Hi Everyone,
Thank you in advance for any help on this topic. We are trying to get a better way to send ACH payments to vendors without creating too much additional work. The options we see so far are using bill.com as a third party app or QB payments within QB Desktop Enteprise. Some notes on us:
- We use multi-site inventory
- We use advanced pricing to give customers customized pricing (not just a volume driven discount).
- We carry inventory (we don't just have expenses)
- May of our vendors give us early pay discounts (i.e. 2%10/Net 30 terms)
Currently, we use bill.com to pay a lot of our bills as we love to pay by ACH to get the early payment discounts (and avoid the whole Positive Pay process with the bank for checks). The largest issue we have is with inventory. According to them, we have to receive inventory in QB, use a PO clearing account with the item receipt, and then enter the bill with the same PO clearing account in bill.com. Finally, we pay the bill on bill.com. The PO clearing account is there to make sure that you are posting things in both places the same way as it is double entry.
This process is okay, but you in effect post each bill with inventory three times by posting the item receipt in QB when you get the items, changing the item receipt to include freight when you receive the bill and then posting the bill in bill.com.
From what I understand, this is because the QB and bill.com sync does not send bills from QB to bill.com. They only go from bill.com to QB.
Is there another way to be able to receive inventory and pay those bills by ACH within QB or an easier way?
The other option we have looked at is using QB Payments, but according to "Fiserv" (the payment processing company QB Payments uses), some of the cons are:
- All payments go out by check no matter what vendor info you have (only some larger companies get an electronic payment like Verizon, AT&T, etc.).
- Selecting include payment details also disqualifies the payment from going out ACH (but they don’t really send them out that way anyway).
Is what I know about QB Payments correct or is there a way around what I know above?
Thanks in advance, everyone!
-JB
