A/P Electronic Payments

Haven't retracted an A/P payment yet. But have done so with a P/R check.
If I am processing an A/P batch with a settlement date which is a mere day
later, I'm going to probably be out of luck. However, if the settlement
date is three days out, I might be able to call my Bank's processing center
and stop the payment. In fact, there is a stop payment section on the
Bank's Web product. The electronic payments are assigned check numbers (I
use a separate series sequence so as to differentiate them for regular paper
checks). Therefore, they get cleared on my Bank Reconciliation and could
probably also be voided. But again, I haven't tried to do so.

Deb Wilmoth
Controller
Reeder & Kline Machine Company, Inc.
Vantage 5.0


-----Original Message-----
From: Linda Furio [mailto:lindafurio@...]
Sent: Thursday, April 25, 2002 3:09 PM
To: vantage@yahoogroups.com
Subject: RE: [Vantage] A/P Electronic Payments




Deb, Thanks so much for your input on electronic payments. One more
question if you don't mind. What recourse do you have if you discover
shortly after submitting the payment batch that one went out in error?
Also, can that pymt be voided in Vantage like a check?

Thank you,
Linda Furio



[Non-text portions of this message have been removed]
We've been thinking about using the electronic payment function for A/P
payments, but we have some questions for Vantage users that already have
this implemented. Do you realize a cost savings using EFT as opposed to
printing checks? Does this make the check runs cumbersome? Are you
utilizing the bill payment service through your bank or do you use an
outside service - and is the service costly? Your answers plus any other
related information you are willing to share will be greatly appreciated.

Thanks,
Linda Furio
Linda, we use electronic payment on a handful of A/P accounts. Every time
someone asks if they can e-mail or fax invoices, I ask them if we can set
them up for electronic payment. That cures some of that nonsense - but I
view it as a two way street.
If a vendor wants to have us bear the cost of their invoicing, they can also
participate in electronic payment to offset that cost and save us check and
postage costs.

We process those payments in the same invoice selection process as payments
made by check. After the checks are printed, Vantage tells us that
Electronic payments are ready to print so we can remove the check stock and
the electronic payment notifications are printed on plain paper. Works much
better than direct deposit - I will have to write up an enhancement request
sometime to have P/R work as efficiently as A/P! Then we use our bank's
website package for processing those ACH payments, same process we use for
P/R. I like it.

Our bank charges $.18 per check and $.10 per ACH transaction. So yes, there
is a bank processing savings in addition to check stock savings. We could
save $.34 per check if we didn't mail a remittance notice.

We also receive A/R payments via ACH-and that works fine for us too.

Deb Wilmoth
Controller
Reeder & Kline Machine Company, Inc.
Vantage 5.0


-----Original Message-----
From: Linda Furio [mailto:lindafurio@...]
Sent: Wednesday, April 24, 2002 8:45 AM
To: vantage@yahoogroups.com
Subject: [Vantage] A/P Electronic Payments


We've been thinking about using the electronic payment function for A/P
payments, but we have some questions for Vantage users that already have
this implemented. Do you realize a cost savings using EFT as opposed to
printing checks? Does this make the check runs cumbersome? Are you
utilizing the bill payment service through your bank or do you use an
outside service - and is the service costly? Your answers plus any other
related information you are willing to share will be greatly appreciated.

Thanks,
Linda Furio





[Non-text portions of this message have been removed]
Deb,

We also receive payment via ACH from some of our larger customers. However
we haven't been as progressive on the ACCOUNTS PAYABLE side of the
operation.

You mention that Vantage tells you when the electronic payments are ready to
print. Is this a feature in the more current versions of Vantage? We
still on 3.00.632 and there doesn't appear to be a way to identify vendors
as ACH versus check nor any place to load the vendor's bank info.


Jim Heidner
William Frick & Company


-----Original Message-----
From: Wilmoth, Deb [mailto:Deb@...]
Sent: Wednesday, April 24, 2002 9:28 AM
To: 'vantage@yahoogroups.com'
Subject: RE: [Vantage] A/P Electronic Payments

Linda, we use electronic payment on a handful of A/P accounts. Every time
someone asks if they can e-mail or fax invoices, I ask them if we can set
them up for electronic payment. That cures some of that nonsense - but I
view it as a two way street.
If a vendor wants to have us bear the cost of their invoicing, they can also
participate in electronic payment to offset that cost and save us check and
postage costs.

We process those payments in the same invoice selection process as payments
made by check. After the checks are printed, Vantage tells us that
Electronic payments are ready to print so we can remove the check stock and
the electronic payment notifications are printed on plain paper. Works much
better than direct deposit - I will have to write up an enhancement request
sometime to have P/R work as efficiently as A/P! Then we use our bank's
website package for processing those ACH payments, same process we use for
P/R. I like it.

Our bank charges $.18 per check and $.10 per ACH transaction. So yes, there
is a bank processing savings in addition to check stock savings. We could
save $.34 per check if we didn't mail a remittance notice.

We also receive A/R payments via ACH-and that works fine for us too.

Deb Wilmoth
Controller
Reeder & Kline Machine Company, Inc.
Vantage 5.0


-----Original Message-----
From: Linda Furio [mailto:lindafurio@...]
Sent: Wednesday, April 24, 2002 8:45 AM
To: vantage@yahoogroups.com
Subject: [Vantage] A/P Electronic Payments


We've been thinking about using the electronic payment function for A/P
payments, but we have some questions for Vantage users that already have
this implemented. Do you realize a cost savings using EFT as opposed to
printing checks? Does this make the check runs cumbersome? Are you
utilizing the bill payment service through your bank or do you use an
outside service - and is the service costly? Your answers plus any other
related information you are willing to share will be greatly appreciated.

