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Want to export NACHA files from Ventures to send to your Bank to initiate ACH debits? If yes, then you will need to set up a few items ahead of time in order for this to be successful.
NEED TO KNOW
- Exported NACHA file uses SEC code PPD or CCD ***CHECK WITH YOUR BANK TO CONFIRM YOU ARE AUTHORIZED TO INITIATE THESE TYPES OF DEBIT***
- NACHA file encoded by default using UTF-8
- NACHA file can only be Unbalanced at this time
- User can only export a NACHA file for one ACH Batch linked to one bank account. If user has three (3) accounts with one bank that would be receiving borrower payments, then user would set up three different ACH batches and export three different NACHA files.
***Please keep in mind, this process can take several days working with your bank***
ADMINISTRATIVE SETUP
1. Go to Administration > Reference > Payments > ACH Batches.
2. Click +Add to add a new batch OR click on the hyperlink of an existing batch.
3. Fill out relevant fields confirmed by your bank and click Save.
A. Batch Name - Name your batch. Example: 1st of Month, 15th of Month 7A, 1st of Month Bank of Costa Rica, etc.
B. Receiving Bank Name - Name of bank receiving borrowers' payments.
C. Company Identifier - Ask your bank for this number. It is possible they do not require one for a NACHA file.
D. Balanced File? - If left unchecked, your file will be unbalanced. Ask your bank if a balanced file is required.
E. Routing and Account #'s - Bank routing and account numbers receiving your borrowers' payments. Ask your bank to confirm what these are, and if you need an account number in your NACHA file.
4. If ACH Batches have not been assigned, go into individual loans > Payments > Billing > ACH Batch and assign them. Click Save.
How to Export a NACHA file
1. Go to Payments > Utilities > Export NACHA.
2. Select which payments you want to include in the NACHA file. You can select the appropriate Batch and then confirm all payments you want to include in the NACHA file. Remember, you can only have one NACHA file per bank account that will be receiving funds, so you may be exporting multiple files depending on your bank situation and ACH batches you have set up. Click export. NOTE: CONFIRM THE RECORDS SELECTED ARE RECORDS YOU WANT TO DEBIT.
3. Enter the effective date you want the payments to be pulled.
4. Select CCD or PPD file mode. Save the file.
5. Send NACHA file to bank. Contact your bank to find out the procedure for importing a NACHA file.
You can also use NACHA files from your Bank to import and post payments in bulk within Ventures!
NEED TO KNOW
- The Identifier located in Payments > Loan Details of each loan you are posting a payment to needs to match the Identifier listed in your NACHA file. Unless edited during payment account boarding, the Identifier defaults to log number. This means if you want to import payments into Ventures via NACHA files, then your borrowers identifiers within your online bank need to match Ventures. It is common for users to change the Identifier within Ventures to the loan number and this is what they use to identify the borrower within their online banking system. Contact Support if you have questions about this.
- The file imported should match the standard NACHA format (format file attached to this KB article)
How to Import a NACHA file and post payments
1. Export the NACHA file from your bank that you would like to post payments within Ventures. Contact your bank to find out the procedure for exporting a NACHA file.
2. Go to Payments > Actions > NACHA Payments > Press Select File.
3. Upload NACHA File.
4. Enter the Effective Date you want the payments to be posted as. You can only have one effective date per NACHA file import.
5. Click Import.
6. After importing, you will receive a message listing the successful and unsuccessful payment postings. You will be able to review the history of each NACHA import within Payments > Actions > History > Select NACHA Payments in the dropdown menu. Click on the History ID hyperlink to view full details.
