Modify Bank Account Information

Modify Bank Account Information lets you set up and edit your bank accounts. Each bank account in Bank Account Management is connected to the corresponding bank account (asset account) in General Ledger.

 

Bank Account Information Grid

The Bank Account Information grid contains the following columns for each bank account:

  1. Company
  2. Account Structure
  3. Account
  4. Description
  5. Opening Balance
  6. Active: Indicates whether the bank account is active with a check mark.
  7. Avid Status: Shows the status of the bank account:
    • Synced: The account is approved and ready for payment processing with Avid.
    • Pending: The account is pending approval from Avid Treasury.
    • Failed: The account was not approved. Contact Avid support.
    • Blank: The account has not been shared with Avid for use with Avid Pay.
  8. Set up: Hover over the Information icon to display user and time information for the bank account's creation and last update.

Note: When the same bank account is used multiple times across funds, the inactive bank accounts display their balances in the Calculated Ending Balance field on the Bank Reconciliation page for the bank account in the first fund. Inactive bank accounts cannot be selected in the Current Financial Settings window and do not appear in the Bank Balances widget.

To manage bank accounts from the grid:

  1. Click Add New Bank Account to create a new bank account.
  2. Click the Edit icon or double-click any row to edit a bank account.
  3. Click the Delete icon next to a bank account to delete it. You can only delete a bank account that is not in use.

Refer to the following examples before defining your bank accounts:

Example A: If you have multiple funds and separate accounts at the bank for each fund, define each bank account within Bank Account Management. In this case, you reconcile each account separately.

Example B: If you have multiple funds and reconcile to one account at the bank, define only the main bank account in the main general fund. For this to work, each bank account number in each fund must match in your General Ledger chart of accounts (for example, Fund 000 - Bank Account 10100, Fund 001 - Bank Account 10100). In this case, you reconcile only one bank account in Bank Account Management. Entries made to the general ledger are still posted to the correct fund bank account.

Example C: If you have multiple accounts at the bank in one fund, define each bank account (for example, Bank Account 10100, Bank Account 10200, and so forth).

 

Bank Account Information > Update

Setting up a bank account involves entering basic bank account information and configuring payment methods. You can print either MICR checks or pre-printed checks in the Accounts Payable and Payroll applications.

Enter a Description for the bank account (for example, ABC Bank Checking, Payroll Checking, First Bank Savings).

If you uncheck the Active check box, you cannot reconcile new bank statements, add new transactions, or post existing transactions for the bank account.

Account Information tab

The Account Information tab allows you to modify or view the following fields:

  1. Company: The company name specified on the General Ledger > Company Information page displays here for your reference.
  2. Account #: Click the Search icon to search for a specific account number, or type an account number in this field. If you are using Funds, Departments, or other levels, select those fields first.
  3. Opening Balance: Enter the opening balance for this bank account. The opening balance entered here is used on the Manage > Bank Statements page to determine the Calculated Ending Balance.

Note: If you have entered your opening balance using a journal entry and have sent the entry to Bank Account Management, you can leave the Opening Balance field as $0.00. See the Enter Opening Balances tutorial for more details. Changing the Opening Balance here does not affect any balances in the General Ledger.

  1. Bank Account #: Enter the bank account number. If you are using MICR checks, this is the account number that prints at the bottom of the check. If you are using pre-printed checks, you can enter the account number for general reference. This number is normally limited to 17 digits.
  2. Use Positive Pay: Select this option to activate Positive Pay, a security feature that helps protect against fraud. When checks are printed using this feature, a positive pay text file is created. When a check is presented to the bank for payment, the positive pay file is reviewed to confirm the check is valid. A check is honored only if the positive pay transmission matches its details.
    • Positive Pay Layout: Lists the default formats available for your Positive Pay file. Custom layouts can be added on the Positive Pay Layouts page.
    • Positive Pay Bank Number: Enter the specific bank account number that your bank has designated for processing positive pay transactions.
    • Record Type Check: A 1-character field where you enter the record type character saved in your positive pay file for checks. This is commonly the letter C for checks, or left blank.
    • Record Type Void: A 1-character field where you enter the record type character saved in your positive pay file for voids. This is commonly the letter V for voids.
  3. Roll up Sub Accounts: Sub Accounts let you have one bank account with additional sub-accounts. In General Ledger Reports, you can display or summarize sub-accounts. With this option, Bank Account Reconciliation takes place in the parent account.
  4. Avid Pay Bank Account Information: Required fields are Bank Account #, Bank Account Routing #, Address Line 1, Postal Code, City, Country, and State/Province. Address Line 2 is available if needed.

