Payment Run Record for Payment Assistant

On the payment run record for Payment Assistant:

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

• If a payment run was submitted for approval but needs to be edited, the user who created the payment run can recall it. 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: After a payment run is approved, you can't recall it.

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

• Users can see the list of payments included in the run. On the Payments tab, select the payment ID to navigate to the bank draft record and see more information about the payment.

• On the Exceptions tab, any payments that can't be processed appear. Use the information in the Exceptions column to determine how to resolve the issues processing the payment.

• Users can see a history of actions taken for the payment run, including the status and history of payment run approvals.

Review status of payments:

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

Use the following columns to help you review the status of your payments:

• Payment status – If the status is open, the payment hasn't been cleared by the vendor yet. After it has cleared, the status updates to "Paid."

• Delivery method – This shows which payment method a vendor has chosen, virtual card, ACH, or check. Before the payment run has been approved, the status is "Unknown." After the payment run has been approved and the payments start to process, the status updates to "Pending" until it the method the vendor chose is determined.

• 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 amount 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.

Frequently Asked Questions