With more and more vendors accepting electronic payments, Pro Fund Accounting is now able to easily record those electronic payments. In the Vendors menu item, under the Accounting tab, there is a Payment source drop-down field to indicate which payment method the vendor accepts. The choices are: Checks – which will generate a printed check; ACH – which will mark the payment to be included in the list of payments in the Create ACH File menu item to be uploaded to the bank (NOTE: The Create ACH File menu item picks up all of the transactions marked for ACH. From that list, select all of the items needed and create the ACH payment file to upload to the bank.); EFTP – which will indicate that the payment is a vendor-initiated payment.
When you pay an invoice to that vendor, the process is still the same. The only thing that will be different is that there will no longer be a check that gets created for that vendor. The payment will still show up on your AP Prepay and AP Check Register reports but will always have a check number of EFTP. This helps you to easily see which payments were made electronically instead of by a paper check. That way when you reconcile your bank account with Pro Fund Accounting, it will be easier to compare to the bank statement.
If you do need to keep a copy of the “check stub” for your records, there are two ways to do this. You can print an EFTP voucher by choosing from the drop-down list Y | Print ACH and EFTP voucher checks, do not print regular checks for the Print ACH And EFTP Vouchers Only? parameter on any of the AP Laser Checks reports. You can print this voucher on plain paper as it does not need to be printed on actual check stock. Another way is by using the Export Vendor Payments menu item.