Overview of Bill Payments.

With Bill Payments, pay Vendors by ACH Transfer, Check, Virtual Cards, and Vendor Credits. 

ACH Transfer.

A breakdown of the ACH transfer process:

• Upload an invoice: The Vendor can either send the invoice directly to an Inbox, or Users can upload the invoice.
• Create a bill: Add Vendor details, invoice information, and Approvers (optional) to create a bill against the invoice.
• Sync the bill: Sync the bill to General Ledger once all approvals come through.
• Make Payment: Initiate the ACH transfer immediately or schedule it for a later date.
• Sync the Payment to the GL.

Check Payment.

Airbase will issue checks to Vendors on your behalf.

 Here’s an overview of the Check Payment process:

• Upload an invoice: The Vendor can either send the invoice directly to an Inbox, or you can upload the invoice.
• Create a bill: Add Vendor details, such as the Pay to and Address, and Approvers (optional) to create a bill against the invoice.
• Sync the bill: Sync the bill to the GL once all approvals come through.
• Make Payment: Initiate check payment immediately, or schedule it for a later date.
  The Vendor will receive the Check via USPS within ten business days from when it is issued.
• When the bank confirms that the check was encashed, Airbase will mark the bill payment entry in the GL as Paid and will make a corresponding payment entry.

Virtual Cards. 

Pay bills in Airbase using Virtual Cards. 

When you choose to pay bills using Virtual Cards, a One-time Virtual Card will be generated with:

• Unlimited transactions.
• Spend Limit set to the invoice amount.
• Card Expiry set to 30 days from the payment due date on the invoice.
• The invoice of the bill will be automatically attached to the Virtual Card transaction.

Vendor Credits. 

Create and pay bills using Vendor Credits against bills created in Airbase. 

Settings.

Bill Payments feature has four additional settings:

1. Require W9 for all Vendors: To ensure all your Vendors have W9 uploaded on their Vendor Portal account. 
2. Initiate payment after all approvals are in: ACH Transfers and Check Payments will be automatically initiated for bills on the due date once all approvals are in. If the setting is enabled, Approvers are mandatory while creating the bill. Admins will receive an email when an ACH transfer or Check payment fails due to missing payment information.
3. Auto-sync bill ledger entry to GL: Bills will be synced with the GL automatically. You won’t have to manually review and approve the bill ledger entry. Once synced, the bill ledger entry can be found in Airbase on the Accounting > Ledger Entries > Bills Synced page. When enabled, all the current bills that are pending review will be synced as well.
4. Sync only approved bills to GL: Sync bills after the approvals are in. This option will be enabled by default. If disabled, a bill ledger entry will be created for every approved bill in Airbase.