POSITIVE PAY

Description: Positive pay is a fraud prevention system offered by most commercial banks to protect against altered, forged, and counterfeit checks. In order for positive pay to protect your organization a record of your checks must be sent to the bank before you send them to your clients or employees. When a check is presented at the bank, the account number, date, and dollar amount will be compared. If any check does not match the data from positive pay file, the check will not be paid. There are several different transmission formats in which check data can be submitted to a bank. Not all banks use the same transmission format. Pro Fund Accounting has included three of the most common bank formats used by our customers. If your bank requires a format we do not have, please let us know as soon as possible

Setup Required: You must have a bank configured with positive pay type. If there is not one already configured, you can setup your bank for positive pay by going to Manage Bank Accounts and follow the steps provided for positive pay setup.

You can access positive pay by going to the General Ledger module and clicking on Positive Pay. Start by selecting a bank, choose which check types you want to include. Pro Fund Accounting allows you to choose two different types of checks, payroll and or accounts payable. Enter the date range of the checks you wish to include.  Click on the Load Check Detail button and the checks in Pro Fund Accounting will load. You can mark any check you wish to include in positive pay, or check the box at the top of the column to mark or unmark all checks. Only checks that are marked will be included in the positive pay file.

Once you click the Positive Pay menu item this screen will appear:

Now click the Create Positive Pay File button.                                         

A window will appear asking for a file name and a location. We recommend creating a folder in your documents area to store all your positive pay files. We also recommend that you include the ending date in the file name, to aid identifying which file to upload to your bank. Then click Save to begin the positive pay process. A confirmation message will show after the file is created. Click the Ok button and the positive pay file is now ready for uploading to your banks website.