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ACH and WIRE setup backwards in ACM

  • 27 October 2023
  • 2 replies
  • 48 views

Hello,

For some reason our ACH and WIRE payment methods (for AP Payments) are set up backwards in ACM. When we want to pay via ACH, we select WIRE. And vice versa. 

The prior AP employee was aware of this and still continued to use the payment methods, just assigning vendors the opposite payment method in order to achieve the files she needed. (i.e. If Vendor X needed an ACH payment, at the time his bill was entered, she assigned payment method WIRE) 

She has recently left the company and so we are only now aware of the issue, after she had been doing this for almost 3 years. 

We would prefer the payment methods be correct in ACM and not utilizing them incorrectly due to incorrect setup. Is there a way for us to fix this without disrupting years of data and payment records? 

 

Thanks for any help or guidance!

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Best answer by Laura02 27 October 2023, 12:53

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Badge +18

Hello @SWiseman ,

From your description above, it seems likely that Vendor Records will need to be changed. I think the solution will look like:

  1. Export existing vendor ID, Payment Method, and Payment Instruction Details for every vendor who is paid by ACH or WIRE.
  2. Configure Banking → Payment Methods screen to correctly reflect the settings for use in AP.
  3. Import changes to Vendors, replacing WIRE with ACH and vice versa.

I recommend planning, testing, verifying these changes with cooperation from your bank in a TEST copy of your tenant. Once the steps are practiced and verified, the change could be made quickly in your Live tenant, such as over a weekend.

The history of Payment records will remain intact.  Historical documents will still say WIRE when really ACH was processed.  Released/Posted documents can’t be changed.

 

Laura

 

Thank you! We will start working on this and I will let you know if all went well!

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