Generate Electronic Payments In Accounts Payable

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Generate Electronic Payments inAccounts Payable

IMPORTANT NOTICEThis document and the Sage 300 Construction and Real Estate software may be used only in accordance with theSage 300 Construction and Real Estate End User License Agreement applicable to the Sage 300 Construction andReal Estate software. You may not use, copy, modify, or transfer the Sage 300 Construction and Real Estate software orthis documentation except as expressly provided in the license agreement.Visit Sage's training services Web site at www.SageU.com, call 1-877-724-3285, or e-mail us [email protected] to learn about training classes that Sage adds throughout the year. Contact your businesspartner to learn about local training options.Information in this document is intended solely as general information with respect to common business issues and is notto be construed as professional advice. Consult a tax or accounting professional for all tax and account related questions.THE INFORMATION HEREIN IS PROVIDED “AS IS” AND ALL WARRANTIES ARE EXPRESSLYDISCLAIMED, INCLUDING BUT NOT LIMITED TO ANY WARRANTY: OF MERCHANTABILITY; OF FITNESSFOR ANY PARTICULAR PURPOSE; OF NON-INFRINGEMENT OF ANY PROPRIETARY RIGHT OF ANYTHIRD PARTY IN ANY COUNTRY; OTHERWISE ARISING OUT OF ANY PRODUCT, PROPOSAL,SPECIFICATION OR SAMPLE; AND ANY WARRANTY THAT THE DOCUMENT IS ERROR FREE. No license,express, implied, by estoppel or otherwise, to any intellectual property right is granted by this document. Sage may makechanges to the information in this document at any time, without notice. Recipient is solely responsible for assessing thesuitability of the information and assumes all risk of use. 2013 Sage Software, Inc. All rights reserved. Sage, the Sage logos, and the Sage product and service names mentionedherein are registered trademarks or trademarks of Sage Software, Inc., or its affiliated entities. All other trademarks arethe property of their respective owners.09/2013

Sage Construction and Real EstateGenerate Electronic PaymentsGenerate Electronic PaymentsYour vendors may want the convenience of having their payment directly depositedinto their bank account. This is possible because Accounts Payable is able togenerate an electronic file that your bank can process through Canada’s AutomatedClearing Settlement System (ACSS).NOTE: ACSS is maintained by the Canadian Payments Association (CPA).Accounts Payable generates a file that complies with CPA Standard 005. Youshould verify that CPA Standard 005 is a layout that your bank accepts forprocessing deposits.Topics discussed in this lesson include: Specifying bank information. Generating an electronic file for your bank to process payments. 2013 Sage Software, Inc.Online Training and Workbooks at www.SageU.com1

Generate Electronic PaymentsSage 300 Construction and Real EstateSet Up the Software for Electronic PaymentsBank AccountsAny bank account that is used to generate electronic payments must be set up inCash Management (CM: Setup Bank Accounts or Setup Setup Assistant).TIP: The bank account that you use to print cheques can also be used to generateelectronic payments.On the bank setup (Setup Bank Accounts): Assign an AP check format (General tab).NOTE: When you generate electronic payments, the software generates an electronicpayment notification for each vendor. This document is based on the AP cheque format.See “To Generate Electronic Payments,” on page 4. Select Accounts Payable as an application that can be used (GL Cash Accounttab).VendorsFor each vendor that you pay electronically, specify the following on their setup(AP: Setup Vendors). On the Terms and Defaults tab, select Electronic as the default Payment type.FOR MORE INFORMATION: You can change the payment type during invoice entry orduring invoice payment selection. See “Electronic Payment Workflow” on page 3. 2On the Electronic Payment Settings tab, enter the vendor’s bank information: Institution ID number—this must be a three-digit number. Branch routing number—this must be a five-digit number for the branch. Bank account number—you can enter up to 12 numbers, including spacesand dashes. Special characters are not allowed. Transaction type—You can obtain a list of Canadian Payments Association(CPA) transaction codes from your bank and use the code that best describespayments into the vendor’s account. Transaction codes can appear asdescriptive messages on bank statements. If this is left blank, the softwareuses code 460 (Accounts Payable transaction type).Local Training From Business Partners 2013 Sage Software, Inc.

Sage Construction and Real EstateGenerate Electronic PaymentsElectronic Payment WorkflowInvoice EntryWhen you enter invoices, the payment type from the vendor is automaticallyassigned to each distribution. You can change the payment type by displaying thePayment Type column in the distribution grid.TIP: The distributions of an invoice can have different payment types. In other words, youcan pay part of an invoice electronically and part of it by cheque.Invoice Payment SelectionIn Tasks Select Invoices to Pay, you can select items to be paid electronically andby cheque at the same time. If needed, you can change the payment type of aninvoice distribution: in the Payment Selection window—click Distributions, andthen click Other and select Change payment type.NOTE: You can choose to fully pay or partially pay any invoice or distribution electronicallybut the payment cannot be a joint one with another payee.Before you generate electronic payments, you should verify the invoices that havebeen selected to be paid by this method. Select Reports Invoice Registers Invoices Selected for Payment and add a condition where the Default PaymentType equals Electronic. 2013 Sage Software, Inc.Online Training and Workbooks at www.SageU.com3

