With the COVID-19 pandemic, the ACH network saw 2 billion new payments in 2020, rising to a total of 26.8 billion ACH payments, according to NACHA. If you are a Microsoft Dynamics GP user moving from paper checks to digital, getting ACH payment detail into your general ledger requires some setup, but there is an easier way.
Related: How to Convince Vendors to Accept ACH Payments
While Microsoft Dynamics GP supports ACH vendor payments through Manual Payments in the Payables module, getting it set up to post to the General Ledger requires some workarounds and manual processes. First, you may have to contact your bank to obtain the proper ACH format, then configure vendor accounts and GP checkbooks to integrate with the bank’s format. You can enter the invoice and payment separately and use the Manual Payments screen to enter the payment itself. Check out the thread on the Dynamics Community site to learn more: Click Here
There are a couple of methods to make ACH payments post to the General Ledger in Dynamics GP, but as a company's number of locations and vendors grow, all of these methods can prove to be slow, clunky and error prone.
In short, doing it the old fashioned way is not sustainable.
Related: Are ACH Payments Safe?
The easiest way to post ACH vendor payment detail to your General Ledger is to use Accounts Payable Automation Software that supports ACH payments. Yes we realize that for many people, investing in yet another software solution isn’t the answer you were hoping for, but it just makes life so much easier. Files will be automatically delivered to your bank without any manual work and pricing might be more affordable than you think.
With one click approvals, audit traceability and automatic posting to the GP General Ledger, AP software can save you time and save your sanity. Plus, other benefits with AP software make it a no-brainer.
Added Benefits of Automating
The right Accounts Payable automation software is proven to save time and reduce costs up to 80% per invoice.
Find out About New ACH Security Compliance Requirements from NACHA
At Fidesic we genuinely want to help improve our customers' GP experience for a better work-life balance. Our commitment to service sets us apart but we’re also very proud of these other benefits.