Payment Processing
Use Payment Processing to pay vendors for outstanding amounts.
Through Payment Processing you can:
- Create and post checks to pay open vouchers. You create vouchers in either Transaction Center > Transaction Entry > A/P Vouchers or in Accounting > Accounts Payable > Create Voucher from PO.
- Create electronic funds transfer (EFT) transactions, rather than checks, to pay open vouchers. This creates a direct deposit advice form rather than a check and stub.
- Create a text (.txt) file of data for your check printer or bank, with the Export to Text option.
You can generate payments in two ways:
- Automatic Payment Processing — The check run includes vouchers for all vendors who match the criteria you specify.
- Manual Select Payment Processing — The check run includes only those vouchers that you specify.
Either way, Vision creates a check or electronic funds payment for the vendor and marks the voucher as paid.
- Checklist: Processing AP Checks and EFT Payments
Follow the A/P Checks and EFT Payments Processing Checklist to generate accounts payable checks and EFT payments. - EFT Options in AP Payment Processing
Use the options on the General tab of the A/P Payment Processing form to control your firm's EFT (Electronic Funds Transfer) transactions. - Pay When Paid Voucher Processing
If you specify Pay When Paid (PWP) as the payment terms for a voucher, Vision schedules the voucher for payment in the next check run after the client has paid your firm for the bill that includes the voucher expense. - Effect of Posting Accounts Payable Payments
When you post accounts payable payments, Vision makes multiple entries to the General Ledger and Accounts Payable subledgers. - Assigning Check Numbers
After you print checks, you assign numbers to them. Vision tracks the check number in the posted payment file so that you can monitor your check stock inventory. You must give each check a number that matches the number in the check's magnetic ink character recognition line.
Parent topic: Accounts Payable Overview