Understanding how to accurately enter bank details for local US vendors in Peakflo is an essential part of ensuring timely and error-free payments.
Before you can proceed to enter bank details, it is important to first complete the vendor’s information in both the "INFO" and "Address" tabs. These sections capture key details such as the vendor’s legal entity name, contact information, and official address. Saving this foundational information is a prerequisite before adding or editing bank account details.
For a detailed, step-by-step walkthrough on how to fill out the "INFO" and "Address" tabs, refer to the help article here: How to add vendors in Peakflo?
To enter bank details for local US vendors in Peakflo, follow the steps below:
1. Begin by navigating to the "Vendors" section under "Payables" in the sidebar.
2. Locate the vendor whose bank details you wish to add or update, and select the edit button (represented by the pencil icon) next to their name.
3. Open the "Bank Details" tab and select the "Add Bank Account" option.
4. Now fill out the vendor's bank details in the following fields.
- Account holder name: Enter the full legal name of the vendor as registered with the bank.
- Bank account number: Input the vendor’s account number exactly as provided to ensure accuracy of payments.
- Payment Channel: Select the preferred payment method, such as ACH Payments
- Currency: Specify the transaction currency, typically USD for local US vendors.
- Bank country: Choose the United States as the bank’s country of operation.
- Bank name: Enter the official name of the vendor’s bank; this should match exactly for successful transfers.
- Bank code: Enter the beneficiary’s 9-digit bank routing number, also known as the ABA number.
- Bank account type: Indicate the type of account (e.g., Checking or Savings) to route payments properly.
- Nickname: Assign an internal nickname for quick reference.
- Email: Enter the vendor’s contact email address.
- City: Specify the city where the vendor is located.
- Address: Include the street address of the vendor.
- Postcode: Enter the postal code aligning with the vendor’s address.
- State or Province: Indicate the relevant US state for the vendor’s location.
- Bank Account Routing Type: Enter the routing type used by banks for various financial transactions, with the most common being ABA and ACH, required for US domestic transfers.
- Bank Account Routing Value: Enter the corresponding routing code matching the chosen routing type.
- Bank Local Clearing System: Specify the clearing system used, e.g., ACH, Fedwire, FedNow, to facilitate US banking operations accurately.
- Date of Birth: Provide the date of birth of the account holder.
5. Once done, check the details before clicking "Save".
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