Trust Accounting Q&A: Add Payees On the Fly

September 2019    Tags: Payees, Trust Accounting

When entering a trust transaction, I just received the message “Warning: The name entered is not found in the Payee file.” I thought this payee was already saved. Why am I getting this and do I have to lose my changes in order to add them to the Payee file?

When entering a Check or EFT transaction, this message can be received if you enter a payee name that does not match the exact spelling in the Payee file. You can optionally click the drop-down arrow to the right of the Payee Name field and scroll down to determine if the Payee already exists using a different spelling. If so, the spelling can be corrected via the Rename Payee utility (Maintenance | Renumber | Rename Payee).

If the Payee does not exist, you can select the Add Payee check box to the right of the Payee Name field in Trust Transactions. When this check box is selected, the payee will be added to the Payee file upon saving the transaction. This allows you to add payees on the fly.

Note: If the payee requires an IRS Form 1099-MISC, the Federal ID and the 1099 Box information will need to be added using the Payee program (File | Open | Miscellaneous | Payee tab).