ACH is a much simpler way to handle Owner and Vendor Payouts. It's automated and efficient, saving you the time and effort of creating, printing, and issuing checks.
But what exactly is an ACH File? Well, it's a secure electronic file that contains a batch of financial transactions for automated processing. Once you create this file, you can upload it to your business bank account to initiate payments to the respective bank accounts.
ACH Payouts can be generated whenever it suits you, although it's most commonly done during the End of Month Process. This allows you to pay Vendors and Owners with a single file uploaded to your bank account for distribution.
To create an ACH File for payouts, you need to ensure the Vendor and Owner Profiles contain their bank details. Additionally, input your bank information from where the funds will be withdrawn.
Owner and Vendor ACH File Settings:
https://ciirusone.screenstepslive.com/s/24800/a/1704557-owner-vendor-ach-settings
PMC ACH File Settings: https://ciirusone.screenstepslive.com/s/24800/a/1704555-ach-file-settings-for-owner-vendor-payouts
Where To Go
Accounting
Process Payouts
Produce ACH File
Producing ACH File
You have the option to include both Owner and Vendor Payouts in a single ACH File, or you can create one file for owner payouts and another for vendors.
In order to produce the ACH File, ensure that you have completed the following steps:
2. Vendor Bill Payments: https://ciirusone.screenstepslive.com/s/24800/a/1704575-vendor-bill-payments
After completing the Owner and Vendor Payout Process, the payments will trigger this area of the system, Process Payouts > Produce ACH File.
Within the Pending table, you will notice individual owner payments as separate line items. Select specific payments or click 'Select All' to include within the ACH file.
Click 'Download ACH'
Select the applicable bank account to withdraw funds. The ACH File will appear in your Downloads folder to upload to your bank account for processing. After downloading, the Owner Payouts are applied to the individual Owner Accounts as a debit and the Vendor Bill Payments are marked as paid.
