Electronic Payments & Positive Pay – How Much Easier Can It Get?

Posted by: Jenny Hollingsworth onAugust 18, 2017

Electronic Payments & Positive Pay – How Much Easier Can It Get?

Have you ever wondered what Dynamics NAV’s Bank Data Conversion Services is all about? Or how to setup & export electronic payments and positive pay files?

BANK DATA CONVERSION SERVICES – WHAT IS IT?

Bank Data Conversion Services is a service that provides a seamless integration to banks directly from Microsoft Dynamics NAV.  It can be used to export payments and import bank statements EASILY.

AMC Consult A/S is a third party online banking solution provider that is based in Denmark.  AMC Consult A/S has been in the industry for over 15 years and specialize in bank integration solutions for Dynamics and other ERP products.

Learn more at http://www.amcbanking.com

To use this service, you must sign up with the provider, AMC Consult A/S.  Signing up is easy, fast, and can be done right from the Bank Data Conv. Service Setup page in Dynamics NAV.

  • Service is free of charge for 1 bank account. Monthly fees apply for additional bank accounts.
  • Not all bank as support through this service.

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ELECTRONIC PAYMENTS

From the payment journal, a file of with vendor payments can be created/exported for the bank.  This file can be generated utilizing Bank Data Conversion Services or a mapping a file in Data Exchange Definitions.  Here you can easily keep track of payment export history AND recreate a payment file whenever needed.

Bank Account Setup:

If utilizing Bank Data Conversion Services, click the drop-down in the “Payment Export Format” field and select “BANKDATSCONVSERCT” from the list. 

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Vendor Setup:

Vendors must be setup with the appropriate payment information for electronic payments to work properly. 

On the Payments Fast Tab:

  • Payment Method Code:  BNKCONVDOM
  • Preferred Bank Account:  Setup the vendor’s bank account information. 

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Payment Journal Batch Setup:

The payment journal batch must be setup with the “Allow Payment Export” field check marked.

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How to Export Payment File from Payment Journal:

Step 1:  Populate payment journal as normal using Suggest Vendor Payments.

  • Remember to set “Bank Payment Type” to blank. 

Step 2:  Click the “Export Payments to File” button on the ribbon.

 Electronic Payments & Positive Pay image  5.png

Step 3:  Save file.  Once file is saved, the “Exported to Payment File” field updates to YES.

Step 4:  Post Payment Journal. 

POSITIVE PAY

From the payment journal or bank account, create/export a payment file to send to the bank to reduce fraud and minimize banking errors.  The bank will use this file to verify payments submitted against your bank account.  If the payment is not found, the payment is not cleared.  The positive pay file would include vendor information, check number, and payment amounts.  This file can be mapped in Data Exchange Definitions. 

Data Exchange Definitions:

There are two default formats that can be used as a starting point for your bank’s requirements for a positive pay file.

  • Bank of America
  • Citibank 

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Bank Account Setup:

If utilizing Bank Data Conversion Services, click the drop-down in the “Payment Export Format” field and select your positive pay export format from the list. 

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How to Export Payment File from Bank Account Card:

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Step 1:  From the Bank Account card, click the “Positive Pay Export” button.  The Positive Pay Export Detail will display. 

Step 2:  Click the “Export” button on the ribbon. 

Step 3:  Save file.

How to Add Confirmation Number from Bank to Positive Pay Export Record:  

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Step 1:  From the Bank Account card, click the “Positive Pay Entries” button.  The Positive Pay Export Detail will display. 

Step 2: Enter Confirmation of receipt from bank in the “Confirmation Number” field.

We hope this has helped you understand Electronic Payments & Positive Pay discussed in this blog.   Check out the webinar that Jenny Hollingsworth will be presenting coming up in September.

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