Note: All marinas that are created after August 2024 will automatically follow this logic. For marinas created before that date, please reach out to your Customer Success / Implementation Manager or support@getmolo.com to use the updated logic. If no changes are made for marinas created before August 2024, Molo will still use the legacy logic on ACH Failures


Overview

  • When ACH / Bank Account payments are processed, the Payments take around 5 business days to fully process or fail. In Molo, we add the Transaction once it is processed in Molo and update the system in the rare cases that the payment is unable to be processed. With the new process, if an ACH / Bank Account payment does fail to process, Molo will automatically both notify the marina via Email and create a new Standalone Invoice to rebill the customer.


How to get setup to use the new failed ACH Logic

  • Create a new Inventory item called 'Failed ACH Payment' with the below settings
    • Item Name: Failed ACH Payment

    • Item Code: Failed ACH Payment

    • Category: Other

    • Sales Price: 1

    • Taxable: No

    • Item charge method: Flat Fee

    • Income account for marinas using Accounting Integrations: [Molo GL, QBO, Xero, Netsuite, Intacct] should be set to the same account that is set as the default for the Bank Account Payments

  • Notify your Customer Success / Implementation Manager "Please link our Inventory Item 'Failed ACH Payment' as the default Failed ACH Item for our marina"


How will the Failed ACH Invoice appear

  • Type of Invoice: Standalone Invoice
  • Invoice Date: Set to the date that the ACH Payment had failed
  • Amount: Total on the Invoice matches the failed payment amount
  • Invoice Line Note : We will place an Invoice Line Note in the format "New invoice to offset the failed payment INVOICE_NUMBER | DATE_OF_FAILED_TRANSACTION | $PAYMENT_AMOUNT"



Note: If no actions are changed, Molo will still use the legacy logic on ACH Failures