Versa has the ability to generate ACH file for payments and collections purposes. This feature is not available in all subscription plans. Check with us if you do not have access to it.
You would create a payment receipt batch when you are collecting from customers. You would create a payment disbursement batch when you are making payments to outside parties. or create a payment receipt batch if you are collecting from customers.
Go to the Setup menu and EFT/ACH bank information. Create a new record for the bank account you want to use for ACH.
Here are the explanation for fields required
Company ID(Batch Header): This is the Company Identification field that would appear in the Company/Batch header record of your ACH file. This is assigned by your bank. Some banks use your Federal Tax ID for this field.
Bank Name: Name of your bank.
Immediate Origin Bank ID: Assigned by your bank to identify your company's ACH files. Usually federal tax ID. Check with your bank to confirm.
Immediate Origin Name: Usually the name of your company when doing a credit. Check with your bank to confirm.
Immediate destination ID: This is usually the ABA routing number of your bank. Check with your bank to confirm.
Immediate destination Name: This is usually the name of your bank. Check with your bank to confirm.
Account Routing number: ABA routing number of your bank
Bank Account Number: Account number with the bank.
Requested Execution Days(# of the days from today: When do you want the payment to be processed from the date that payment is requested.
Payment GL Account: The bank account in Versa that you are using for this payment/collection.
Account Type: The ACH Transaction Code. Choose it depending on the usage of the ACH payment.
|22||Credit||Checking Account Payments. Example: Outgoing payment to vendors.|
|27||Debit||Checking Account Collections. Example: Collections from customers|
|32||Credit||Savings Account Payments: Example: Payment to employees|
|37||Debit||Savings Account Collections: Example: Collections from customers|