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.

  by: Christine K. | over a year ago

• Mine does work this way. It does capture the actual Payee Name on the check.

  by: Cynthia S. | over a year ago