Note: The Bank Account Routing # is found on the Company/Bank Info tab. The other Avid Pay fields are found on the Account Information tab.

Company/Bank Info tab

The Company/Bank Info tab allows you to modify the following fields for your MICR checks:

  1. Company Extra Line: If you do not specify a Company Image to Print on the Images tab, the text entered here prints under the company name and before the address on a MICR check.
  2. Bank Account Routing #: Enter the bank routing number to print on the bottom of your checks if you are using MICR checks or AvidPay, or enter the bank routing number for general reference.
  3. Bank Name: Enter your bank's name to print on MICR checks.
  4. Bank Text 1: Enter the first line of text to print on MICR checks.
  5. Bank Text 2: Enter the second line of text to print on MICR checks.
  6. Bank Text 3: Enter the third line of text to print on MICR checks.
  7. Bank Text 4: Enter the fourth line of text to print on MICR checks.
  8. Bank Location Code: Also known as the fractional form of your bank's routing number. Formatted as "XX-YYYY/ZZZZ", where ZZZZ represents the first 4 digits of your routing number, YYYY is the next 4 digits, and XX is the location code where the checks are processed.

Note: This routing number format was used for manual check printing before the MICR line was invented and remains a backup identifier if the MICR line becomes unreadable or torn. It appears in the upper-right corner of the check, near the check number.

  1. Print Canadian Check Format: Select this option to print the MICR code in the Canadian format.
  2. Print Canadian Royal Bank Check Format?: [Description not provided in source. Verify intended explanation before publishing.]
  3. Print US FUNDS on Check: Select this option to print "US Funds" on MICR checks.

Enter a Check Memo of up to 50 characters to appear on the MICR checks and stubs.

MICR Stub Information

The following fields allow you to customize the stub area of your MICR checks:

  1. One Stub Check: Select this option to generate a single large stub for each check or voucher.
  2. Two Stub Check: Select this option to have two smaller stubs generated for each check or voucher.
  3. Print Titles?: Select this checkbox to print the vendor's or employee's title on the check, stub, and voucher.
  4. Print Non-Negotiable Check Copy?: Select this option to have the words "Non-Negotiable" appear on check vouchers.
BankAccountInfo-MICRNonNegotiable.png

Signature Information

The following fields allow you to customize the signature area of your MICR checks:

  1. One Signature Line: Select this option to display a single signature line.
  2. Two Signature Lines: Select this option to display two signature lines.
  3. Text 1 Above Signatures: Enter text to display above the signatures.
  4. Text 2 Above Signatures: Enter an additional line of text to display above Text 1.
  5. Text Under Top Signature: Enter text to display under the top signature.
  6. Text Under Bottom Signature: Enter text to display under the bottom signature.

BankAccountInfo-MICRSignatureInfo.png

Enter amounts in the Maximum Amount fields to control when one, two, or no signatures display on your MICR checks.

BankAccountInfo-MaxAmount.png

For example, if you enter $1,000 in the One Signature Printed field and $500 in the Two Signature Printed field, signatures display as follows:

  1. Checks over $1,000: No signatures display on the check.
  2. Checks in the amount of $500.01 to $1,000: Only the bottom signature displays.
  3. Checks under $500: Both the bottom and top signatures display.

Click Print Test AP or Print Test PR to download a sample PDF for Accounts Payable or Payroll checks. Click Print Blank Check to download a sample PDF for a blank check.