Thanks,
Linda Furio





[Non-text portions of this message have been removed]



Useful links for the Yahoo!Groups Vantage Board are: ( Note: You must have
already linked your email address to a yahoo id to enable access. )
(1) To access the Files Section of our Yahoo!Group for Report Builder and
Crystal Reports and other 'goodies', please goto:
http://groups.yahoo.com/group/vantage/files/.
(2) To search through old msg's goto:
http://groups.yahoo.com/group/vantage/messages
(3) To view links to Vendors that provide Vantage services goto:
http://groups.yahoo.com/group/vantage/links

Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/
We are on 5.0, started electronic payments with version 4.0. In the Vendor
Master File there is a Banks button and area to update the vendor's banking
information for electronic payments. We did have to designate an unused
field for the identification of the Vendor's Bank's routing number in the
Vendor Master File.

Since we started this on Version 4, I don't know if there is a way to make
electronic payments on version 3. Hope you enjoy it as much as I do when
you do decide to use electronic payments.

Deb Wilmoth
Controller
Reeder & Kline Machine Company, Inc.
Vantage 5.0


-----Original Message-----
From: Jim Heidner [mailto:Jim.Heidner@...]
Sent: Thursday, April 25, 2002 12:13 PM
To: vantage@yahoogroups.com
Subject: RE: [Vantage] A/P Electronic Payments


Deb,

We also receive payment via ACH from some of our larger customers. However
we haven't been as progressive on the ACCOUNTS PAYABLE side of the
operation.

You mention that Vantage tells you when the electronic payments are ready to
print. Is this a feature in the more current versions of Vantage? We
still on 3.00.632 and there doesn't appear to be a way to identify vendors
as ACH versus check nor any place to load the vendor's bank info.


Jim Heidner
William Frick & Company


-----Original Message-----
From: Wilmoth, Deb [mailto:Deb@...]
Sent: Wednesday, April 24, 2002 9:28 AM
To: 'vantage@yahoogroups.com'
Subject: RE: [Vantage] A/P Electronic Payments

Linda, we use electronic payment on a handful of A/P accounts. Every time
someone asks if they can e-mail or fax invoices, I ask them if we can set
them up for electronic payment. That cures some of that nonsense - but I
view it as a two way street.
If a vendor wants to have us bear the cost of their invoicing, they can also
participate in electronic payment to offset that cost and save us check and
postage costs.

We process those payments in the same invoice selection process as payments
made by check. After the checks are printed, Vantage tells us that
Electronic payments are ready to print so we can remove the check stock and
the electronic payment notifications are printed on plain paper. Works much
better than direct deposit - I will have to write up an enhancement request
sometime to have P/R work as efficiently as A/P! Then we use our bank's
website package for processing those ACH payments, same process we use for
P/R. I like it.

Our bank charges $.18 per check and $.10 per ACH transaction. So yes, there
is a bank processing savings in addition to check stock savings. We could
save $.34 per check if we didn't mail a remittance notice.

We also receive A/R payments via ACH-and that works fine for us too.

Deb Wilmoth
Controller
Reeder & Kline Machine Company, Inc.
Vantage 5.0


-----Original Message-----
From: Linda Furio [mailto:lindafurio@...]
Sent: Wednesday, April 24, 2002 8:45 AM
To: vantage@yahoogroups.com
Subject: [Vantage] A/P Electronic Payments


We've been thinking about using the electronic payment function for A/P
payments, but we have some questions for Vantage users that already have
this implemented. Do you realize a cost savings using EFT as opposed to
printing checks? Does this make the check runs cumbersome? Are you
utilizing the bill payment service through your bank or do you use an
outside service - and is the service costly? Your answers plus any other
related information you are willing to share will be greatly appreciated.

Thanks,
Linda Furio





[Non-text portions of this message have been removed]



Useful links for the Yahoo!Groups Vantage Board are: ( Note: You must have
already linked your email address to a yahoo id to enable access. )
(1) To access the Files Section of our Yahoo!Group for Report Builder and
Crystal Reports and other 'goodies', please goto:
http://groups.yahoo.com/group/vantage/files/.
(2) To search through old msg's goto:
http://groups.yahoo.com/group/vantage/messages
(3) To view links to Vendors that provide Vantage services goto:
http://groups.yahoo.com/group/vantage/links

Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/




Useful links for the Yahoo!Groups Vantage Board are: ( Note: You must have
already linked your email address to a yahoo id to enable access. )
(1) To access the Files Section of our Yahoo!Group for Report Builder and
Crystal Reports and other 'goodies', please goto:
http://groups.yahoo.com/group/vantage/files/.
(2) To search through old msg's goto:
http://groups.yahoo.com/group/vantage/messages
(3) To view links to Vendors that provide Vantage services goto:
http://groups.yahoo.com/group/vantage/links

Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/



[Non-text portions of this message have been removed]
Deb, Thanks so much for your input on electronic payments. One more
question if you don't mind. What recourse do you have if you discover
shortly after submitting the payment batch that one went out in error?
Also, can that pymt be voided in Vantage like a check?

Thank you,
Linda Furio