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Procore

Edit Funding Accounts

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 General Availability in Select Markets (United States)
flag-us.png Procore Pay icon-external-link.png with payments powered by Goldman Sachs Transaction Banking (TxB)* is available in the United States. It is designed for General Contractors and Owner-Builders who act as their own General Contractors on a job. Procore Pay extends the Invoice Management icon-external-link.png functionality in the Procore web application to handle the payment process between general and specialty contractors.

Objective

To edit a funding account in Procore Pay as a Payments Admin. 

Background

After adding a funding account to Procore Pay, a Payments Admin can modify some of the account information. 

 Important
If you need to change a verified account number, you must deactivate it. See Deactivate Funding Accounts. New account numbers associated with a funding account in Procore Pay require identity verification. Identity verification in Procore Pay is powered by Modern Treasury with payments powered by Goldman Sachs Transaction Banking (TxB). See Add Funding Accounts. 

Things to Consider

Prerequisites

Steps

  1. Navigate to the Company level Payments tool.
  2. Click the Payments Settings icons-settings-gear.png icon.
    This opens the Payments Settings page. The Funding Accounts tab is active by default. 
  3. Locate the funding account to edit.
  4. On the account, click the Overflow menu and choose Edit from the drop-down menu.

    edit-funding-account.png

    This opens the Edit Funding Account page. 
  5. Optional. Under Account Nickname, change the existing Nickname * for the funding account.
     Tip
    Why does an account need a nickname? A funding account requires a nickname because it allows Payment Disbursers to identify an account when creating disbursements. It protects your financial privacy by eliminating the need to provide disbursers with the full bank account number. 
  6. Optional. Under Deposit Account, your company may have one (1) or more accounts to choose from. Select the appropriate account from the drop-down list.  
     Tip
    What is a deposit account? To learn about the different bank account types in Procore Pay, see What are the different types of bank accounts in Procore Pay?
  7. Optional. Under Next Check Number:
    This provides each invoice payment with a unique identification number for the bank account. It also provides Payments Admins and Payments Disbursers with a reference number to identify individual payments in disbursements. See Manage Disbursements.
     Note
    Procore Pay does not permit you to enter a duplicate Bank ID or Next Check Number.  Procore Pay validates all entries and notifies you with an informational message when a duplicate is detected. Your entry must be unique. 
    • Bank ID*. Enter a unique Bank ID. Procore uses the bank ID as a prefix on payments to ensure each check number is unique. You can change this number at any time. However, any new changes only impact new check numbers. 
    • Next Check Number*. Enter the check number for the next payment from this funding account. See How does Procore assign numbers to disbursement and checks?
       Tip

      Syncing payments with an integrated ERP system?  To avoid potential ERP synchronization errors, update the Next Check Number field with a number high enough to prevent duplication in your integrated ERP system. To learn more, see How do Payments made in Procore sync with an integrated ERP system?

    • Preview. Verify that the 'Bank ID' and 'Next Check Number' are correct. 
  8. Click Continue. 

See Also