I selected the Cash Account and it went to my Bank Account - Operating."

    I know it is counter-intuitive, but you have to leave that field blank if you want it to show up in your Bank Rec. As soon as you fill that it (even if you select the correct GL account for that bank) it will skip Bank Services. 

    You could probably hide that field using UI profiles, but I find most people setup their EFT Payment Codes as Payment Type "Check". You could setup an Advice-Only check form that you can print to screen, or save as a PDF somewhere, if you like. The nice thing about using Payment Type "Check" is the system can generate a "check" number (or call it an EFT number, if you like) automatically, which saves you from having to come up with a unique numbering scheme.

  • Thank you so much!  I was able to get this to work!

  • Hi Maggie-K, if the above suggested answer helped, please do mark it as verified White check mark for the benefit of others in this forum :). Thank you!

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