Make Changes Based on Recent Financial Institution Events

Multiple Ordway clients were affected by the collapse of various banks. This article includes our recommended steps to update corresponding payment information in Ordway. 

1. Update Invoice Template

Request to have your invoice template updated with the new bank account information by submitting a support ticket to Ordway with the details of the new banking account information to be displayed. Ordway’s invoice design team will handle this on your behalf.  

2. Update GL Accounts

Update any bank-specific GL Accounts naming or create new accounts. When creating a new account, add the new account as your default payment accounts in the default GL Account setup. 

3. Review Payment Processors that receive ACH Payments

Verify with Stripe, CardConnect, or payment processor to confirm if any bank accounts are affected. Make needed changes as necessary directly within your payment processor account.

4. Track Recent Payments

View recent Payments via Menu > Operations > Payments and filter by the affected Bank name.  

Example - Classic Experience:

New Experience: 

You can also review affected payments via the New Analytics Platform by creating a new report with Report Type Payments. Add Customer details and Payment Method as report fields. Use the Filter option at the top of the report to filter by the affected bank name.

5. Regenerate and Distribute Invoices

If necessary, regenerate outstanding invoices and distribute them to customers. 

Resend via Billing Run: Refer to Regenerate PDF & Resend all Invoices in a Billing Run for instructions.

Or view individual invoices via Menu > Operations > Invoices and complete the following steps: 

1. Use the filter to isolate the invoices to regenerate.  Example: (Status does not equal Paid).  
2. Select Regenerate PDF from the Actions menu for the desired invoice. 

6. Communicate Payment Changes with your Customers

Consider sending an email to your customers notifying them of changes to your payment process.  Ordway maintains an updated list of all billing contacts and email addresses in our database.  Navigate to Menu > Customers and export all existing accounts to obtain the list.