Direct Deposit / Vendor Payment Setup

To enable the electronic Direct Deposit / Vendor Payments feature you will need to set 2 accounts, and enter your Forte Payment Systems merchant credentials. You received your merchant credentials directly from Forte Payment Systems. Enter this information in the Business Services Setup window (Setup > Electronic Payments > Set Up Electronic Payments & Deposits).

You will need 2 accounts, both are Asset, type Bank accounts. They must be different from each other, as well as different than the Undeposited Funds and Accounts Payable accounts. The first is a regular bank (checking) account. This may be your regular operating account, or another account. From this account, you will pay the electronic payments. The second account is an Electronic Payments accounts, typically named Electronic Payments. This account is used to record the payments identified as electronic payments. Thus, when a vendor bill or employee is paid, the payment will be made from this account. When the payment is actually recorded as an electronic payment, which is done in the Prepare Electronic Payment window, the funds will be transferred from the identified checking (operating) account to satisfy the payment made from the Electronic Payments account.

In the Business Services Setup window (Setup > Electronic Payments > Set Up Electronic Payments & Deposits), indicate the regular checking account in the Pay From Account field. The funds will ultimately be paid from this account.

In the Linked Account field for Electronic Payments (Setup > Linked Accounts > Accounts & Banking Accounts), indicate the Electronic Payments account.