PSA L&P - Vendors: How to set up (and update) a vendor record to receive direct deposit payments
How to set up (and update) a vendor record to receive direct deposit payments
- Go into Ledger and Payables → Vendors.
- In Quick Find, pull up the vendor record (if it already exists. Otherwise, create a new one.
- Once the vendor record is displayed, select the Direct Deposit tab.
- Under Direct Deposit Participation, select ACH File.
- Under Distribute To Account By select Percent or Amount depending on what the vendor has requested.
- If there is only one bank, use Percent and in the account line item, enter 100. This simply means 100% of the payment will go into the bank account listed.
- In the line item(s), add the information the vendor supplied regarding their account number, routing number, and account type.
- If there is more than one account, fill in the percent or amount field accordingly.
- See the article, How to send a prenote to learn about the date to add in the Prenote Date field.
- Once you have added the information for the Vendor Direct Deposit, click Submit to save the record.
For additional information, see How to turn on and set up the vendor direct deposit feature.
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