Share
Report
43Hello,
We do weekly AP check/ACH runs and the process takes approximately 2.5 days to get through (if everything goes smoothly). We do Checks and ACH payments separately and there are some of our companies that we have to do separately as they have their own bank accounts. We do not just pay everything that is due each check run we select certain vendors and invoices to be paid. We have 39 companies in BC; most are paid under the parent company. Our invoice volume is very large, as you can imagine. The director will download all unpaid invoices and credit memos in the VLE, divide them up, by company they need to be paid under and then by check and ACH and then by vendor posting group. Once that is done, that is sent to the Sr. Director so that she can determine which invoices to be paid. Once she makes her selections, she sends it back to the director. The director then starts the processing.
For large check runs, which we have pretty much every week for the parent company payments these are her steps:
-
- For a large check run where payment selections are determined from the downloaded Vendor Ledger Entries file, need to do the following:
- Add a column next to Document No. Use the concatenate function to add the | after the document no. Copy this formula down. (Ex: PI10004651|). Hard code this column.
- At the bottom of the Excel tab, add another concat formula to include all of the above together in one cell. (ex: =CONCAT(G2:G726)). Result will be like this: PI10005085|PI10005084|PI10005083|PI10004744|PI10004743|
- Copy/paste values this formula to another cell. Go to the last entry and delete the last | sign.
- Save these Checks tab from the vendor ledger entries to the Teams folder so AP staff can start gathering supporting docs
- In BC vendor ledger entries. Put a filter on Open entries, payment type = Check, and Document no.
- Copy/paste the above PI range for the excel file into the BC Document No cell. This will filter and just leave these ones that you want to pay. (MAX # of PI range is approx. 450)
- Export result data to excel to verify correct invoices and that the total ties
- Select more and choose the radio button for all.
- Then choose Home-MEM Create Payment
- Template Name = Payment (should already have this setup)
- Batch name = Checks - choose from the list Batches that have already been setup in the Payment template.
- Company Code – determines what is printed at the top of the check and off of what bank account. Most will be CHS except ADCE, CNU AIP and SEC should be in their own company.
- Posting date – should be today’s date
- Starting Document No. – 1 - this is just a placeholder and will be replaced later by the real check number within the system generated sequence. Bank Account – choose from the drop-down list. Typically for CHS this will be B070 which is the AP account ending 8759. Will be a different bank number for ADCE (B080), CNU AIP (B065) and SEC (B190). Payment Type = Computer Checks.
- For a large check run where payment selections are determined from the downloaded Vendor Ledger Entries file, need to do the following:
This is just to generate checks for one company - the same process is followed for each ACH run.
If you have credit memos, then they have to be applied one at a time to the vendor before payment and processed individually.
Needless to say, we want to find a better way to do our payment processing each week. Our volume and the fact that we don't just pay everything due really creates a tedious and very time-consuming task each week. We are considering a third-party resource for processing the invoices. We have worked with our implementation partner and an individual consultant to get this process refined to a better solution; this is where we ended up.
Any suggestions on processing efficiency or third-party recommendations are very welcome. I appreciate your time reading all this :)
Thanks,
Lisa
Categories:
I have the same question (0)
All responses (
Answers (
