Money: Definitions of Payment Types Available in Money (173135)

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Epays (Electronic Payments)

Use Epays to pay regular bills of varying amounts. An Epay is a one- time only transaction; if you receive another bill owed to the same payee, you need to create a new Epay and send the transaction. Epays can be set up in the Bills area, the Account Register, or the Connect place in Online Banking. The account must be configured to use Direct Bill Payment.

Apays (Automatic Payments)

Use Apays to create regular payments for bills that have a fixed frequency and fixed amount, such as a car or mortgage payment. After you set up an Apay once, funds will automatically be withdrawn from your account and a payment sent to the payee, whether or not you connect to your financial institution. The payment will be recorded in your Account Register the first time you connect within thirty days of the due date. You need to remember to keep enough funds available in the account from which the Apay is taken so that the payment will be covered. Apays can be configured in the Bills area. The account must be configured to use Direct Bill Payment for you to create an Apay.

Web Payments

A Web payment is a transaction entered on your financial institution's Web site. Log on to your bank's Web Financial Services Web site and enter the transaction details there. When you download your online statement and update your account records electronically, Money enters the transaction in your Account Register for you. There's no double entry, and you know that your account in Money always reflects your latest bank statement. In order to create a Web payment in Money, your account needs to be set up Web Financial Services.

Xfers (Electronic Transfers)

Xfers can be used to transfer money electronically between two accounts at the same financial institution. For example, you might electronically transfer money from your checking account to your savings account at the same bank. Both accounts must be set up for Direct Statements to use this feature. Xfers are entered in the Account Register. Support for Xfers depends on your financial institution.

Automatic Transactions

It is increasingly common for financial institutions to facilitate the payment of bills each month through automatic transactions such as Standing Orders, Direct Debits, and Direct Deposits. For instance, if you have an Internet service provider, you might have authorized the service to electronically withdraw your monthly fees directly from your credit card or checking account. Or you may have your paycheck automatically deposited into your checking account.

These sorts of "automatic" transactions involve an arrangement with your financial institution, and do not require the use of either Direct Statements or Direct Bill Payment in Money. The Automatic Entry method option on the Edit Scheduled Transaction form in Bills & Deposits is simply a way of having Money automatically enter a recurring automatic transaction into your Account Register each month, without any need for intervention on your part. This way, while your financial institution automatically facilitates the transaction in the "real world," Money automatically enters the transaction into your Account Register the first time you start Money after the due date.

To enter an Automatic Transaction into the Bills area, follow the procedure for scheduling a recurring transaction, but be sure to select Automatic Entry as the Entry method, and leave the Number field blank.

For all other recurring transactions, including Epays and Apays, select Manual Entry.

IMPORTANT: Automatic Transactions are different from Automatic Payments (Apays). Apays must be entered into the Bills area with the Manual Entry method, require Direct Bill Payment, and are entered into your Account Register only when you connect to the bill payment service provider.