Payment run record

On the payment run record for Payment Assistant:

  • Users with permission to approve payment runs can review details and approve the run.

  • Once a payment run is approved, users can monitor the status of a run.

  • Users can see the list of payments included in the run.

Note: Payment Assistant™ is currently in Limited Availability (LA). Are you interested in participating? Apply to join our LA group. During this time, we'll review and implement participant feedback to prepare for general availability.

Review status of payments

After payments are approved, Payment Assistant withdraws the funds from your bank account to pay vendors. You can then use the payment run record to keep track of the status for each individual payment.

On the Payments tab, use the following columns to help you review the status of your payments:

  • Delivery method – This shows which payment method a vendor has chosen, virtual card, ACH, or check. Until the vendor chooses, the status remains "Unknown."

  • Available amount – When the payments are not yet funded, the amount available is $0. When it's funded, but not yet cleared by the vendor, the amount is the payment amount. When the payment is cleared by the vendor, the available amount is $0.

    If a payment needs to be refunded, the amount is the payment amoun,t but you'll also have the payment amount reflected in the Refunded amount column.

    Use this column in combination with the Payment status and Refunded amount columns to know what's happening with the funds.

  • Post date, Post status, Clear date, and Reconcile date columns provide a status of the payments in your Financial Edge NXT accounting. This helps you ensure your accounts are staying balanced and the transactions are recorded.

Clear a payment run in Payment Assistant

To clear a payment run in Payment Assistant so that you can reconcile your accounts, set the default clear date.

  1. From Payables, Payment Assistant, open a payment run record.

  2. Select Set status to clear.

  3. Enter the clear date.

  4. Select Save.

Refunded payments

Payment Assistant waits 7 business days to see if a balance still exists on virtual card payments and 21 days for checks to confirm receipt of the check. After that amount of time, a payment specialist will either assist the vendor with accepting the funds, reissuing the check, or offer another payment method.

If the payment can't be completed, then the funds are returned to the organization, and the payment can be voided and reprocessed using another payment method.

If you notice returned funds for payment assistant, you can reprocess those payments how you like. We do recommend you confirm vendor contact information before attempting to pay the vendor in a new payment run.