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:

  1. 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.
  2. 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.

Acumatica Fedwire Payment Method

2. Choosing “Export AP Payment to ACH” for Export Scenario and configuring SETTING FOR USE IN AP tab with vendor banking requirements

Acumatica Export AP Payment to ACH

3. Configuring REMMITTANCE SETTINGS tab and entering your company’s bank requirements for your ACH cash account.

Acumatica Remmittance Settings

4. Setting up your Cash Account, linking it to FEDWIRE payment method and populating the remittance tab with your actual bank data

Acumatica Cash Account

5. Collecting vendor banking data for each ACH vendor and entering them in vendor’s payment settings.

Acumatica Vendor Banking Data

6. Payment Processing

Prepare Payments using FEDWIRE Payment Method

FEDWIRE PAYMENT METHOD

This will take you to Batch Payment since FEDWIRE is configured for batch processing.

Batch Payment FEDWIRE

Download file and upload to your bank.

FEDWIRE Download File

MIBAR is a leading Acumatica Partner in New York. Sold only through a selective network of implementation partners like MIBAR, you can trust that you’re getting not only the technology you need, but the service and support you deserve. Contact us today to learn more.

Additional Acumatica Resources

Acumatica: How to Remove the Footer URL on an Invoice

Three Things to Remember When Importing Data in Acumatica

Acumatica Cloud ERP: Creating Dashboards With Less Maintenance

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