Overview:
Positive pay is a cash management service offered by financial institutions to combat check fraud. The financial institution pays only those items where the check numbers and check amounts match the company’s issue file. This process requires the company to send the financial institution a file containing issued check information. The Positive Pay Format window allows you to define that file layout.
This video walks through the process of running reports/queries to ensure all payments have been posted and are available to include in the positive pay file.Prior to generating the positive pay file, it is important to ensure all payments have been distributed.
- Check with the AP check disbursement group, to ensure there are not pending payment processes out there that affect the positive pay period
- Review AP: Aging Chart and/or Vendor History report as needed
Benefits:
- Ensures positive pay file includes all current period data and nothing gets left out
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- Accounting Manager
- CFO/Controller
Location:
- Financial & Accounting > Setup > Positive Pay Format
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- PENTA Workbench