Pro Fund Accounting offers checkless payment options for both Payroll and Payables.
For Payroll, there is the Direct Deposit option, which creates an ACH file for your bank. This file contains all the employee information necessary to transfer funds from your bank account to theirs. You can also provide your employees with a copy of their check electronically.
To use the Direct Deposit menu item, you first have to contact your bank and get the program set up with them. Then, in the Payroll module and the Deduction Type menu item, set up a Deduction Code, for example DD, with a name of Direct Deposit, a Calc Type 21, and a Calc Order 99. Then, in the Employee Compensation Package menu item, for each employee set up the new Deduction Code (under the Deductions tab). Enter their Bank Account # in the Direct Deposit Acct# field, and their banks Routing # in the Direct Deposit Routing# field, with a C for checking or an S for savings. After the payroll is calculated, run the Direct Deposit menu item to create the file for your bank.
For Payables, go to the Vendors menu item. Under the Accounting tab, in the Payment source drop-down list, select ACH. Enter the Bank routing number for ACH and the Bank account number for ACH; making sure the first letter is a C (for check) or S (for savings). Then Save the changes. Once you have this setup with your bank, it’s just a matter of checking the EFTP box in Vender Maintenance. This will flag the payments as being made electronically. You can generate reports for your venders notifying them that a payment has been made. The Pay Invoices menu item and the Payables Post menu item procedures are not affected.