Show Tools

Drafting Ahead: Upcoming Dates Instead of Recent Dates

A TFW user reports on his shift from drafting "for the past" (recent dates) to drafting "for the future" (upcoming dates):

When you upload the file to Vanco it will fail if there are any dates prior to tomorrows's date, which means any drafts not yet taken today and before today, and the file will have to be edited with Notepad (as you indicated and not very difficult if one understands how to use the find/replace function).  [ See Edit Upload Transactions. ]

For example, I am used to running drafts for today and all days since the last deposit done.  So, if I did a deposit Monday and today is Friday, I will run all the drafts from Tuesday through Friday, but now that file will fail unless all the dates are replaced with tomorrow's (or any future) date.

I could continue to do that, but in order to avoid editing every file I upload, now my deposit schedule/procedure has totally changed.

Now that I have sent all the current drafts due (after editing the Vanco file and changing all the dates) I am sending the drafts due for the next 4 days (Saturday through Tuesday, since Monday is a holiday), and will continue to send in future drafts probably twice a week.  But you could send a file every day for the next day's drafts if you wanted to.  Or, you could send a separate file for each day of the coming week on Saturday or Sunday and each of the files would run on the day they were for.

I had thought that when I picked a future draft date in TFW DD that I would have to manually check off the deposits in GF (2.08) because GF does not allow future entries in the deposits page.  As it turns out when I do the deposits in GF on that future draft date TFW DD remembers that those drafts were taken and checks them off in the GF deposit screen, sweet!

So the end result for me is: instead of doing deposits for the past (today and previous days) I now do them for the future (tomorrow and how ever many future days).  And, instead of doing the deposits in GF today, I do them on the days they were actually taken.  I'm getting used to it and find that the folks at Vanco are very helpful and the reports they send are timely, complete, and very easy to understand.

There is also a huge upside to this which makes the change easier to swallow.  My deposits now show up in my bank account on the same day as they are due!  As opposed to 7, 8, or 9 days later with Alliance.



Comments

From Peter - 2009-02-18

Hi John,

I learned yet another part of the Vanco process:

When I wrote..

"Now that I have sent all the current drafts due (after editing the Vanco file and changing all the dates) I am sending the drafts due for the next 4 days (Saturday through Tuesday, since Monday is a holiday), and will continue to send in future drafts probably twice a week.  But you could send a file every day for the next day's drafts if you wanted to.  Or, you could send a separate file for each day of the coming week on Saturday or Sunday and each of the files would run on the day they were for."

I expected that the deposits "the drafts due for the next 4 days (Saturday through Tuesday, since Monday is a holiday)"  would be deposited on Tuesday, and they were. But only because they were all non-processing days (Mon was a holiday).  Then on Tuesday I sent in a file for Weds - Fri expecting they would be deposited together in my account on Friday, but on Weds the deposits for Weds were deposited.  So that means that we don't have to  "send a separate file for each day of the coming week on Saturday or Sunday and each of the files would run on the day they were for."

Now my procedure will be to send a file on Friday for Saturday through Friday of next week, with the results being that the deposit on Monday will be for Sat-Mon, the deposit on Tuesday will be for Tuesday, Weds for Weds, etc.  (John, could I do this at the beginning of the month, for the whole month?) And I think that I can go into GoFigure on Friday and enter all those deposits at once, rather than go in every day and enter them (is this true, John?).

The only possible snag I see in sending many future day's deposits is...what if I need to delete a particular member's draft (for Medical Hold, etc.) after I've sent in the file?  I will check with Vanco to see what the procedure looks like.

The other change for me is I will need to show each day's deposit in QuickBooks to reflect the reality of when the money shows up in our bank account, as opposed to the one lump sum for the week I was expecting.  Somewhat of a hassle but, again, having deposits actually show up when they are actually due is worth it! Surprised
Last Modified 2009-02-15

Hide Tools

Site
Changes
Index
Search

User
Log In
Register