Electronic Storage of Check Copies and EFT Payments?

Lisa Andrew

We are transitioning to Expense Management in FE NXT. Up until now, we have had the traditional process of having hard copy invoices and attaching copies of checks and/or EFT payment coversheets to the documentation and then filing away in drawers. However, with invoices soon to be electronic, I'm curious if I need to continue to store check copies and EFT payment coversheets. Does anyone save electronic versions of these as media attachments with the invoice records? Or is it not necessary? I would air on the side of being not necessary, but I'd be interested in what others do.

Lisa Olscamp

@Lisa Andrew We have stored the invoices electronically for four years now. On the rare occasion we need to produce a check copy we request it from our bank.

Lisa Andrew

@Lisa Olscamp - Right, that's what I was thinking. We receive small pictures of all checks with our bank statements each month. I think that will suffice.

Dan Hout-Reilly

@Lisa Andrew We switched to Expense Management in 2021 and have stored the invoices electronically. Our check images are only available (for free) for 6 months online, so I pull down check images in bulk monthly from our bank and store them electronically with the bank statements, rather than attaching each one to its invoice. It helpful to have the images for our auditors and the occassional inquiry. The quality of the downloaded images is better than we get with a paper statement.

Sylvia Cook

@Dan HoutReilly We scan our cheques once printed/signed, before mailing them out.

Sake Leo

We scan our cheques once printed/signed, before mailing them out.

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