Recording electronic payments to vendors

With more and more vendors accepting electronic payments, Pro Fund Accounting was updated a while ago to be able to easily record those electronic payments. In Vendor Maintenance, there is now a new checkbox labeled EFTP. Checking this box will designate that vendor as being paid electronically.

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, you can print an EFTP voucher by choosing “Y | Print EFTP voucher checks, do not print regular checks” for the “Print 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.

Some things to note are that Pro Fund Accounting does not generate any electronic payment files for you to upload to your bank. You still have to either go to the bank’s or the vendor’s website to actually make the electronic payment.