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Accounting on IBM i that fits

Download Build Postive Pay Extract
Chapter from FP/AP User Manual


Build Positive Pay Extract creates a specially formatted file of check activity for sending to your company's bank.  Three banks and thus three formats are supported in the Financial Portrait Accounts Payable base package.  The banks supported for Positive Pay are Fifth Third, Harris and Chase.

Positive Pay is a service provided by most banks.  The essence of the service is to verify that the details on the check presented for payment match the details of the check printed by the bank's customer (your company).  Most banks verify (or match) the check amount and payee name by check number.  Some banks also verify the check date.  If a discrepancy is detected during the bank's end of day processing, the bank does not clear the pending check overnight, and notifies the customer of the difference the following morning.  The bank's customer makes a decision on the discrepancies and relays the answers back to the bank, usually via the bank's website.

Build Positive Pay Extract  from FP/AP User Manual
Intended Recipient:  Accounts Payable Application User, Accountant 

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