ACH stands for automated clearing house. It is an electronic network for financial transactions. In order to process payroll or pay vendors by this method, authorization must first be given by the receiver to accept payment in this form. When this is achieved, an ACH file containing pertinent bank information (including: account and routing number, payee, amount, etc.) is created and transferred to the payee.
PrintBoss creates this ACH file for direct deposit. Even more, it can do so automatically if indicated in account settings. Any account can be designated to process payments through ACH. If this is done, then when a check run is processed, all payments for that account will produce an ACH file instead of a check. In other words, you can create live checks and ACH files in the same check run. You don’t have to decide for each check run who gets what, PrintBoss knows, from your settings, which to create, so just click print and PrintBoss will handle the rest.
Your ACH payments are then electronically submitted through your bank. This is true for both US and Canadian banks. Once an ACH file has been created, PrintBoss will automatically produce a direct deposit statement. This statement can be printed or an electronic PDF can be generated. This PDF may be automatically archived and/or emailed to employees or vendors. PrintBoss employs dynamic naming of electronic files to facilitate easy management of electronic files. For increased security, PrintBoss will enable password security access to all emailed documents.