Hi All ,
What is the use of the Prenotes in Bank module?
In which case we will the prenotes ?
Does prenotes functionality posts any entries to General ledger ?
Thanks and Regards
Any pioneer had implemented this functionality ?
Any help from pioneer regarding this functionality ?
A prenote (preauthorization) is a zero dollar transaction created and sent through the ACH network to test the validity of a payor's/payee's bank account information that was provided at the time of enrollment or if subsequently changed. The prenote transaction checks the validity of the bank transit-routing number and the payor's/payee's bank account number. If your money is not there yet maybe you should contact your payroll officer.
If you say it's a zero-dollar transaction, what money are you expecting as mentioned in your last statement?
To my understanding, this is just a precheck/ validation; by the system to verify that the bank details provided are entered correctly and their confirmation from the banking system.