Processing Automated Clearing House Payments
PrintBoss and ACH FAQ
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Nancy Administrator Posts: 765
5/26/2011
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NancyAdministrator Posts: 765
What is ACH?
Automatic Clearing House (ACH) is a nationwide electronic funds transfer (EFT) system that provides for the inter-bank clearing of credit and debit transactions and for the exchange of information among participating financial institutions. Direct paycheck deposits and debit card purchases are two examples of electronic fund transfers that go through this network.
How does PrintBoss create an ACH file?
Processing ACH payments is fast, easy and efficient with PrintBoss. Set-up takes minutes and processing ACH payments is as easy as printing your check batch as you always do. The efficient design means you only need to maintain your employee/vendor payee list with any updates between check runs. The rest of the information comes from the appropriate PrintBoss Bank Account record and the check batch as it is processed.
The ACH file created by PrintBoss is a text file built to NACHA specifications. Your financial institution will explain how to transfer this file to it for processing payments.
What information is required to begin processing an ACH file?
ACH file specifications are established by NACHA – The National Automated Clearing House Association. The ACH file created by PrintBoss is compiled from data stored in the ACH Definition section of the PrintBoss Bank Account record, a Payee List, and the check/EFT batch being processed.
Your bank will supply you with the codes that will identify it and your company to the ACH network. These unique codes indentify the institution that originates the transaction and the institution that will receive the transaction.
You will also need information about the vendors and/or employees you will be paying via an ACH transaction. This will include the name as it appears in your accounting system, an optional unique identification number (in case you have two employees named Bob Smith) and an email address if the payee is to receive an email notification of the transaction.
Can direct deposits made for employees go to multiple accounts?
The PrintBoss software can parse payments into as many as three separate accounts per payee.
Can I print regular checks for those employees and vendors that do not want to participate in EFT?
PrintBoss will distinguish between those payees that receive EFT payments and those that want printed checks. PrintBoss can also automatically email an advice to those payees that do participate in a direct deposit program.
What version of PrintBoss is required to create ACH files?
PrintBoss 5.65.1 and above contains a file with the standard NACHA specifications for use with PrintBoss.
Is there an additional cost to create ACH files?
There is no additional cost to begin using PrintBoss for ACH transactions. The ability to create ACH files is part of the standard functions in the Standard, Enterprise Edition, and PrintBoss Select for QuickBooks© users.
edited by Nancy on 2/27/2014
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