Account Name for Electronic Payments with an ABA Bank File

Question

Hi all, I'm hoping there is a simple solution to an issue I am having.

I have tried to pay multiple bills by processing bills as Electronic Payment in the Pay Bills window and creating a Bank File for all payments through the Prepare Electronic Payments window then loading this into the online banking for actual payment. This all goes smoothly but after it is reconciled and I find the transaction in the Bank Register window, it shows all payments lumped together with the below details (see screenshot 1 attached):

Payee - Electronic Payment

Account - Electronic Clearing Account

I understand the logic behind this but it makes going back through records a pain as I have to go into each electronic payment to view the details of all invoices which were included in that transaction.

Is there a way that I can process payments via Electronic Payments/ABA Bank File but have them recorded in the Bank Register etc as individual line item payments (like what is shown in screenshot 2 attached)?

Thanks in advance. :)

steven_m · Answer

Hi&nbsp;JaneSmith1&nbsp;
When you process a payment via an Electronic Payment it groups all the individual payments into a single value and then pushes that across to the desired bank account. This does mean that when you are viewing the bank account transactions/Bank Register it would have a single amount listed.
Should you want multiple transactions to the Bank account, it would involve processing individual payments/bank files.

janesmith1 · Answer

Thanks so much for your reply Steven.&nbsp;&nbsp;So if I process 1 payment (payment for 1 invoice) per bank file, will it show the account name as it has been input on the invoice (as per item 2 on the screenshot) or will it still show Electronic Clearing Account (as per item 1 in the screenshot)?&nbsp;&nbsp;Thanks

steven_m · Answer

Hi&nbsp;JaneSmith1&nbsp;
&nbsp;
No, the Bank Register will always show the allocation account on the payment transaction. So when dealing with electronic payments this would always be the Electronic Clearing Account.

Forum Discussion

Account Name for Electronic Payments with an ABA Bank File

Looking for something else?

Related content

Electronic payments

Electronic Payment Linked Account Error

Changing linked bank account for electronic payments

missing electronic payment

clear Prepare Electronic Payments

Bulk Electronic Payments in Account Right

Reversing an Electronic Payment

Missing Electronic Payment