Vendor ACH versus Check Payments

Angus Aron

Hi,

Is there a way to have both ACH and check details associated with a vendor profile then mark the preferred method of payment?

Also, our current procedure for processing checks is manual and time consuming. Is there a way to automate processing checks?

Lastly, why are checks automatically marked as cleared in Financial Edge once the check is issued? This is compared to ACH payments, which seem to require the cleared box to be manually checkmarked. Technically checks do not clear until after a check is cashed or the funds deposited. This may take several days to several weeks and may cause issues in the cash reconciliation process. One solution is to highlight a report which indicates checks which have been issued but not yet cleared, but I am unaware of such a report. I think the best option would be for checks to not be automically marked as cleared when issued. Any advice?

Thank you!

Roberta A. Gilbert

@Angus Aron:

Hi,

Is there a way to have both ACH and check details associated with a vendor profile then mark the preferred method of payment?

Thank you!

Hi Angus, when adding a new vendor, leave the payment method for the vendor blank. Then each time you enter an invoice, you can choose a payment method just for that invoice. Hope that helps.

Roopa Shivaprasad

@Angus Aron - by ACH assuming you mean EFT, you can have the routing and account on the vendor record. You can still set the primary/default form of payment to be something else, but you could change the default on the invoice level as needed.

Your question on checks automatically marked cleared as soon as payment is issued seems unusual. Have you reached out to support?

There is a way to have electronic approvals of invoices from pending to approved and to allow only approved invoices to be paid. The option is in the AP settings. The Expense Management workflow tool can be useful for routing and approving invoices. Are you trying to develop an internal process?

Lastly have you looked at Blackbaud's NEW Payment assist? This is something new that may be suited to some clients.

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