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Verify bank account details

  • 4 min.

In the payment journal, you have a complete overview of the verification details for each bank account you're making payments to, both on the payment journal line and in the Recipient Bank Details FactBox.

PM Payment Journal bank account verification status

Note

If you are using payment approval workflows in combination with bank account verification, the approver has the same details available on the Payment Approval Entries page as well.

If you attempt to make payments to an unverified account in the payment journal, you are notified and advised to have the account verified before you make any payments to it. You can also decide to carry on and make the payment to the unverified account anyway. This is, however, only possible if the Block Payment Export toggle is turned off in the setup.

Changes made to the following fields trigger the notification and change the status of the bank account from Verified to Pending Verification.

  • Bank Branch No.
  • Bank Account No.
  • IBAN
  • Swift Code
  • Transit No.
  • Bank Clearing Code

Verify bank account from the payment journal

You verify bank account details from the bank account card accessible from the payment journal. In the Recipient Bank Details FactBox, simply select the verification status link Pending Verification.

Note

You can also select the Bank account number link, which opens the bank account card. Then, in the action bar, select Verify Bank Account to verify the bank account.

CB Payment journal recipient bank details acc verif

In the Bank Account Verification window, specify the verification method: Email, Phone, or Other, and any relevant comments. Remember, that unless it has been set up specifically, you are unable to verify any changes to bank account details that you have made yourself.

CB Bank account verification

Tip

You can also verify bank accounts from the Vendor Bank Account card, Customer Bank Account card, or Employee card. The process is exactly the same.

Scenario

In the following video, you'll follow our bookkeeper Lina as she creates payment suggestions in the payment journal with bank account verification enabled. Approval workflows have also been enabled so before she can send the payments to the bank, she must ensure all bank account details are first verified and the payment lines approved.

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