Please visit our COVID-19 Resources page for useful payroll and reference information. During this time, when many companies are forced to telework, AccountEdge Hosted may be a good option. Host your company file to be accessed remotely from any device, for as long as you need. You can go back to your regular setup when you no longer need remote accessibility. If you’d like to discuss that or any other teleworking solution with a product specialist, please call 800.322.6962. Be safe.

  • Section: Merchant Services
  • Last updated: May 21, 2019, 1:03 p.m.

Direct Deposit / Vendor Payment Setup

To enable the electronic Direct Deposit / Vendor Payments feature you will need to set 2 accounts, and enter your Forte Payment Systems merchant credentials. You received your merchant credentials directly from Forte Payment Systems. Enter this information in the Business Services Setup window (Setup > Electronic Payments > Set Up Electronic Payments & Deposits).

You will need 2 accounts, both are Asset, type Bank accounts. They must be different from each other, as well as different than the Undeposited Funds and Accounts Payable accounts. The first is a regular bank (checking) account. This may be your regular operating account, or another account. From this account, you will pay the electronic payments. The second account is an Electronic Payments accounts, typically named Electronic Payments. This account is used to record the payments identified as electronic payments. Thus, when a vendor bill or employee is paid, the payment will be made from this account. When the payment is actually recorded as an electronic payment, which is done in the Prepare Electronic Payment window, the funds will be transferred from the identified checking (operating) account to satisfy the payment made from the Electronic Payments account.

In the Business Services Setup window (Setup > Electronic Payments > Set Up Electronic Payments & Deposits), indicate the regular checking account in the Pay From Account field. The funds will ultimately be paid from this account.

In the Linked Account field for Electronic Payments (Setup > Linked Accounts > Accounts & Banking Accounts), indicate the Electronic Payments account.