How To Handle ACH Returns Once A Period Is Closed?
Hoping to learn from business practices in other businesses using the E-Business Accounts Payable Module. Currently we process ACH payments via the Accounts Payable Module and the Payments Manager function. A job is ran that picks up all invoices with the ACH payment method and marks them as paid. All of these payments become a file that is eventually transmitted to our bank.
The problem we have run into is as follows: On the next to last business day of the month we transmit an ACH Payment file which is schedule to settle on the last business day of the month. On the last business day of the month the folks in the Cash Module are able to do a Bank Statement Reconciliation of each of those payments to a bank statement line in their Cash Management module. Upon being reconciled the payment flag goes from negotiable to Paid-Accounted. Which means the GL entries have been made to credit Cash Clearing and debit