Open Forum

Expand all | Collapse all

Payment file for bank - all payment types

  • 1.  Payment file for bank - all payment types

    Posted Feb 13, 2020 10:35 AM
    Hello,

    We're looking into a payables solution with our bank, where we send them a file with all of our payments, and they handle the disbursements.  This file would include checks, EFT, and wires.  I know GP has a module to create an EFT file, but what's the best way to create a file for all payment types?  I know Mekorma has a product for payables, but my understanding is that the file gets processed through their partner ACOM, not sent to our bank (I could be wrong).

    Thanks,
    Miriam

    ------------------------------
    Miriam Retter
    Assistant Controller
    The Harry & Jeanette Weinberg Foundation
    Owings Mills, MD
    ------------------------------
    Academy - Online Interactive Learning from Experts


  • 2.  RE: Payment file for bank - all payment types

    Posted Feb 18, 2020 03:33 PM

    Regal Pay has a product that can create a file with ACH's, Wires and Checks. We transmit the file directly to our bank.

     

    Sent from Mail for Windows 10

     

    This electronic communication and any files transmitted with it, or attached to it, are confidential and are intended solely for the use of the individual or entity to whom it is addressed and may contain information that is confidential, legally privileged, protected by privacy laws, or otherwise restricted from disclosure to anyone else. If you are not the intended recipient or the person responsible for delivering the e-mail to the intended recipient, you are hereby notified that any use, dissemination, forwarding, printing, or copying of this e-mail is strictly prohibited. If you received this e-mail in error, please return the e-mail to the sender, delete it from your computer and destroy any printed copy of it.



    Academy - Online Interactive Learning from Experts


  • 3.  RE: Payment file for bank - all payment types

    Posted Feb 19, 2020 08:04 AM
    That sounds great! Are you happy with their product?

    ------------------------------
    Miriam Retter
    Assistant Controller
    The Harry & Jeanette Weinberg Foundation
    Owings Mills MD
    ------------------------------

    Academy - Online Interactive Learning from Experts


  • 4.  RE: Payment file for bank - all payment types

    Posted Feb 19, 2020 09:01 AM

    Yes, we have been happy with them. It has simplified the process for us. We use them for Wires and Ach's and it is really nice to only have to do one batch.

     




    Academy - Online Interactive Learning from Experts


  • 5.  RE: Payment file for bank - all payment types

    Posted Feb 19, 2020 03:49 PM
    Edited by Miriam Retter Feb 19, 2020 03:49 PM
    That's great to hear.  I'm going to look into their product.
    Thank you!
    ------------------------------
    Miriam Retter
    Senior Financial Analyst
    The Harry & Jeanette Weinberg Foundation
    Owings Mills MD
    ------------------------------

    Academy - Online Interactive Learning from Experts


  • 6.  RE: Payment file for bank - all payment types

    Posted Feb 19, 2020 05:09 PM
    For many banks, you can use the standard GP functionality.  It does take a lot of work to configure.  If you use Wells Fargo, you will almost definitely want to consider Regal Pay, AP Connect, or some other product.

    ------------------------------
    Stefanie Christiana
    Glidewell Laboratories
    Irvine CA
    ------------------------------

    Academy - Online Interactive Learning from Experts


  • 7.  RE: Payment file for bank - all payment types

    Posted Feb 20, 2020 08:20 AM
    Hi Stefanie,

    Thanks for your response.  We're not using Wells Fargo, so I am curious about your response.
    Where would I find the standard functionality in GP to configure this file?
    Everything I'm finding online just talks about EFT's.  If we could use standard functionality that would be great.
    Is there any literature about this?

    Thanks,
    Miriam

    ------------------------------
    Miriam Retter
    Senior Financial Analyst
    The Harry & Jeanette Weinberg Foundation
    Owings Mills MD
    ------------------------------

    Academy - Online Interactive Learning from Experts


  • 8.  RE: Payment file for bank - all payment types

    Posted Feb 20, 2020 06:21 PM
    There are a few articles you can use as a guide.  I don't really want to link to any specific ones because I don't remember exactly which ones were helpful.  The last time I configured though, I ended up using a combination of 3 or 4.  You can search on something like "Dynamics GP Configure EFT".  Here is a link to one in Dynamics Communities rather than an individual blog:  https://community.dynamics.com/gp/b/gpinsights/posts/configuring-eft-for-payables-in-dynamics-gp-2010.  It is stated for GP2010 but can be used for many versions.

    ------------------------------
    Stefanie Christiana
    Glidewell Laboratories
    Irvine CA
    ------------------------------

    Academy - Online Interactive Learning from Experts


If you've found this thread useful, dive deeper into User Group community content by role