Banking

The CPA solution’s Banking module is fully integrated into the G/L and Maconomy A/R and A/P sub-ledgers.

This module supports generating payments via check, wire, and/or ACH. Each of these methods can be done in batch or for individual transactions.

If you want to use electronic banking, the Banking module supports standard payment formats. Maconomy delivers some payment formats to the largest and most frequently used banks. However, if you use a bank connection for which Maconomy does not have a payment format, you can include additional formats in the scope of your Maconomy implementation. Thus, the capability to transact electronically is well-supported in the solution.

You can set up payment modes to pay your vendors according to their requirements. You can set up payment modes for your customers according to how you want to receive payments.

The Banking module enables you to:

• Make batch payment selections on your vendors, which, after approval, can be generated using any of the three payment methods. After the payment is generated, it is automatically reconciled against the vendor invoice in Maconomy.
• Perform bank reconciliations within the system.
• Receive a file from your bank that contains payments from your customers. This file is loaded into Maconomy, and all payments in the file are reconciled directly against the invoices. You often need to configure this, which is not within the scope of a standard implementation.