Direct Check Hold: A way to hold a check instead of immediately posting

Hold Checks:  The “Hold Check” option is a way to hold a check instead of immediately posting them until that check has been verified for balance and legitimacy.  (See attachment for details)

Why this option? When you post a direct check and it goes on a statement, you will be sending a client their commission. When it comes back as NSF, you must wait for the client to send back the money. Using a hold check option avoids this situation.

Another option is delaying running statements. For example, with a monthly client. If it may take only 3 days for a check to be noted as NSF… If you run your statements 3 days into the next month, that gives you 3 days to post the reversal for the NSF (Backdating that reversal) and you can run your statements without including that check.

Overview to using the hold check options. 

• Create an adjustment code.
• Put that at the client level with the number of days you want to hold the checks
• Use that adjustment code when manually or electronically posting Direct Checks.
• Run payment option to batch and post the held checks after the desired number of days.