ACH payment proof for Auditors

We are looking to move to ACH payment for Employee Expenses. Currently, my AP department makes a copy of the check and attaches it to the paper backup. The concern now, is there is nothing to copy to prove the payment to the Auditors. How do others handle audits and providing the backup.

Thanks for any suggestions.

Kim

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Comments

unknown

Isn't there an audit trail from the clearing house / bank ? And a check register of some kind for the account being paid out of ?

unknown

You would still have a record of the payment within your AP system (invoice and payment record). So long as there was a unique method to tie the source doc and payment together I don't see (and from experience). Are you planning to ACH out of AP or PR? We pay via ACH via payroll to avoid having to move banking information between PR and AP.

teena-chopra

Currently, we plan to pay out of AP. Do you have to submit proof of payment to your auditor, if so, in what form do you do it?

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amacknig

We first run the AP265 to get the Tape Total for the day that was sent to the bank. second we run the AP270 for the Cash Code for ACH payments for the specific vendor that was paid in the AP265 total to show the list of invoices included in the payment. then lastly, we provide the auditors with a copy of the Bank Statement that has the total ACH amount that was debited on our account.

cpashley

Hi Kim

In addition to what all the others have stated below, we created a separate process level for all employees so we can run all reports specifically for that process level. We also have a vendor class specific to employees. We also use AP55 for entering invoices that are paid for our pharmaceutical company that draws directly from our bank account.

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