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In Q6, BA-1020 Electronic Clearing Account is the only default account for Preparing Electronic Payments. A user must select this account to generate Prepare Electronic Payments.
If a user has selected BA-1020 Electronic Clearing Account as the Pay From account in transaction of Spend Money, Pay Bill, and Pay Employee , then these transactions would be included under Prepare Electronic Payments.
How to prepare Electronic Payments
Once a user has selected Electronic Clearing Account for payments, it would be included under the Prepare Electronic Payments List. Then the user can follow the procedure to complete the Electronic Payment.
1.Go through Transactions > Banking > Prepare Electronic Payment;
2.Select the transaction for Electronic Payment;
3.Then click Create Bank File;
Fields explained in Prepare Electronic Payments
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1.Pay from account: The bank account that was initially set up is selected by default in the Account List. Once the user clicks save, Q6 will ensure that the selected account has completed the details on BSB Number, Bank Account Number, Bank Account Name, Is Create ABA File, Bank Code and Direct Entry User ID. If it's incomplete, a reminder of “Please complete your bank details for your account!” will pop up.
2.And if there is an Opening Balance Date for the selected Pay from account, then the Bank Statement Date should be later than the Opening Balance Date.
3.Transaction Type: There are five Transaction Types, which are All Transaction Types, Spend Money, Pay Bills, and Pay Employees.
4.Memo Electronic Payment is set as the default reference.
5.Ref No.: Q6 will generate Ref No. automatically, and it can’t be modified.
6.Bank Statement Text can be manually modified with a maximum 18 characters. It has been set by default, the same as Reference Number above.
7.Bank Statement Date The default date is set to today’s date. The user may change the date manually.
8.Reference No.: This is the Reference No. assigned while generating the original transaction.
9.Date: This is the Transaction Date.
10.Contact Name: This is the name of the contact person entered while transaction was generated, such as Contract ID for Spend Money, Supplier Name for Pay Bill, Employee for Pay Employee, and Supplier for Pay Liability.
11.Transaction Type is the way this transaction was generated.
12. Amount here is the total amount for Electronic Payments.
13.Once the Bank Files are created, there are transactions under Disbursements tab in the General Ledger.
Credit Pay from account
Debit BA-1020 Electronic Clearing Account
14.Electronic Payment can only be deleted , but it is not amendable.
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