Objective:
This article guides you through the process of paying a contractor using mid-month or end-of-month disbursement via the ABA file in Property Stack.
In this Article, You Will Learn How to:
Navigate to the contractor's profile to verify payment details
Ensure contractor balance is available for disbursement
Generate an ABA file for contractor payments
Step 1: Verify Contractor Payment Details
Log in to your Property Stack account.
In the left-hand menu, click on "Contractors" to expand the options.
Select "Contractor List" and click on the contractor’s profile you wish to pay.
Ensure payment details are correctly filled out. Click "Edit Profile" if any details need to be updated.
Step 2: Ensure Contractor Balance
Check to see if the supplier has funds in there account
Head to Trust > Accounts > Supplier
Step 3: Navigate to Payout
Navigate to the "Trust" section in the left-hand menu.
Select "Reconciliation" to check if there are sufficient funds in the contractor’s account.
Then select "Process funds"
Note: If you haven't cleared disbursements it will state "doesn't balance" like in this example
Step 4: Generate ABA File for Payment
If the contractor does not have a balance, they will not appear in the payout list.
In the "Payout" section, ensure the mid-month or end-of-month disbursement is selected.
Click on "Download CSV" to generate the ABA file, which includes all the contractors due for payment.
Additional Notes:
Disbursement Timing: Payments can only be made during mid-month or end-of-month disbursement cycles.
Balance Requirements: Contractors without a balance will not appear on the payout screen, so ensure their accounts are funded before the disbursement period.
Payment Details: Ensure all contractors have their payment details correctly entered to avoid any payment delays.
Conclusion
In this article, we covered the steps to pay a contractor using the mid-month or end-of-month disbursement method via the ABA file in Property Stack. By ensuring payment details are correctly entered and balances are available, you can seamlessly process contractor payments on time.