Bank Account Information > Update

 

Setting up your bank account not only involves setting up some basic bank account information, but also involves setting up the payment methods for your bank account. You can choose to print either MICR checks or pre-printed checks in the Accounts Payable and Payroll applications.

This Section Includes:

ØAccount Information Tab

ØCompany/Bank Info Tab

ØMICR Stub/Signature Info

ØImages Tab

ØMICR Print Check Password

ØACH Information

ØPre-Printed Checks AP

ØPre-Printed Checks Payroll

 

Enter a Description for the bank account (ABC Bank Checking, Payroll Checking, First Bank Savings).

If you uncheck the Active check box, you will not be able to reconcile any new bank statements, add any new transactions, or post any existing transactions for the bank account.

 

Account Information Tab

 

The Account Information tab allows you to modify or view the following fields.

•Company: The Company Name specified on the General Ledger > Company Information page displays here for your reference.

•Account #: Click the Search  icon to search for a specific account number or type an account number in this field. (If you are using Funds, Departments or other levels, select those fields first.)

•Opening Balance: Enter the opening balance for this bank account. The opening balance entered here is used on the Manage > Bank Statements page to determine the Calculated Ending Balance.

NOTE: If you have entered your opening balance using a journal entry and have sent the entry to Bank Account Management, you can leave this field as $0.00. See the Enter Opening Balances tutorial for more details.  (Changing the Opening Balance here does not affect any balances in the General Ledger.)

•Bank Account #: Enter the bank account number. If you are using MICR checks, this is the account number that you want to display at the bottom of the check when you print checks. If you are using Pre-printed checks, you can enter the account number for your general reference purposes. (This number is normally limited to 17-digits.)

•Use Positive Pay?: Select this option to activate Positive Pay. Positive Pay is a security option to protect against fraud. When checks are printed using this feature, a positive pay text file is created. When a check is presented to the bank for payment, the positive pay file is reviewed to see if the check is valid. A check is only honored if the positive pay transmission matches the details of the check.

oPositive Pay Layout: This drop-down list displays the default formats that are available to use for your Positive Pay file. (Custom layouts can be added on the Positive Pay Layouts page.)

oPositive Pay Bank Number: Enter the specific bank account number that your bank has designated for processing positive pay transactions.

oRecord Type Check: This is a 1-character field where you enter the record type character that will be saved in your positive pay file for checks. (This is commonly the letter "C" for checks or left blank.)

oRecord Type Void: This is a 1-character field where you enter the record type character that will be saved in your positive pay file for voids. (This is commonly the letter "V" for voids.)

•Roll up Sub Accounts?: Sub Accounts (sub-account) allows users to have one bank account along with additional sub-accounts.  In General Ledger Reports, users can take advantage of the existing options of showing or summing up sub-accounts. Bank Account management allows the same type of option, where the Bank Account Reconciliation takes place in the "parent" account.

 

Company/Bank Info Tab

 

The Company/Bank Info tab allows you to modify the following fields for your MICR checks.

•Company Extra Line: If you do not specify a Company Image to Print on the Images tab, then the text entered here prints under the company name and before the address on a MICR check.

•Bank Account Routing #: Enter the bank routing number to print on the bottom of your checks if you are using MICR checks, or enter the bank routing number for your general reference purposes.

•Bank Name: Enter the name of your Bank to print on MICR checks.

•Bank Text 1: Enter the first line of text to print on MICR checks.

•Bank Text 2: Enter the second line of text to print on MICR checks.

•Bank Text 3: Enter the third line of text to print on MICR checks.

•Bank Text 4: Enter the fourth line of text to print on MICR checks.

•Bank Location Code: This is also known as the fractional form of your banks routing number and is formatted as "XX-YYYY/ZZZZ", where ZZZZ represents the first 4 digits of your routing number, YYYY is the next 4 digits of your routing number, and XX is the location code where the checks are processed.

NOTE: This form of the routing number was used for manual check printing before the invention of the MICR line and still serves as a backup identifier if the MICR line should become unreadable or torn. It appears in the upper right part of the check near the check number.

•Print Canadian Check Format?: Select this option to print the MICR code in the Canadian format.

•Print Canadian Royal Bank Check Format?:

•Print US FUNDS on Check?: Select this option to print "US Funds" on MICR checks.