 

Images tab

Click Choose File to select an image file (.png, .bmp, .jpg) for the following fields:

  1. Company Image to Print: Select an image file to represent your company on MICR checks. If no file is selected, the company name and address (specified on the General Ledger > Company Information page) display. Recommended size: 3.37" W / 0.913" H at 96 dpi resolution.
  2. Bank Image to Print: Select an image file to represent your bank on MICR checks. If no file is selected, the Bank Name and Bank Text 1 through 4 fields display. Recommended size: 2.177" W / 0.599" H at 96 dpi resolution.
  3. Top Signature Image to Print: Select an image file for the top signature. If no file is selected, a blank line appears on MICR checks. Recommended size: 2.818" W / 0.5" H at 96 dpi resolution.
  4. Bottom Signature Image to Print: Select an image file for the bottom signature. If no file is selected, a blank line appears on MICR checks. Recommended size: 2.818" W / 0.5" H at 96 dpi resolution.

After selecting image files, click Apply to update the image filenames. Once updated, the filenames appear as links. Click a filename link to view the image at the top of the Images tab, or hover over the filename to preview the image.

To update or remove an existing image:

  1. Click the Edit icon, then click Choose File to select a different image.
  2. Click the Delete icon to remove the image file from that field.
BankAccountInfo-ImageTab.png

Important: Images with transparent backgrounds are not supported. Any image with a transparent background displays as a black square.

MICR Print Check Password

Entering a MICR password is optional, but it can further secure the printing of your checks. If you specify a password here, MICR checks cannot be generated unless you enter it. This is a safety feature to prevent someone from processing checks without a supervisor entering the password. To activate this feature, enter a password in both the Password and Re-Type Password fields.

ACH Information

The Direct Deposit feature allows your organization to use ACH (Automated Clearing House) information to transfer funds from your bank to the recipient's bank. When using this feature, a voucher prints instead of a check, and a file is created that you send to your financial institution to initiate the transfer. After entering the ACH information, this feature can be used across Payroll, Accounts Payable, and Accounts Receivable.

The following fields are explained below to assist you. If you have specific questions about what to enter in any field, contact your financial institution.

  1. Company ID: If you enter a number in this field, it is printed on the Verification Report and added to the ACH file as Company ID. If this field is left blank, the number 1 is added in front of the EIN in the ACH Verification Report and file. This is supported by the current NACHA guidelines.
  2. Alternate Company Name: If blank, the program continues to use Company Name as entered in the General Ledger Company Information.
  3. Use Offset Detail Record: Some banks require that the offset record not be added; others prefer that it be present. If unchecked, the offset line containing the total of the transactions is omitted from the Verification Report and the ACH file.
  4. Immediate Destination ID: Enter the routing number and check digit of the immediate destination or the ACH operator.
  5. Immediate Destination Name: Enter the immediate destination name or the ACH operator.
  6. Immediate Origin ID: Enter the immediate origin identification number given to you by your bank.
  7. Immediate Routing #: Enter the routing number of the immediate origin. This is usually the bank's routing number for the company. It may be the same as the Immediate Origin ID.
  8. Immediate Origin Name: This field normally contains the name of your bank.
  9. Receiving DFI ID: Enter the transit/routing number of the company's receiving financial institution.
  10. Receiving DFI Account #: Enter the company's bank account number at the receiving financial institution.
  11. Company Discretionary Data: Optional. Enter the information that your bank needs in this field, including leading or trailing zeros or spaces if needed. ACH files limit the length of company discretionary data to 20 characters.
  12. ACH Security: The security record accepts letters and/or numbers. The information typed here precedes the file. If the security record does not match what you have predetermined with your financial institution, they should not accept the data.
  13. Use Upper Case: Creates the ACH file in all uppercase (required by some banks).
  14. Mask Routing # and Bank Account #: Causes only the last 4 digits of the Routing Number and Bank Account Number to appear on vouchers.
  15. Accounts Payable Voucher Note: Enter a note to appear when emailing Accounts Payable vouchers (see below).
  16. PR Voucher Note: Enter a note to appear when emailing Payroll vouchers (see below).

