Positive Pay Overview
Positive Pay is a system which allows you to upload a list of your company checks on a daily basis and automatically compare it to the checks presented at the bank for payment that day. Once the file is uploaded, the system will automatically alert you of any discrepancies in the amounts and check numbers between your uploaded listing and checks at the bank. You can then authorize or deny payment for any individual checks. The listing uploaded needs only to contain a check number and amount. It can be prepared in your accounting program or it can be created as simply as entering the information in a word processing program.
Preparing your list of checks
You will need to prepare a listing of checks you have issued – either through your accounting program or a word processing program. This listing will need to include the check number and the amount. If you wish, you may include other information such as payee, account number, and date. The file should be a delimited format and the amounts listed may not contain a '$' sign.
Notification of items for review
Each day that you have checks clearing for review, you will receive an automated email listing the date, check numbers, and amounts.
Uploading your listing of checks
1. Log in to your Business Internet Banking and on the opening screen move your curser over "Positive Pay" in the top menu bar. Click one time on "File Import."
2. Click the "Browse" button and locate the file you wish to upload. This will be the list of check numbers and amounts which you have created on your computer. The drop down box allows you to select a template to define the columns in the file. The bank has created the templates you need. Choose the appropriate template to suit your needs.
3. The only time you may have to make a change on the next screen is if you are using Positive Pay on more than one checking account. If you are, use the drop down menu to select the appropriate account. Click the "Next" button.
4. You will see a "File Import Progress" screen. The import process may take a few moments to begin. Don't be concerned if the progress bar does not start moving immediately. Once the file is uploaded the progress bar will change to solid gray and read "100%." You will be automatically directed you to the next screen once the import is complete.
5. You will see a screen listing the total value of the checks uploaded, the quantity of checks uploaded, and the number of "Import Exceptions." If you have Import Exceptions go to step 6. If you have no Import Exceptions go to Step 7.
6. Import Exceptions most commonly are caused by importing data which you already have imported, such as importing the same check number today as you did yesterday. Click on the "Change Import Exceptions" link to open a list of the exceptions. Duplicated import items will be listed "Item Already Exists." Select those items and delete them.
7. Move your curser over "Positive Pay" in the top menu bar. Click one time on "Item Review." If there are no discrepancies between the file you uploaded and checks at the bank for payment. You will then see a screen indicating no items match selection criteria. At this point, your checks have reconciled and you do not need to do anything further.
8. If any imported check numbers and amounts do not match the items at the bank, you will see a listing of those items. For each item, you will have the opportunity to "Disapprove," "Approve," or "Take No Action." "Taking No Action" or "Approving" will cause the item to be paid. "Disapproving" will cause the item to be returned unpaid.