Would it Help to Have Details on your Incoming Electronic Deposits?


If you receive electronic deposits into your business checking account, you might appreciate getting a more detailed record of what specifically is being paid.  There may be times when you get a lump sum payment that covers multiple invoices.  More than likely the payer will at some point in the future provide you with a breakdown of what they have paid.  But then again they may not.  If you have trouble getting enough information to get those payments posted, turn to your bank to give you an ACH Addenda Report.  Your bank should be able to do some translating and provide you with more information than the standard amount and customer name.  Every bit of detail put in that record can be made available including multiple invoice numbers, PO numbers, discounts taken, etc.  Expect to pay a fee for this service.  Some banks charge as much as $10 per report while others may charge a flat fee – my bank charges $25 per month, regardless of how many records are received.  Your bank may call it an ACH Addenda Report, an EDI Detail Report, or they may refer to an ACH EDI Interpreter.  The service works by sending you an email whenever you have new information.  You then may be directed to a website to access the details and reports.  Businesses may find this information very valuable but the first step is knowing it is available.

Here is a sample of the information contained in the report.

6/6/08 5:46 AM Page 1 of I ACH Bank, Pleasant Town, USA Telephone: 555-555-5555, Fax: 555-555-5556, Email: Customer.Service@ACHBank.com Acme Widgets

REMITTANCE ADVICE SUMMARY REPORT ACH INFORMATION

Receiver Name: ACME WIDGETS

Originator Name: AAA SUPPLY COMPANY

Settlement Date: June 6, 2008

Effective Entry Date: June 6, 2008 DFI

Account number: 999999999

Trace Number: 999999999123456

Amount: $300.00

SEC Code: CTX Transaction Type: 22 Transaction Description: Demand Credit — Auto Deposit

REMITTANCE IN FORMATION Remittance Advice Accounts Receivable Open Item Reference

Seller’s Invoice Number: AAA12345 Amount Paid: $100.00

Total Invoice or Credit/Debit Amount: $100.00

Amount of Discount Taken: $0.00

Purchase Order Number: P01234567

Actual: June 1,2008 Remittance Advice Accounts Receivable Open Item Reference

Seller’s Invoice Number: AAA12346

Amount Paid: $200.00

Total Invoice or Credit/Debit Amount: $200.00

Amount of Discount Taken: $0.00

Purchase Order Number: P01234568

Actual: June 1,2008 19

END OF REPORT

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1 Comment

Filed under ACH

One response to “Would it Help to Have Details on your Incoming Electronic Deposits?

  1. I learn something new every day!

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