Portfolio Management: Automatic Payment Application, ACH

In the LeaseWave® lease accounting software system, the Automatic Payment Application program allows lessors to automatically generate a file containing payment information for accounts designated for wire transfers. The file is then submitted to the host bank for an automatic wire transfer from the relevant accounts. The LeaseWave® leasing system is fully compliant with NACHA rules and regulations that govern NACHA file formatting and field specifications.

The LeaseWave® lease accounting software system automatically updates the receivables side for the relevant invoices due and makes the necessary changes to the balances for every account affected by the ACH payment posting. The only thing the lessor has to do is periodically run the update that begins the automated posting process.

The LeaseWave® leasing system also handles the ACH returns file, generated by the ACH operator (typically the lessor’s bank) on exceptional accounts. When charges within an ACH file do not go through for whatever reason (invalid account numbers, non-sufficient funds, closed account, etc.), the ACH system used by the operator generates a returns file containing all the relevant details. The LeaseWave® leasing system is capable of interpreting this file and automatically takes care of any adjustments required, both from a lease management and lease accounting standpoint.

• Set up any number of accounts for ACH by simply checking a check box during lease entry
• Run ACH in a matter of minutes
• Change routing numbers for commonly used banks centrally
• Get accurate results on a standard file format
• Simply email or mail the file to the host bank for the automated wire transfers
• Auto post all ACH payments using a single update to maintain accurate lease balances
• Manage NSF payments in a manual or automated fashion (using an ACH returns file)