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Making Vendor Payments with ACH (NACHA) EFTs

In Vendor Payments in the Cash Management application, you can process ACH/NACHA electronic payments to pay vendors for AP vouchers.

ACH payments are made through the Automated Clearing House network and use NACHA-formatted files that contain the payment information. ACH electronic payments are also referred to ACH EFTs (electronic funds transfers).

When you process ACH vendor payments in Vantagepoint, you download a NACHA-formatted .txt file that you send to your bank. The bank uses the payment information in the file to make the direct deposit payments to your vendors' bank accounts.

Prerequisites

The following sections identify the settings and entries that you need to complete before you can process an ACH vendor payment run in Cash Management > Vendor Payments.

Settings

The following are settings that you complete for banks, vendors, the vendor payment template, and automatic payment numbering for ACH EFTs.

Location in Vantagepoint Setting
Settings > Cash Management > Banks For banks that you use to make ACH payments to vendors, make these selections on the Bank Codes settings form:
  • On the Banks tab: set the Export to Text Format field to User Defined.
  • On the NACHA File Format tab: Enter information for the NACHA-formatted file that is generated when you process ACH payments in Vendor Payments.
Hubs > Firms For vendor-type firms that will receive ACH payments:

In the Banking Information section of the Vendor tab: Click beside the Electronic Payment Method field.

On the Electronic Payment Method dialog box that displays:

  • Select NACHA.
  • Enter information for the vendor's bank that will receive the ACH direct deposit payments. Enter information such as the bank ID, account type, and account number.
  • Select whether to print or email remittance advices for payments to the vendor.
Settings > Cash Management > Accounts Payable On the Payments tab, the format that you select in the Printed Payment Format field and the template that you enter in the Template field control what the vendor payments look like when you print any type of vendor payment using the Print Payments or Other Actions > Print File Copy actions on the Payments grid on the Printing and Numbering page in Vendor Payments. The printed payments for ACH EFTs have "NON-NEGOTIABLE" printed on them. The file copies have "COPY" printed on them.
Settings > Accounting > Transactions In the Bank Transactions section, you can specify that the payment transactions for a bank be automatically numbered and enter a starting number to use for the next payments that are processed. You specify whether the auto numbering applies for all types of payments or only electronic payments.

When auto numbering is not turned on, you assign a starting number for each bank's payments in a vendor payment run by clicking Assign Numbers on the Printing and Numbering page in Vendor Payments.

AP Voucher Entry

When you enter AP vouchers in Transaction Center > Transaction Entry > AP Vouchers, if you want a voucher to be paid by an ACH payment, you must select a bank for the voucher that has been set up to make ACH/NACHA payments, and the vendor for the voucher must be set up to receive ACH payments. Refer to the settings in the table above.

ACH Direct Deposit Test

Run a test direct deposit for vendors who will receive ACH payments. See Perform Initial Test Direct Deposit.

Summary of Processing ACH Vendor Payments

The following help topics provide instructions for processing all types of vendor payments in Cash Management > Vendor Payments, including ACH payments: