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How to Setup a Bank Account for Bill Pay in MarginEdge

Jenny Vaughn
Updated

MarginEdge Bill Pay enables you to streamline your bill payment processes, pay your vendors more safely and more quickly and keep better control of your cashflow - all with no extra or hidden fees.

You can start paying your bills as early as today! We just need two important bits of information that will take you just 5 minutes to input.

  1. Bank account info (you're here! 3-minute steps outlined below)

  2. Vendor’s info (click here for the 2-minute steps)

To complete this first step, you will need your:

  • Bank routing number

  • Account number

 

Open your Bank Account Setup page in your MarginEdge account to follow along.

If you would rather watch a video, please check these out: 
  1. Bill Pay Setup Video series 
  2. Bill Pay Training Webinar

#1 Company Information

  1. In the navigation menu, go to Bill Pay > Setup.                                          Screen_Shot_2022-12-14_at_3.53.54_PM.png 
                                                                        

  2. To set up your bank account, click Manage Bank AccountsBillPaySetupBkAct.png

  3. First step here is to enter your Company Information as you’d like it to appear on your payments.BillPayCoInfo.png

Bank Account

  1. Next, from the top of that same screen, select Add a Bank Account.
    (If you’ve already set up a bank account in another location you manage, you can use the Import Bank Account option instead.) BillPayCoInfo3.png

  2. Enter your bank account's Routing Number, Account Number, Account Holder Name and Account Holder Type.
    We default to starting the checks we issue at 100000, but you can adjust the check start number now - or later - if it conflicts with your current sequence.
    BillPayAddAct1.png

  3. Add a signature using drag-and-drop for an existing signature file, or sign using a mouse or stylus. (Click here to get help removing the background from your signature image)
    BillPayAddAct2.png

  4. The Payment Account dropdown lists all accounts from your accounting system's general ledger. Select the account that matches the bank account you are setting up so MarginEdge can sync payments to your accounting system. 
    BillPayAddAcct3.png

  5. Check the box to enable Electronic Payments

    Note: For all Electronic Payments, we will debit your bank account for the payment amount. However, for vendors that aren't enrolled in Electronic Payments, we will only use this information to print the bank account information on the check and will NOT pull funds to cover the paper check being issued. 

  6. Click Preview to see what your payments will look like. Review to make sure all the information on your check is correct.  Once it's correct, click Preview Check and Save.

  7. Now back under your Company Information, click Save and Continue!   
    billPayCompInfoSave_copy.png    
          

Note: Once you add a bank account during [me] Bill Pay setup, a new Payment Account is automatically created in MarginEdge. These are found under Accounting > Payment Accounts.  The new account will have the format of the example below and will be used to identify where payments are recorded in your accounting system.

You can also add multiple accounts if desired!

BillPayPymntAcct.png

 

If you get stuck anywhere along the way, don't hesitate to reach out to help@marginedge.com and we can answer questions or set up a call to walk you through this! 

Next Step: Setting up Vendors

You are now ready to select and configure the vendors you want to pay with ME Bill Pay.

Step-by-step instructions: Setting up vendors to pay them with Bill Pay.

 

Do you manage multiple units? 

This process will need to be completed in EVERY restaurant unit, but do note that once you have entered the bank account information in one unit, you have the option to "Import Bank Account" instead of re-entering that information each time if the units share one bank account. 

MarginEdge also offers a Company View for Bill Pay feature that will allow you to manage all of the payments for all of your units from one screen. (They must all share the same bank account!) There is more information here: Company View for Bill Pay

Note that your setup may show as incomplete if you use Company View and do not have the bank accounts set up in every single unit (which includes inactive units as well).

 

Removing a Bill Pay Bank Account 

Your Bill Pay Bank Account is automatically associated with a Payment Account in MarginEdge. This helps ensure smooth exporting. This also means it's a multi-step process to remove a bank account. Please follow these steps fully, and in this order: 

1. Any payment from that bank account must have fully cleared our system. In other words, check payments must have a status of "Sent" or "Downloaded" and MEEPS must have a status of "Paid". 

2. Go to Accounting > Payment Accounts and find the Payment Account associated with this Bill Pay account. You must remove the account by either marking it as inactive or deleting it. 

3. Now go to Bill Pay > Setup and you can delete the Bill Pay Bank Account!