Banking Overview

From vendor payments to direct deposit of payroll checks, Traverse Banking provides a number of features that combine to offer you a secure electronic banking environment.

The Direct Deposit feature makes payday easier for everyone. Your employees can choose to have their paychecks deposited directly to their bank account, or may elect to receive a portion as a live check. They can also split deposit amounts between unlimited different bank accounts and a paycheck.

Automatic Clearing House (ACH) delivery of payments made to your vendors or received from your customers gives you the ability to transmit electronic payments to your bank using a standard, secure system that is both highly reliable and efficient. Traverse Banking also enables the payment of invoices by credit card.

Magnetic Ink Character Recognition (MICR) support allows you to print machine-readable information on the bottom of your checks for quick processing. You’ll be able to securely generate checks while saving money by using blank check stock on a laser printer.

A fraud control and loss prevention measure, Positive Pay allows you to build a file (formatted to your bank’s specifications) that can be transmitted to your bank for the authorization of check payments.

The Reconciliation Import in Traverse Banking enables you to use files downloaded from your bank to automatically clear transactions that have been cleared by the bank.(Bank Reconciliation required)


Pay Vendors with a credit card by setting the default payment type.

  • Reduce time and accounting errors by automatically clearing transactions with bank-provided reconciliation data. (Bank Reconciliation required)
  • Quickly serve customers and vendors by creating and importing ACH files for delivery of electronic payments and payments received.
  • Set up a credit card-type bank to simplify statement reconciliation; the bank tracks charges, payments, adjustments, and transfers. (Bank Reconciliation required)
  • Keep employees happy and save resources on payday with Direct Deposit functionality for Payroll.

Simplify and speed your transactions with these Traverse Banking features:

  • Safeguard employee pay by replacing live checks with vouchers.
  • Create deposits by dollar amount or percentage, and change the allocation at any time.
  • Set up accounts for both banks and credit cards.
  • Pay vendors using a credit card by selecting an appropriate payment method ID.
  • Optionally require an authorization number to be entered for credit card payments when the cash receipt exceeds a specified amount.
  • Set up Accounts Receivable and Sales Order recurring entries to be paid using credit cards or direct debit type payment methods.
  • Print vendor payment vouchers for electronic payments in Accounts Payable.
  • Enter authorization numbers for cash receipts using the Credit Card Authorization function.
  • Clear transactions automatically by importing data supplied by your bank. (Bank Reconciliation required)
  • Generate an ASCII Positive Pay file to transmit to your bank for check authorization.
  • The MICR line on a check allows the check information to be automatically read for quicker processing.

Affected Applications

Below is a summary of the functions the Banking application adds to the existing Traverse functionality.

System Manager

  • An Account Type option has been added to the Bank Accounts function to allow you to set up General or Credit Card type banks.
  • When a bank is set up as a General type bank, you can enter a routing code, use MICR printing on checks, enter the fraction printed on checks, and select a positive pay setup for both AP and Payroll.
  • When a bank is set up as a Credit Card type bank, you can enter the credit card number used for this bank, the expiration date of the credit card, and the vendor ID to use when paying open invoices using the credit card bank.
  • A new function has been added to set up a Positive Pay Export Definition in the Export Layout Definition. This allows you to build a positive pay ASCII file that can be transmitted to your bank for check payment authorization.
  • ACH information has been moved from the Company Bank tab of the Payroll Information function to an ACH tab in the Bank Accounts function. This allows you to set up the information to put into the ACH file generated for Accounts Payable and Payroll checks.
  • An import definition has been added to the Company Setup menu to build Reconciliation Import file definitions. This allows you to import your reconciliation information from your bank directly into the reconciliation function and automatically clear transactions that have been written to your Bank Reconciliation journal. (Bank Reconciliation required)

Accounts Payable

  • The Vendor setup has added functionality to allow you to select a default payment bank ID so you can pay vendors using a credit card.
  • The Vendor setup has added functionality to allow you to select the Check Delivery method to print checks on paper, or use an ACH file to pay the vendors electronically.
  • The Hold/Release Invoices function has added the ability to select the bank account ID for each open invoice to be used when preparing payments.
  • Use the Payment Vouchers function to print the vendor payment vouchers created using the Prepare Payments function.
  • A Create Positive Pay File function has been added on the Pay Invoices menu to allow you to generate an ASCII file to transmit to your bank for check payment authorization.
  • A Create ACH File function has been added to the Pay Invoices menu to allow you to generate an ACH file. You can use the ACH file to pay your vendors electronically when you have chosen the electronic vendor check delivery method.

Accounts Receivable and Sales Order

  • A Business Rule has been added to require an authorization number to be entered for credit card payments when the cash receipt exceeds a specified amount.
  • Recurring Entries in both Accounts Receivable and Sales Order have had payment fields added to the Billing tab to set up the recurring entries to be paid using credit cards or direct debit type payment methods.
  • A field has been added to the payment area of the Cash Receipts screens in both Accounts Receivable and Sales Order transactions to enter an authorization number when entering receipts for credit card type payment methods.
  • A Credit Card Authorization Report function and a Credit Card Authorization function have been added to the Accounts Receivable Transactions menu to allow you to enter authorization numbers for those cash receipts that have not had authorization numbers entered.

Bank Reconciliation

An Imported Data button has been added to the BR Cleared Transactions screen to allow you to view and automatically clear transactions that have been entered into your bank account.

Payroll

  • A Create Positive Pay File function has been added to the Payday Work menu to allow you to generate an ASCII file to transmit to your bank for check payment authorization.
  • Business rules have been added to select a default bank account ID and to use only the default bank account ID.
  • A Bank Account ID field has been added to the Calculate Checks function to calculate checks only for a specific bank.