What happens once a completed ACH form is received in Accounts Payable?
Accounts Payable will review the form to make sure it is complete with signature and banking information. The next step is to send a .01 test deposit into the supplier’s bank account. Remittance advice on the .01 test will be sent to the supplier two business days prior to the deposit. The supplier will then be contacted by A/P to verify the .01 deposit was made correctly to their banking institution. Once the .01 test is verified, the supplier will begin to receive their payments directly deposited into their account.
