After finishing the End of Month Process and finalizing the monthly statements, owner payouts are prepared for processing. There are two options for processing owner payments: either by check or via ACH. This article will focus on ACH payouts.
A ACH file is a secure electronic file that contains a batch of financial transactions for automated processing. Once the file is created, it can be uploaded to your business bank account to initiate payments to the respective Owners' bank accounts.
Prior to proceeding with the ACH payment in CiiRUS, please verify that your bank account is compatible with this file upload method.
To effectively generate an ACH file for Owner Payouts, it's necessary to configure the Owner ACH Settings. For guidance on how to set this up, please refer to this article: https://ciirusone.screenstepslive.com/s/24800/a/1704557-owner-vendor-ach-settings
Where To Go
Accounting
Process Payouts
Process Owner Payments
Producing ACH File
Select Owner Balance by choosing to process either the Current Balance or the Last Finalized Balance. Notice the system automatically checks and pre-selects any owner where a payment is due
Ensure that the correct owners are selected and the Amount to Pay is populated with the right amounts. The Amount to Pay can be overridden by clicking into the field and updating the amount.
Click 'Pay by ACH'
Select date to apply the payments to the owner account and click Save
Downloading ACH File
After clicking save, this will trigger the ACH payment to the "Process ACH File" which is on a separate screen located on the main menu (Accounting > Process Payouts). From this screen, any ACH payments can be created in one batch 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.
