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Crestwood Associates

Four Ways To Manage Your Cash With eBanking


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    Looking for ways to increase your cash flow, make sure your money gets there on time, monitor cash balances, and reduce check fraud?  We have many customers looking at these exact issues and finding the suite of eBanking products available to Business Ready Advanced Management customers a perfect fit.

    Safe Pay – After each check run, you can send a file to your bank with the correct check number and amount and the file is loaded into its system.  The banks call this process “positive pay”.  When the check is presented for payment, only the amount you sent will be debited from your account.  Any other check showing a different amount will be refused.  Every company needs to use this to prevent check fraud.

    EFT for Payables – You pay vendors online via your bank’s wire transfer or ACH system now.  Why not transmit this information directly from Dynamics GP to your bank and take out several steps and opportunities for error?  Set up the NACHA format used by most US banks and you can generate a file to upload to the bank’s web or FTP site right after the check run is done with no process changes for payables staff.  The simple setup involves the file verification and pre-noting the participating vendors to verify the accounts and ABA numbers.

    EFT for Receivables – An even better way of managing your cash flow is to receive your cash receipts via ACH.  Set up the required format used by your bank and you can download a file to upload the day’s cash receipts from your customers.  There is some setup involving the file verification and verifying the participating customer’s accounts and ABA numbers.

    Electronic Reconcile – You don’t want to spend more time that necessary validating your cash in the bank.  Download daily, weekly, or monthly your cleared checks directly into the Bank Reconciliation window and you will always know the amount of cash available that day.  Use the time spent to click off the cleared checks for more productive analysis.

    Contact Crestwood Associates  for more information about implementing these eBanking products

    By Mary Lenehan, Client Education Manager, at Crestwood Associates, your Chicago Microsoft Dynamics GP Gold Certified Partner.

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