Enter a Check Memo up to 50 characters of text to appear on the MICR checks and stubs.

 

MICR Stub/Signature Info

 

The following fields allow you to customize the stub and signature areas of your MICR checks.

•One Stub Check: Select this option to have one large stub generated for each check or voucher.

•Two Stub Check: Select this option to have two smaller stubs generated for each check or voucher.

•Print Titles?: Select this check box if you want the vendor or employee to have their title printed on the check, stub, and voucher.

•Print Non-Negotiable Check Copy?: Select this option to have the words "Non-Negotiable" appear on check vouchers.

Signature Information:

One Signature Line: Select this option to have one signature line displayed.

•Two Signature Lines: Select this option to have two signature lines displayed.

•Text 1 Above Signatures: Enter text to display above the signatures.

•Text 2 Above Signatures: Enter an additional line of text to display above Text 1.

•Text Under Top Signature: Enter text to display under the Top Signature.

•Text Under Bottom Signature: Enter text to display under the Bottom Signature.

Enter amounts in the Maximum Amount fields to control when one, two, or no signatures display on your MICR checks.

For example, if you enter $1,000 in the One Signature Printed field and $500 in the Two Signature Printed field, then the signatures display as follows:

•Checks over $1,000 -> No signatures display on the check.

•Checks in the amount of $500.01 - $1,000 -> Only the Bottom Signature displays.

•Checks that are under $500 -> Both the Bottom and Top Signatures display.

Click the Print Test AP or the Print Test PR buttons to download a sample PDF for Accounts Payable or Payroll checks. Click the Print Blank Check button to download a sample PDF for a blank check.

Images Tab

 

Click the Choose File button to select an image file (.png, .bmp, .jpg) for the following fields.

•Company Image to Print: Select an image file to represent your company on MICR checks. If no file is selected, the company name and address (specified in General Ledger > Company Information page) displays. (recommended size 3.37" W / 0.913" H at 96 dpi resolution)

•Bank Image to Print: Select an image file to represent your your bank on MICR checks. If no file is selected, the Bank Name and Bank Text 1-4 fields displays. (recommended size 2.177" W / 0.599" H at 96 dpi resolution)

•Top Signature Image to Print: Select an image file for the top signature. If no file is selected, then a blank line appears on MICR checks. (recommended size 2.818" W / 0.5" H at 96 dpi resolution)

•Bottom Signature Image to Print: Select an image file for the bottom signature. If no file is selected, then a blank line appears on MICR checks. (recommended size 2.818" W / 0.5" H at 96 dpi resolution)

After selecting image files, click the Apply button to update the image filenames. Once the image filenames have been updated, they appear as links. Click on the filename link to view the image at the top of the Images tab or simply hover over the filename to preview the image.

•Click the  Edit  icon and then click the Choose File button to select a different image.

•Click the Delete  icon to remove the image file from being assigned to that field.

MICR Print Check Password

 

Entering a MICR password is an optional feature, but can be used to further secure the printing of your checks. If you specify a password here, then MICR checks cannot be generated without entering this password. This is a safety feature to stop someone from processing checks without their supervisor coming to enter the password. To activate this feature, enter a password in both the Password and Re-Type Password fields.

 

ACH Information

 

The Direct Deposit feature allows your organization to use ACH (Automated Clearing House) Information to transfer funds from your bank to the recipient's bank. When using this feature, a voucher prints instead of a check and a file is created that you send to your financial institution to initiate the transfer. After entering the ACH Information, this feature can be used across other applications such as Payroll, Accounts Payable, and Accounts Receivable.

A detailed explanation of each field is listed below to assist you with entering this information. If you have specific questions about what to put in any of the fields, contact your financial institution.

•Company ID: If you enter a number in this field it is printed on the Verification Report and added to the ACH file as Company ID. If this field is left blank the number 1 is added in front of the EIN (in the ACH Verification Report and file). This is supported by the current NACHA guidelines.

•Alternate Company Name: If this field is blank, the program will continue to use Company Name as entered in the General Ledger Company Information.

•Use Offset Detail Record: Some banks require that the offset record not be added while others prefer that it be present. If unchecked the offset line that contains the total of the transactions is omitted from the Verification Report and the ACH file.

