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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.  Four bank formats are supported in Financial Portrait Accounts Payable base package, those being Fifth Third Bank, BMO Harris Bank, Chase Bank and Wells Fargo.

Positive Pay is a service offered 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 can 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.

In Financial Portrait, Positive Pay is tightly integrated with the accounting facets.  Soft-coded configuration options determine whether manual checks are to be sent the bank and the strictness of the match criteria.  In the rare event of a transmission error, in the case of a network connectivity issue for example, recovery is almost always possible within just a couple of steps. 




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





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