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Post Payment to a Bank Account


When a bank or investment manager cannot accept direct bank transfers a payment will need to be posted or check written in order to transfer assets into that account.

  Bank Account Setup

The Bank Account that will be receiving payment will need to list the bank's real name and mailing address. Navigate to Cash Management>Bank Accounts and open the Bank Account Card to update this record.


 

 

  Paying a Bank Account

Unlike paying vendors, a purchase invoice is not required to post payments directly to a bank account. In the following example we will be writing a check from our main checking account (CHECKING) to an investment manager (MANAGER A).

1. Start by navigating to Post Payments from the home screen, and selecting the batch for the Bank Account that will be issuing Payments.




2. Manually add a line directly in the payment journal. Be sure to fill in the relevant information.

  • Posting Date (red) - the check date
  • Bank Payment Type (green) - how the payment will be issued
  • Account Type & Account No. (blue) - the Account Type will be Bank Account and the Account No is the bank account receiving this payment
  • Description & Memo (yellow) - the posting description for this transaction
  • Fund & Department (purple) - should be your organization's rebalancing fund and its designated department
  • Amount (orange) - the amount of the check
     



 

3. Next, select Check>Print Check.



4. Choose Send to or Print to generate the check.



5. The name and address on the check will use the Name and Address entered during Bank Account Setup.



6. After successful printing of the check choose Post and then either Post or Post and Print.



 

  Results

The result of posting this payment is a credit to the bank account making the payment (CHECKING) and a debit to the bank account receiving the payment (MANAGER A). Both items will appears as uncleared items on their respective bank reconciliations as of the posting/check date.