Feature - Support for Savings Accounts with ACH Processing
Release Date: 12/13/2023
Version: 8.5 & Up
Elliott now supports the ability to handle savings accounts with ACH processing. To use this feature:
1. Open Accounts Receivable > Customer File Maintenance. Select a customer and then open Special Functions > ACH Information in the menu bar.
2. Add a bank account using F1 or select an existing account. The example below is a sample created for this tutorial.
3. You will be presented with the option Saving Account?. You can access the Saving Account? field by pressing Enter after accessing Bank Account Number in field 3, or if you are adding an account for the first time, you will be guided to Saving Account? after you enter your Bank Account Number.
Saving Account? defaults to "N." Select "N" if the account is a checking/money market account, and "Y" if it is a savings account. If you have previously used the ACH feature, the old ACH account setup will have a blank value for the "Saving Account?" field. The system will treat the blank as an "N."
The setup is complete. You can now credit and debit money from your savings account.
Technical Details
In the past, when we created NACHA file record 6 for the "Transaction Code" field, we used "27" for debit and "22" for credit. Transaction codes 27 and 22 are used for checking accounts. On the other hand, if the transaction involves a savings account, we should use "37" or "32" instead. The "Saving Account?" default value is "N." If you accidentally change this value to "Y" for a checking account, it may result in your transaction being declined. See the following sample screen on the use of transaction code 37 (Debit Saving Account) and transaction code 27 (Debit Checking Account) in record 6:
You can reference the following article on the transaction code:
Program Modified: SYACHDTL, ARACHJNL, SYACHACT.FD
AWK
Related Articles
AP0202 Accounts Payable Transaction Processing
Processing A/P Transaction Processing Advanced Features The A/P Modules includes many features and functions, not applicable to all business, which we let you Pick & Choose to enhance your functionality and processing needs. These are detailed in the ...Feature - Elliott AR ACH Processing
Article Transfer Tracker Article Transfer Tracker 100% C86 Release Date: 1/27/2015 Introduction Elliott AR ACH Processing is designed to debit a customer's bank account through ACH debit transaction by using NACHA (National Automatic Clearing House ...ARCSHENT Accounts Receivable Cash Receipts Processing
Cash Receipts Processing Application Overview Cash Receipts Processing is an application that you will use quite often. You will use it whenever you have received payments from any of your customers and want to apply those payments to the customer's ...ARSRVENT Accounts Receivable Service Invoice Processing
Service Invoice Processing Application Overview Service Invoice Processing is an application that you will use very often if you wish to generate customer invoices from Accounts Receivable. The invoices printed in this application must be designed ...Feature - Terminate ACH Account with Reference Check
Release Date: 2/28/24 Version: 8.5 & Up If a user should terminate an ACH account, the system will now notify the user if they have pending payments or open orders attached to the ACH account they are terminating. ACH features is an add-on feature. ...