In recent years, there has been a significant transition from the traditional method of check payment process to ACH/EFT as a preferred method of payment. The transformation has benefited many companies and institutions. Realizing this benefit, Acumatica Cloud ERP comes with a robust ACH functionality called FEDWIRE.
The preliminary steps needed to set up for ACH processing are to:
- Contact your bank and inform them about your desire to use Acumatica to process ACH payments. Your bank will then set your company up for ACH on the bank side.
- Obtain ACH Bank specification form from your Bank. The specification outlines the format, fields and method of ACH remittance
Once the preliminary steps have been completed, you proceed to set up ACH in Acumatica. The process entails
1. Configuring FEDWIRE Payment Method and linking it to your Cash Account.
2. Choosing “Export AP Payment to ACH” for Export Scenario and configuring SETTING FOR USE IN AP tab with vendor banking requirements
3. Configuring REMMITTANCE SETTINGS tab and entering your company’s bank requirements for your ACH cash account.
4. Setting up your Cash Account, linking it to FEDWIRE payment method and populating the remittance tab with your actual bank data
5. Collecting vendor banking data for each ACH vendor and entering them in vendor’s payment settings.
6. Payment Processing
Prepare Payments using FEDWIRE Payment Method
This will take you to Batch Payment since FEDWIRE is configured for batch processing.
Download file and upload to your bank.
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