(above).Learn about Epays, Apays, Web payments, Xfers, E-bills, and automatic transactions
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Epays (Electronic Payments)
Use Epays for paying regular bills of varying amounts. An Epay is a one-time only transaction (Any deposit, transfer, purchase, withdrawal, or other action you enter in an account.); if you receive another bill owed to the same payee (The individual or business to whom a check is written.), you need to create a new Epay and send the transaction. You can set up Epays in Bills & Deposits, the Account Register, or the Connect place in Online area.
The account must be set up for Direct Bill Payment (A Direct Financial Service that allows you to pay bills electronically, which can be used with any checking account in the U.S. After you set up Direct Bill Payment at your financial institution, you can have money electronically debited from your account and your financial institution will send that money to your designated payee.) for you to create an Epay.
Apays (Automatic Payments)
Use Apays to create regular payments for bills that have a fixed frequency (The rate at which recurring transactions take place: for example, weekly, monthly, or quarterly.) and fixed amount, such as a car or mortgage payment. After you set up an Apay once, funds will automatically be withdrawn from your account and a payment sent to the payee, whether or not you connect to your financial institution (Banks, brokerage houses, and credit card providers.). The payment will be recorded in your Account Register the first time you connect within 30 days of the due date. You need to remember to keep enough funds available in the account from which the Apay is taken so that the payment will be covered.
You can only create Apays in the Bills & Deposits place, and the account must be set up for Direct Bill Payment.
Web Payments
A Web payment is a transaction entered on your financial institutionÆs Web site. Log on to your bankÆs Web Financial Services (The ability to do common banking tasks from your computer on a Web site provided by your financial institution.) Web site and enter the transaction details there. When you download your online statement (An electronic list of the transactions that have cleared your financial institution. The information is similar to the information in your paper statement, and you can use it to update your account records electronically. Online statements are available through both Web and direct banking in Money.) and update your account records electronically, Money enters the transaction in your Account Register for you. ThereÆs no double entry, and you know that your account in Money always reflects your latest bank statement.
To create a Web payment from within Money, your account needs to be set up for Web Financial Services and your bank must support the capability.
Xfers (Electronic Transfers)
Xfers can be used to transfer money electronically between two accounts at the same financial institution. For example, you might electronically transfer money from your checking account to your savings account at the same bank. Both accounts must be set up for Direct Statements (Direct Financial Services that allow you to download online statements directly and securely from your financial institution, and depending on your financial institution, transfer money electronically between accounts.) to use this feature. You can enter Xfers in the Account Register.
Support for Xfers depends on your financial institution.
E-bills (Electronic Bills)
E-bills are bills that are delivered to you at a secure, private Web site where you can view and pay them at your convenience. You can associate E-bills with the recurring bills that you schedule in Money in order to get reminders when theyÆre due and track them after you pay them. E-bills are not a part of Online Services, you sign up for them separately through the Bills & Deposits place in Money.
Automatic Transactions
It is increasingly common for financial institutions to facilitate the payment of bills each month through automatic transactions such as Standing Orders (A type of sell order you can place with your brokerage firm to sell a certain number of investment shares at a particular price. For example, if you hold 100 shares of XYZ stock, you can place a standing order to sell 50 shares of XYZ stock at $30 per share. Your brokerage firm will enter your order, and if the market price of that stock reaches $30 within 60 days, the brokerage firm will automatically sell 50 shares for you. If the stock doesnÆt reach $30 within those 60 days, the order is canceled and your shares are not sold.), Direct Debits (Withdrawal transactions that are directly subtracted from your account.), and Direct Deposits (Deposit transactions that is directly added to your account.). For instance, if you have an Internet Service Provider (ISP) (An Internet Service Provider performs the actual connection to the Internet for you. Typically, your ISP will give you a phone number to dial using your modem.), you might have authorized the service to electronically withdraw your monthly fees directly from your credit card or checking account. Or you may have your paycheck automatically deposited into your checking account.
These sorts of "automatic" transactions involve an arrangement with your financial institution, and do not require the use of either Direct Statements or Direct Bill Payment in Money. The Enter this into my register automatically scheduling option for recurring bills and deposits is simply a way of having Money automatically enter a recurring transaction into your Account Register each month. This way, while your financial institution automatically facilitates the transaction in the "real world," Money automatically enters the transaction into your Account Register the first time you start Money after the due date.
To enter an Automatic Transaction into the Bills & Deposits place, follow the procedure for scheduling a recurring transaction, but be sure to select Enter this into my register automatically on the Scheduling Options dialog box and Other or an appropriate entry for the Payment Method.
Important
Automatic Transactions are different from Automatic Payments (Apays). Apays must be entered into the Bills & Deposits place manually, require Direct Bill Payment, and are entered into your Account Register only when you connect to your Direct Bill Payment service provider.
How do I schedule a recurring transaction?