How to Leverage FINSYNC Payment Automation

FINSYNC has a number of automation features that will speed up your workflow and add better cash flow visibility for your business. One specific area of financial administration with great automation tools is the connection between invoice/bill payments and the bank ledger.

Because your customers can submit payment(s) for invoices through FINSYNC and you can issue payments to your vendors through FINSYNC, the software shows you the impact of those items on your bank ledger before your bank is aware of it.

How Invoice/Income Automation Works

1. When an invoice gets paid through FINSYNC, a pending transaction is immediately created on the bank ledger on the default bank account for income.

FINSYNC will automatically create this transaction if your customer pays you through:

  • Connected Merchant Processing (you've enabled charge cards on your FINSYNC invoices)
  • ACH - you have enabled ACH on your invoice by adding routing information to your default income account
  • Lockbox - you have changed your invoice settings to use FINSYNC's lockbox as your remittance address

Once your bank is aware of the transaction, FINSYNC will pull the cleared date and add it to the bank transaction, and the pending indicator will automatically be removed. 


2.  If your customer pays you outside of FINSYNC such as dropping off a check at the office, you can also mark the invoice as paid on the income tab, and FINSYNC will also create a pending transaction on the banking tab.

Note: You will need to manually match the cleared transaction to the pending transaction on banking. To do so, find the transaction on the transaction table and mouse over the ellipses and select Apply to Payable or Apply to Receivable.


How Invoice/Income Automation Works

1. Bill Pay works in a similar way. When you pay a bill through FINSYNC, the system immediately creates a pending withdrawal on the bank account from which you issued payment.

Once the bank recognizes that transaction, FINSYNC will automatically pull the cleared date and add it to the transaction, and the pending indicator will go away.

2. If you pay a bill outside of FINSYNC by handing someone a check or other method, you can mark the bill as paid and the system will create a pending transaction.

You will then need to wait until the bank sync imports the cleared transaction and match it to the pending transaction.