Generating Electronic Payments

I'm looking for information on using Electronic Payment Options that are offered in the Account Payable module, I'm a little confused about how that works and communicate with the different banks we use. Also, I would spend  a lot of time reaching out to vendors to collect the bank information. Any Feedback?

I also looked into the AvidXchange. We currently use them to Print checks using the CREATE A CHECK module, but the options for Electronic payment is a little expense. Any feedback?

Thanks

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  • Electronic Payment Options works and it communicates with all the banks. Yes, you would spend a lot of time reaching out to your vendors to collect bank information but if you want to give it a try, here are the steps:

    1. In AP, Vendor setup, under Terms and Defaults tab, payment type should be "electronic". Then under "electronic pay settings" tab, complete Bank Routing, Acct#, account type information.

    2. Then, call your bank to get the following information you should enter in this step: Immediate Origin: xxxxxxxxxx and Company ID xxxxxxxxxx

    In AP, Generate Electonic Payments, go to Options tab and complete as follows:

    Origin ID Type: Bank Assigned

    File ID Modifier type: Alpha

    Source: Origin Name: your account name

    Immediate Origin: this is what your bank has to provide

    Company ID: this is what your bank has to provide

    Destination:

    Name: complete the bank name of your customer

    Routing#: customer bank routing#

    3. When you enter an invoice in AP deemed for electronic payment, under distribution click on "add a column" tab and add "payment type" so you can choose "electronic"

    4. When your electronic payment is generated, turn on your detail tab so you can see all the detail

    I hope this helps, Good Luck!

  • Is there a way to save this in the Vendor set up so it doesn't have to be entered each time?

    Destination:

    Name: complete the bank name of your customer

    Routing#: customer bank routing#

  • Do you have the information populated on the vendor Electronic payment settings tab?

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