Question
How can I verify if an owner draw has been successfully processed? Can I view the exact settlement date?
Answer
You can verify the settlement status of owner draw transactions processed through Forte on either the Transactions tab or the Accounts page. These transactions include a settlement status indicator at the end of their description:
If the owner draw has not yet settled, it will appear as "Owner Draw [Pending Settlement]".
If the owner draw has settled, it will display as "Owner Draw [Settled MM/DD/YYYY]", with the actual date reflecting the settlement date.
Transactions not processed through Forte will simply appear as "Owner Draw" without a settlement status indicator.
When processing owner draws via ACH through Forte:
Initially, the transaction will appear as a transfer between your chosen equity account and the "Outgoing Electronic Payments" liability account.
Upon settlement by Forte, a Deposit transaction is automatically created, moving funds from "Outgoing Electronic Payments" to your chosen bank account.
If an error occurs during processing (such as incorrect account information):
You will receive an email notification sent to your company's primary email address listed in your settings.
The Deposit transaction will not be created, but the original owner draw transaction (from equity to Outgoing Electronic Payments) will remain in the system for your review.