Adding Funding Sources

Abstract

Administrators need to add new funding sources (i.e., bank accounts) so their organization can properly finance and track outgoing payments. This step simplifies payment operations, reduces errors from accidental use of the wrong account, and enables a clear audit trail for all disbursements.

This article provides a guide on how to add a new funding source. You’ll see how to specify key account details — like the account type, routing number, and starting check number — and confirm that your bank account is ready to fund checks or ACH transactions.

Add a New Funding Source

When you add a funding source, you’re telling the system which bank account your organization plans to use for issuing checks and ACH payments. This ensures each payment is drawn from the correct account and recorded accurately.

1. You must ensure your entity is set up for ACH or Check payments so the system can process disbursements from that account:

   
2. If you see a banner prompting you to create a new funding source, click the add button to begin the process:

   

   1. You can also add a funding source by going to Automate Settings > Payment Automation > Funding Sources > Create a Funding Source

   
3. Choose the relevant option from the Business Entity dropdown to assign the funding source correctly. You can also start typing your Business Entity name to find it:

   
4. Next, select either Checking, Savings, or Virtual option from the Account Type dropdown based on how you’ll fund your payments:

   

   1. Virtual Accounts are a unique type that allows you to dictate a separate funding source for ACH and Check that share the same GL account.

      1. For Virtual Accounts, the Check and ACH funding sources must already be created.

5. Type a descriptive Account Name for the funding source so you can identify it at a glance:

   
6. Enter a valid Account Number and Routing Number in their respective fields:

   
7. If you intend to pay vendors via Check or ACH from this account, confirm that the Pay via Check and Pay via ACH options remain selected (they’re checked by default):

   1. If you plan to use both Check and ACH at some point in the future, it's recommended you keep this default value checked. You can't change this value once a funding source is created.

      
8. Now, to establish a consistent record of sequential checks, specify a starting Next Check Number (for instance, 1000). The first check sent from this account will start with this check number, each check to follow will increment this check number by one.

   
9. After you finish entering all account details, click the Submit button to finalize the new funding source:

   
10. The new funding source will appear in the Funding Sources list. Note that initially it is Not Verified:

    

That concludes the process for creation of a new funding source. The next step is to verify the funding source.