In today’s business world paying vendor invoices electronically is commonplace. Pontem’s Accounts Payable software contains an additional feature that enables posting of E-Payments into the system. This document will explain how to use it.
To utilize this enhancement, start by locating the desired vendor’s record in Manage Vendors. A new group box with three new data elements related to electronic payments is used to define if a vendor can be paid by E-Payments.
The first is a check box for Accept E-Payments. This field is defaulted as checked for all vendors. When this selection is checked, the user has the option to pay either by check or by E-Pay in ‘Manage Vouchers.’ If you never want to allow E-Payments to be made to a particular vendor this field must be left unchecked. When the box is unchecked, the option will no longer be available when adding a voucher.
The second field is Default Payment Type where the options are ‘Check’ and ‘E-Check.’ The last field is Payment Website. If you know the vendor’s web address where you can access/post account information enter the URL here. This field functions like a “hot-key” — when you click on it you will go directly to the website/page you entered.
Manage Vouchers is where you will post the voucher and E-Payment. Notice in the screen shot below E-Pay Eligible: has already been set to ‘Yes’ from the ‘Vendor’ file which causes the ‘Payment Type’ to have both ‘Check’ and ‘E-Check’ available for use.
Once the voucher is entered as an E-Check, the batch date will automatically enter today’s date into the field.
To complete the transaction, click Process to finish. Notice in the next screen the program uses the Voucher Date as the ‘Check Date’ which in turn is posted to the General Ledger (GL). If you want the transaction to post on a different date in GL, you can change it in the Process E-Check ‘Date to print on checks.’
As part of the E-Payment software feature, the ‘Check Register Report’ and other reports now have a filter for Check Type which contains two options, ‘Check’ and ‘E-Check.’ E-Checks appear on these reports prefixed by ‘E.’
When the transaction shown in the above example appears in any reports generated via Pontem’s Fund Accounting software (Accounts Payable, General Ledger, Cash Receipts) it will be listed as ‘E2.’
If the transaction has an error, the E-Check must be voided to correct it. In Manage Checks, filter for ‘E-Check’ and select ‘Void Check.’ The check and voucher will be voided. Use Manage Vouchers to add the correct payment back into the system.
Any E-Payments made via your Fund Accounting software will be included in Pontem’s Cash Receipts Bank Reconciliation.