Prior to making any payment, the bank account from which funds can be drawn must be selected. That bank account can be selected at various points during the processing of payments to vendors.

Initially, the default bank account is established on the Banks Tab when you add a PropertyCompany. You can select several bank accounts that the PropertyCompany may use; however, the first bank account becomes the default bank account for the propertycompany.

Next, when adding an invoice, you can accept the default bank account, or you can select another bank account on the Invoices screen for the invoice. The bank accounts that appear on the drop-down list were established on the Banks Tab when you added the PropertyCompany.

Finally, when adding a check run, you can accept the bank account selected during check entry, or you can select another bank account in the Pay from Bank field on the Select Tab. Depending on your selections, the bank accounts that appear on the list can be the ones associated with the PropertyCompany or the list can include all bank accounts.

Based on your final bank account selection, the check run pays all invoices in the check run from the selected bank account only.

When attempting to make payments from multiple bank accounts, the process is almost identical to the one bank account process except for the final step—the bank account you select for the check run.

As with one bank account payments, you must select a bank account for each payment you want to make. You do so by making selections during the process on any of the following tabs: accept the default bank account from the Banks Tab; select another bank account on the Invoices Tab. The last bank account you select becomes the assigned bank account for that payment.

When adding a check run that includes payments from more than one bank account, select the option <Assigned Bank> in the Pay from Bank field on the Select Tab. Selecting this option alters the processing of the check run in the background and you do not see the results of that processing until checks or direct deposit advices appear in .PDF format, ready to be printed.

1. Behind the scenes, during the create check data process, the system notes the <Assigned Bank> selection and refrains from reassigning the bank account during processing.
2. The system cycles through all of the checks and direct deposit advices that it needs to create for each of the bank accounts in the check run associated with the payee/vendor until it has groups of checks and direct deposit advices. Those groups include all checks and direct deposit advices for all bank accounts in the check run.
3. The system then displays a PDF for the first group of checks for the first bank account allowing you to print this group.
4. After printing successfully, the next group of checks for the next bank account appear. Print this next group and any other groups that appear until you have printed all checks in the check run.
5. Next, the system displays any remittance advices. Remittance advices display in separate report windows for each bank allowing you to print each report.

Currently, only MICR checks are supported.

 

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