This article was previously published under Q173135
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This article discusses the difference between the following payment types that are available in Microsoft Money:
Epays (electronic payments)
Use Epays to pay regular bills of varying amounts. An Epay is a one- time only transaction; if you receive another bill owed to the same payee, create a new Epay and send the transaction. Epays can be set up in the Bills area, the Account Register, or the Connect place in Online Banking. The account must be configured to use Direct Bill Payment.
Apays (automatic payments)
Use Apays to create regular payments for bills that have a fixed frequency and fixed amount, such as a car or mortgage payment. After you set up an Apay one time, funds will automatically be withdrawn from your account and a payment sent to the payee, whether you connect to your financial institution. The payment will be recorded in your Account Register the first time that you connect within thirty days of the due date. Remember to keep enough funds available in the account from which the Apay is taken so that the payment will be covered. Apays can be configured in the Bills area. The account must be configured to use Direct Bill Payment for you to create an Apay.
A Web payment is a transaction entered on your financial institution's Web site. Log on to your bank's Web Financial Services Web site and enter the transaction details there. When you download your online statement and update your account records electronically, Money enters the transaction in your Account Register for you. There is no double entry, and you know that your account in Money always reflects your latest bank statement. To create a Web payment in Money, your account has to be set up with Web Financial Services.
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 to use this feature. Xfers are entered in the Account Register. Support for Xfers depends on your financial institution.
It is increasingly common for financial institutions to make paying bills each month easier by using automatic transactions such as Standing Orders, Direct Debits, and Direct Deposits. For example, if you have an Internet service provider, 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 Direct Statements or Direct Bill Payment in Money. The Automatic Entry method option on the Edit Scheduled Transaction form in Bills & Deposits is just a way of having Money automatically enter a recurring automatic transaction into your Account Register each month, without any need for intervention on your part. 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 that you start Money after the due date.
To enter an Automatic Transaction into the Bills area, follow the procedure for scheduling a recurring transaction, but make sure that you select Automatic Entry as the Entry method, and leave the Number field blank.
For all other recurring transactions, select Manual Entry. This includes Epays and Apays.
Important Automatic Transactions differ from Automatic Payments (Apays). Apays must be entered into the Bills area with the Manual Entry method, require Direct Bill Payment, and are entered into your Account Register only when you connect to the bill payment service provider.
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