POSITIVE PAY (BBTPOSPAY)

Positive Pay, a standard feature in OpenRDA’s Bank Reconciliation module, allows a comma-delimited file to be created from the Bank Reconciliation module and sent to the bank from which the checks are issued. The purpose is to notify/advise the bank of checks that are valid and should be honored (ruined and voided checks are also included but the amounts will be zero). Visibility of the BB&T positive pay file is controlled by a setup variable (Setup, Generic Setup Variables, Positive Pay tab). Although this file is to BB&T specifications, other banks may also accept this generic file layout (it contains bank account number, check number, check amount, and check date). The positive pay field in the selected check records is set once the file is created. Since information is from the check (BNKCHK) file in the Bank Reconciliation module, the current check run must be updated to the Bank Rec module to be selected into the file. The file will automatically be placed into Bank Rec’s electronic filing cabinet. Please see the Instructions tab of this report’s range screen for more information. ??While the??positive pay feature has been available in the software for several years, the positive pay fields were added in February of 2011 to faciliate better management of the process. ??Because of other enhancements to the Bank Reconciliation module that are included in the November/December, 2012 programs release, this product feature is being announced again