In Q6, BA-1020 Electronic Clearing Account is the only defaulted account for Preparing Electronic Payment. User must select this account to generate Prepare Electronic Payment. Otherwise,
If user has selected BA-1020 Electronic Clearing Account as Pay From account in transaction of Spend Money, Pay bill, and Pay Employee , then these transactions would be included under Prepare Electronic Payment.
How to prepare Electronic Payment
Once user has selected Electronic Clearing Account for payment, it would be included under Prepare Electronic Payment List. Then user can follow the procedure to complete 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 Payment
1.Pay from account: This is defaulted as the first Bank Account in the Account List. Once user clicks save, Q6 will ensure that the selected account has completed information on BSB Number, Bank Account Number, Bank Account Name, Is Create ABA File, Bank Code and Direct Entry User ID. If not, there is a reminder of “Please complete your bank details for your account!”
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 five kind of Transaction Type, which are All Transaction Types, Spend Money, Pay Bills, and Pay Employees.
4.Memo is defaulted as Electronic Payment as 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 maximum 18 characters. It has been set by default the same as above Reference Number.
7.Bank Statement Date has been defaulted as Today’s date. User may alter it manually.
8.Reference No.: This is the Reference No. assigned while generating original transaction.
9.Date: This is the Transaction Date.
10.Contact Name: This is the name of 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 Payment.
13.Once the Bank Files created, there are transactions under Disbursements tab in General Ledger.
Credit Pay from account
Debit BA-1020 Electronic Clearing Account
14.Electronic Payment can be deleted only, but it’s not amendable.