17 February 2011

Weekly Review: Reconcile ACH Batches

Mariano Gomez had a great piece of advice on the Newsgroup regarding ACH batches and Bank Rec so I decided to formalize it and turn this into a Weekly Dynamic.
Many companies submit an ACH file to their bank to pay vendors. The bank will often process the transaction as a lump sum debited from the bank account rather than as individual transactions. This makes reconciling difficult because you need the ACH batch info to match back to the individual transactions that were sent to the Bank Reconciliation module but the bank statement will only show one amount

Well, here is a fix. Use the ACH file that you sent to the bank as your source file for the Electronic Reconcile module. Let Electronic Reconcile check off the ACH transactions for you. This also provides a better level of consistency for your auditors.
If you are on the Advanced Management tier of Business Ready Licensing you already own Electronic Reconcile to go along with EFT for Payables so there is nothing else to buy to make this happen.

Posted by Mark at 12/08/2008 09:00:00 AM