Payment update procedures vary from firm to firm. In principal, payments should be peer reviewed before being updated. The review should include checking supporting documentation, the payments details and amount.
This is not always practical for smaller firms and it is not unusual for the peer review to occur at the time the bank payment is being initiated.
These update instructions are generic and assume the user has an appropriate security level to update the payment and is following the firms internal procedures.
Update a Payment Request
From the Workspace functions menu, select the option ‘Request Manager’ and click on the ‘Payments’ tab.
Change the status filter to ‘Authorised’ which will display all authorised payments.
Right click on the payment record and select ‘edit’ to review the payment. When the review is complete, click the cancel button.
Right click on the payment record and select ‘Update’ or ‘Update and Pay’.
Update will post the payment to your ledgers and mark the payment as ready for inclusion in the bank transfer file. Use this process if you want to create a multi payment bank transfer file.
Update and Pay will post the payment to your ledgers and create a single payment bank transfer file.