Prevent Fraud Within Your Company
Companies on a daily basis deal with large numbers of transactions which can cause lots of ins and outs within the company. This can make managing a company more complex which can cause lots of strain on upper-level management. In today’s day of electronic transactions, it can make it difficult to trust entries and cashing of checks. Therefore, many Cash Management departments of Banks came out with an automated fraud detection tool called Positive Pay.
Positive Pay is used to protect against forged, altered, and counterfeit checks. If no security is placed on checks a business can deal with identity thieves and fraudsters who can then create counterfeit checks that can be deposited to the bank where fraudulent withdraw request can be honored, which can cause a business hundreds to millions of dollars in fraud. When a business issues checks it sends a list to the bank, positive pay matches the check number, dollar amount, and account number of each bank against the list.
In GP, positive pay is called Safe Pay. Safe Pay is a module that can be added on to your existing list of modules. Safe Pay can be implemented rather quickly, depending on the number of companies implementing it and number of Bank Accounts. Safe Pay shows up in the Financial module under routines. Safe Pay provides a list of things required to implement it successfully. (Pictured Below)
In order to set up Safe Pay successfully a copy of the format layout for the Positive pay system from your bank is needed. In most cases you will need to contact your bank because bank formats vary. GP allows you to have multiple Bank formats created within the configurator allowing for ease when setting up the upload file for your company.
If you are curious in the set-up process for Safe Pay or require assistance with Safe Pay, please do not hesitate to reach out to Logan Consulting .
Logan Consulting is a professional services firm committed to helping
businesses get the most from their QAD SE, QAD EE, MFG/PRO and Microsoft
Dynamics AX, Microsoft Dynamics GP and Microsoft Dynamics CRM investments.
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