Balanced files contain an offsetting entry that automatically credits/debits the customer's offset account for the debit and/or credit transactions on the file. Many financial institutions require balanced files since the files are self-posting, manual entry mistakes are eliminated and, if the file is in balance, no transactions are missing.
by: Preet M. | over a year ago | 1 - Financial Management
Comments
Many banks require it and it seems like it should be a simple fix
Had a case where a customer's bank requires an ACH balanced file format. This feature is available in Sage 100, in ACH Interface Maintenance there is an option to Include Debit Record. In Sage 500 Vendor Maintenance, one can choose to select a credit record or a debit record, not both, thus a balanced file cannot be generated in Sage 500.