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