•Immediate Destination ID: Enter the routing number and check digit of the immediate destination or the ACH operator.

•Immediate Destination Name: Enter the immediate destination name or the ACH operator.

•Immediate Origin ID: Enter the immediate origin identification number given to you by your bank.

•Immediate Routing #: Enter the routing number of the immediate origin. This is usually the company bank's routing number. It may be the same as the Immediate Origin ID.

•Immediate Origin Name: This field normally contains the name of your bank. 

•Receiving DFI ID: Enter the transit/routing number of the receiving financial institution for the company.

•Receiving DFI Account #: Enter the company's bank account number at the receiving financial institution.

•Company Discretionary Data: Optional. Enter the desired information that your bank needs in this field, including leading/trailing zeros or spaces, if needed. ACH files limit the company discretionary data to 20 characters.

•ACH Security: The security record accepts letters and/or numbers. The information typed here precedes the file. If the security record is not the same as you have predetermined with your financial institution they should not accept the data.

•Use Upper Case: This option causes the ACH file to be created all in uppercase (required by some banks).

•Mask Routing # and Bank Account #: This option causes only the last 4 digits of the Routing Number and Bank Account Number to appear on vouchers.

•Accounts Payable Voucher Note: Enter a note to appear when emailing Accounts Payable vouchers (see below).

•PR voucher Note: Enter a note to appear when emailing Payroll vouchers (see below).

 

 

Pre-printed Checks - AP

 

Select the check format you wish to print from the Stock Formats drop-down list and then click the Reset to this format button. Customize the stock format using the following options:

•Use 'Pay Exactly' Wording

•Print Titles

•Print Dollar Sign On Checks

•Print Capitalized Name and Address On Check

Enter a Memo if desired and then select the Number of Copies to Print and the Number of Checks Per Page. Select the Number of Stub Lines and then you can select whether you want to Use First Stub and Use Second Stub. For each stub you select enter the Vertical Offset In Inches which is how far from the top of the page the stub begins.

Signature Image: This option allows you to specify an image to print as a signature on your pre-printed checks.

You have the following items in the grid that print on your checks :

•Check Number

•Check Date

•Dollar Amount

•Check Wording

•Pay To The Order Of With Address

•Pay To The Order Of Name Only

•Check Memo

•Print On Check From Vendor

Click the Edit  icon or double-click an item in the grid to edit. Enter the Vertical Offset (inches) and Horizontal Offset (inches) then click the check mark icon to save your changes or the Delete  icon if you do not wish to save your changes.

Click the Test Preprinted Checks button to display a preview of the way your Accounts Payable checks print. You can navigate the pages, export to several formats (e.g. PDF, Excel, Word), and print. Click the Close Report button to return to the Update page.

Pre-printed Checks - Payroll

 

Select the check format you wish to print from the Stock Formats drop-down list and then click the Reset to this format button. Customize the stock format using the following options:

•Use 'Pay Exactly' Wording

•Print Titles

•Print Dollar Sign On Checks

•Print Capitalized Name and Address On Check

Enter a Memo if desired and then select the Number of Copies to Print and the Number of Checks Per Page. Select the Number of Stub Lines and then you can select whether you want to Use First Stub and Use Second Stub. For each stub you select enter the Vertical Offset In Inches which is how far from the top of the page the stub begins.

Signature Image: This option allows you to specify an image to print as a signature on your pre-printed checks.

You have the following items in the grid that print on your checks :

•Check Number

•Check Date

•Dollar Amount

•Check Wording

•Pay To The Order Of With Address

•Pay To The Order Of Name Only

•Check Memo

Click the Edit  icon or double-click an item in the grid to edit. Enter the Vertical Offset (inches) and Horizontal Offset (inches) then click the check mark icon to save your changes or the Delete  icon if you do not wish to save your changes.

 

 

Click the Test Preprinted Checks button to display a preview of the way your Payroll checks print. You can navigate the pages, export to several formats (e.g. PDF, Excel, Word), and print. Click the Close Report button to return to the Update page.

Click the Apply button to save your changes to the currently selected bank account and stay on the same page, the Update button to save your changes and return to the Bank Account Information page, the Reset link to undo all the changes since the last time the bank account was updated, or the Cancel link to return to Bank Account Information without saving changes.