How Do I Pay Payouts by Check?

Investors whose payout method is Check get a paper check mailed to the payee and address on file. Syndelo numbers the checks and keeps the register; you print and mail them.

Prepare a Check Run

1. Open the approved payout on Payouts and go to Payments.
2. Open the Check tab and tick the checks to write. The total stays at the bottom of the window.
3. Click Prepare Check Run. Check the First Check Number, the Check Date and the Memo, then click Prepare Check Run.

Checks are numbered in order from the first number, sorted by payee. The next run picks up where this one stopped. A check number is never used twice, even when a check is voided.

Approve and Print

A different finance approver reviews each payee, address and amount and clicks Approve Check Run. Your Approve Sending a Payout (ACH, Wire or Check) approval rules apply. Then click Download Check Register for a CSV with each check's number, date, payee, mailing address, amount and memo, and print the checks from it.

Record Each Check

1. After you mail them, click Record Checks Mailed and enter the date.
2. When a check clears your bank, a finance approver clicks Record Checks Cleared. It can't be the person who prepared the payout or the run.

Nothing posts to the books until a check clears. Clearing records the payout as paid and posts it the same way a NACHA file or manual payout settles.

Void a Check

If a check is lost or never cashed, place a stop payment with your bank, then click Void a Check, pick it, and enter the date and reason. The amount goes back to owed, like an ACH return, and the payout shows on the Check tab again so you can reissue it in a new run with the next number. A check that already cleared can't be voided.