Generate Electronic PaymentsSage 300 Construction and Real EstateWARNING: If you pay invoices out of different bank accounts and your software is set upto assign the bank account per invoice distribution, do not make your invoice paymentselection for all the bank accounts at the same time. Select the invoices that you want topay from the first bank account and then generate electronic payments from that account.Next, select invoices to pay from the second bank account and generate electronicpayments from that account, and so on.Generate Electronic PaymentsBefore you generate electronic payments, obtain the file specifications from yourbank as you will need to enter specific information about the file.WARNING: Accounts Payable generates a file that complies with CPA Standard 005. Thefile layout contains a Header record, Detail records (record type C), and a Trailer record.Verify that Standard 005 is a layout that your bank accepts for processing deposits.When you generate electronic payments, Accounts Payable creates: An electronic file in text file format (*.txt) which you submit to your bank forprocessing. A Generate Electronic Payments journal which contains information about theentries. A notification for each vendor that shows the payment details. A withdrawal for each electronic payment in the Cash Management bankregister, as well as entries to interfacing applications. To Generate Electronic Payments1.4Select Tasks Generate Electronic Payments.Local Training From Business Partners 2013 Sage Software, Inc.

Sage Construction and Real Estate2.Generate Electronic PaymentsEnter the Bank account.WARNING: All invoice distributions with the payment type of Electronic that have beenselected for payment will be paid by this bank account. If your software is set up to assignthe bank account per distribution, make your invoice payment selection and generateelectronic payments for one bank at a time.3.The Cheque format is automatically entered based on the bank setup but youcan change it. The format determines the appearance of the notifications that aregenerated by this task (see step 7).4.If you need to change your invoice payment selection, clickAdjust Payment Selection or Override Payment Selection.5.The software automatically enters the File creation number and theFile creation date but you can change the values.6.Enter the Date funds available. This date cannot be more than 14 days after theFile creation date.7.The Generate Electronic Payments task creates an electronic file in text fileformat (*.txt) that you submit to your bank for processing. Specify the name andlocation of this file in Electronic payment path.8.In Select output, select each option to assign a printer or print to file. Payment report—this is the Generate Electronic Payments journal whichcontains information about the entries, the run number, errors, and so on. Notification—a notification is printed for each vendor and can be used tonotify the vendor of the payment details. The face of a notification is similarin appearance to a cheque face but it prints the vendor’s bank accountnumber and deposit amount in place of the dollar amount that is normallyprinted on the cheque. The stub of the notification print the details of theinvoice and distributions.NOTE: A 10 point maximum font size is allowed when printing notifications. Fornotifications printed to a file, a default font size of 12 points is always used. 9.Payment stub carbons—this is a copy of the notification stub for your ownrecords. This type of output is only available if the option is selected inAP Settings (File Company Settings AP Settings PaymentSettings).Click Options to open the Electronic Payments Options window. Theinformation that you enter here is used in the file header, detail, and trailerrecords of the electronic file. 2013 Sage Software, Inc.Online Training and Workbooks at www.SageU.com5

Generate Electronic PaymentsSage 300 Construction and Real EstateWARNING: The information in the file header, detail, and trailer records may vary frombank to bank. You must obtain the file format specifications from your bank so that you canenter the appropriate information in the Electronic Payments Options window for thesoftware to create a file that complies with your bank’s requirements.TIP: Once you enter the information in the Electronic Payments Options window, thesystem uses it each time you run the Generate Electronic Payments task but you canchange it at any time.10.The information in the Company bank information for direct deposit area isused in the file header as follows:Field #PositionsSizeOriginator ID number0311 - 2010 digitsDestination Data Centre0631 - 355 digitsNOTE: The Originator ID number is also used in the detail and trailer records of theelectronic file.11.12.In File formatting options, if your bank requires: A hard return at the end of each line in the electronic file, selectInclude option hard return. An item trace number in the electronic file, selectInclude item trace number.In the Options for direct deposit file area: 6If items are to be charged to a different account, complete theReturns Account Information.Local Training From Business Partners 2013 Sage Software, Inc.

Sage Construction and Real Estate Generate Electronic PaymentsIf your bank requires information about a settlement account, complete theSettlement Account Information.13.Click OK in the Electronic Payments Options window.14.Click Start in the Generate Electronic Payments - Print Selection window tobegin the task.15.Review the Generate Electronic Payments journal and notifications when thetask is finished. 2013 Sage Software, Inc.Online Training and Workbooks at www.SageU.com7

Generate Electronic Payments8Sage 300 Construction and Real EstateLocal Training From Business Partners 2013 Sage Software, Inc.

This date cannot be more than 14 days after the File creation date. 7. The Generate Electronic Payments task creates an electronic file in text file format (*.txt) that you submit to your ba nk for processing. Specify the name