To inhibit fraudulent cashing of checks, banks require actual Payee Name as shown on the check. Bank Reconciliation file is updated with Vendor Name, not Remit-to Name if used, and therefore does not capture Payee Name that was printed on the check. This flaw renders PP useless.
by: Bob P. | over a year ago | Financial Management
Comments
Bank is requiring the Remit to Name and it is creating a lot of manual work to correct each one.
Mine does work this way. It does capture the actual Payee Name on the check.
Johnson Financial Group (bank) has just made checking of the Payee Name mandatory for positive pay. There is not a way in Sage 100 to have the vendor name followed by the Payee Name exported in positive pay. If we use Address line 1, positive pay will export the entire address block.