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.
Before you process checks and electronic funds transfers (EFT) payments for accounts payable vouchers, you must set up default payment terms, liability codes, vendor codes, and discount codes. You also need to select the check template settings for accounts payable checks on the Accounts Payable tab in Configuration > Accounting > Company AP.
A/P Checks and EFT Payments Processing Checklist
Step | Description |
---|---|
1 | Enter new vendors in the Vendors Info Center. |
2 | To pay a vendor by electronic funds transfer (EFT):
|
3 | For vendors to be paid by EFT, complete these steps to run a test direct deposit:
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4 | Enter new vouchers to be paid later.
Enter A/P disbursements (enter and pay vouchers in one step). |
5 | Review the Accounts Payable vouchers that remain unpaid, on either the Vendor Review form or the Voucher Schedule report. |
6 | Review the Cash Requirements report. |
7 | In Vendor Review, modify data for the vendor address, payment date, or bank as necessary. Release, hold, or modify any vouchers that remain unpaid.
You must complete this step before you process payments. |
8 | To process both check and EFT payments, select an existing run or create a new run in Accounting > Accounts Payable > Payment Processing. |
9 | Process payments by either of these procedures:
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10 | If vendors are set up to be paid electronically by EFT, they are included in the payment processing run with paper check payments. To put them in a different run, you must select from the EFT options on the General tab on the A/P Payment Processing form.
Checks for EFT payments have "NON-NEGOTIABLE" printed on them. |
11 | Preview checks before printing them to verify that they are correct. |
12 | Print the checks.
If you create a text (.txt) file, this step is not necessary. Continue by assigning check numbers. |
13 | Review the checks that are printed in the run. |
14 | Assign check numbers. |
15 | If applicable, use the Export to Text option to create a .txt file. |
16 | Print a file copy of the checks, if necessary. |
17 | Post payments. |
18 | If a posted A/P payment run includes vendors who are paid electronically, finish the EFT procedure. To do this, select
Accounting
> Accounts Payable
> EFT, and use the
Process option on the Accounts Payable Electronic Funds Transfer Processing Form to:
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