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.

Tip: At this time, you can't reject a single payment in a payment run. You need to delete the payment run and start over. Coming soon, if you are the person who created the payment run, you'll be able to Recall a payment run. Recalling changes a payment run from Pending approval to Created, so that you can edit the list of invoices included in a payment 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.