Paying and collecting from Multiple Origination Accounts
Origination Account A company with ACH service can pay to and
collect from an unlimited number of customers, employees and vendors
from a single origination account. For example, with a single payroll
account - you can pay thousands of employees.
The origination account is the account you use to collect/pay from.
Multiple Origination Accounts An organization can have multiple
origination accounts for:
- Outside legal ownership - payroll companies draft
on other's accounts
- Fiduciary responsibility not to commingle funds -
escrow accounts for benefit plans
- Service providers - ACH processors collecting funds
on behalf of others
- Internal segregation of duties - disbursement, payroll
and depository accounts
- Internal administrative - divisional/regional/site,
and consolidation or sweep accounts
When working with multiple origination accounts, a company can choose
whether to create and send multiple files, one for each account
- or to consolidate and simply work with a single file.
Starting with ACH Universal Pro Plus, we offer our customers the
ability to work with a single file.
The example below illustrates the differences between the Traditional
and Consolidated methods. The company has five payroll accounts,
one for each division. Each account is at a different bank.
Can we still use the 'Consolidated' method if we have multiple
source files?
Absolutely. Many companies receive multiple files for their transactional
data. The example above displays the time saving in using a consolidated
file. However, if you already have the data broken out in multiple
files, simply import the files as is -
even make manual entries!
We have a single list of transactions and want to sum the total
collections for each client and have it sent directly to the client's
bank account. How would we do this?
Make sure your list contains a field indicating the client (see
below). ACH Universal Pro Plus takes care of the rest.
What fields are available in the consolidation feature - for
both the batch header and offset record?
Click here to view batch
header and offset
record screen shots.
Need additional assistance? Call us at 866 226-5732.
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