Note: Information entered in the Accounts Payable Voucher Note or PR Voucher Note fields becomes the body of the email sent when vouchers are emailed through Accounts Payable or Payroll, respectively. The voucher is attached to the email. You can use the following merge fields in either Note field:

  1. #FirstName#
  2. #LastName#
  3. #NickName#
  4. #Salutation#
  5. #FullName#
  6. #IDType#: Either Social Security Number (SSN) or Federal ID (if the record is an organization).

Pre-printed Checks - AP

To set up pre-printed Accounts Payable checks:

  1. Select the check format you want to print from the Stock Formats drop-down list, then click Reset to this format.
  2. Customize the stock format using the following options:
    • Use 'Pay Exactly' Wording
    • Print Titles
    • Print Dollar Sign On Checks
    • Print Capitalized Name and Address On Check
  3. Enter a Memo if desired, then select the Number of Copies to Print and the Number of Checks Per Page.
  4. Select the Number of Stub Lines, then select whether you want to Use First Stub and Use Second Stub. For each stub you select, enter the Vertical Offset In Inches, which is how far from the top of the page the stub begins.
  5. For Signature Image, specify an image to print as a signature on your pre-printed checks.

The following items in the grid print on your checks:

  1. Check Number
  2. Check Date
  3. Dollar Amount
  4. Check Wording
  5. Pay To The Order Of With Address
  6. Pay To The Order Of Name Only
  7. Check Memo
  8. Print On Check From Vendor

To edit an item:

  1. Click the Edit icon or double-click an item in the grid.
  2. Enter the Vertical Offset (inches) and Horizontal Offset (inches).
  3. Click the check mark icon to save your changes, or click the Delete icon to discard your changes.

Important: Select either Pay To The Order Of With Address or Pay To The Order Of Name Only. The selected option should have valid Vertical Offset (inches) and Horizontal Offset (inches) values, and the other option should have Vertical Offset (inches) and Horizontal Offset (inches) set to 0 in both fields.

Click Test Preprinted Checks to preview how your Accounts Payable checks will print. You can navigate the pages, export to several formats (for example, PDF, Excel, Word), and print. Click Close Report to return to the Update page.

Pre-printed Checks - Payroll

To set up pre-printed Payroll checks:

  1. Select the check format you want to print from the Stock Formats drop-down list, then click Reset to this format.
  2. Customize the stock format using the following options:
    • Use 'Pay Exactly' Wording
    • Print Titles
    • Print Dollar Sign On Checks
    • Print Capitalized Name and Address On Check
  3. Enter a Memo if desired, then select the Number of Copies to print and the Number of Checks Per Page.
  4. Select the Number of Stub Lines, then select whether you want to Use First Stub and Use Second Stub. For each stub you select, enter the Vertical Offset in Inches, which is how far from the top of the page the stub begins.
  5. For Signature Image, specify an image to print as a signature on your pre-printed checks.

The following items in the grid print on your checks:

  1. Check Number
  2. Check Date
  3. Dollar Amount
  4. Check Wording
  5. Pay To The Order Of With Address
  6. Pay To The Order Of Name Only
  7. Check Memo

To edit an item:

  1. Click the Edit icon or double-click an item in the grid.
  2. Enter the Vertical Offset (inches) and Horizontal Offset (inches).
  3. Click the check mark icon to save your changes, or click the Delete icon to discard your changes.

Important: Select either Pay To The Order Of With Address or Pay To The Order Of Name Only. The selected option should have valid Vertical Offset (inches) and Horizontal Offset (inches) values, and the other option should have Vertical Offset (inches) and Horizontal Offset (inches) set to 0 in both fields.

Click Test Preprinted Checks to preview how your Payroll checks will print. You can navigate the pages, export to several formats (for example, PDF, Excel, Word), and print. Click Close Report to return to the Update page.

 

Save or discard your changes

To save or abandon your changes to the bank account:

  1. Apply: Save your changes to the currently selected bank account and stay on the same page.
  2. Update: Save your changes and return to the Bank Account Information page.
  3. Reset: Undo all changes since the last time the bank account was updated.
  4. Cancel: Return to Bank Account Information without saving changes.

Updated

Was this article helpful?

0 out of 0 found this helpful

Have more questions? Submit a request

If you have an issue that requires help or feedback, please Contact Support.