electronic payments
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electronic payments
How do I record and electronic payment? Thanks, Pat
Re: electronic payments
Pastor paid someone with an Electronic Check. I have looked in the manuel but can't find How To Record that. Help please
Re: electronic payments
To record an electronic check / payment, you would enter the payment under the 'manual check' within accounts payable.
This means, accounts payable, maintain manual checks, and then 'add'. The payee is the 'vendor' (if the payee is not a current vendor, you will have to add them as a new vendor first).
For the reference field, I generally use ACH or EFT, depending on whether I initiated the outgoing money, or if asking the receiving party to initiate the withdrawal.
for an electronically generated check, one could use any check 'number' the financial institution used as reference, or however it may show on the bank statement.
I prefer ACH because I initiated the outgoing funds, but that is how we do things at our church.
you can certainly add notes to the transaction as you need to.
Then, you can set the manual check to 'pay now', and when you post accounts payable, it will post to fund accounting.
Lastly, and not sure how your church is organized / setup, but in our church, the pastor does not have direct access to any funds or ability to spend funds.
This means, accounts payable, maintain manual checks, and then 'add'. The payee is the 'vendor' (if the payee is not a current vendor, you will have to add them as a new vendor first).
For the reference field, I generally use ACH or EFT, depending on whether I initiated the outgoing money, or if asking the receiving party to initiate the withdrawal.
for an electronically generated check, one could use any check 'number' the financial institution used as reference, or however it may show on the bank statement.
I prefer ACH because I initiated the outgoing funds, but that is how we do things at our church.
you can certainly add notes to the transaction as you need to.
Then, you can set the manual check to 'pay now', and when you post accounts payable, it will post to fund accounting.
Lastly, and not sure how your church is organized / setup, but in our church, the pastor does not have direct access to any funds or ability to spend funds.
Re: electronic payments
Thanks so much! That helps a lot.