ACH Debit vs. ACH Credit
There are two payment methods available in OPTins: ACH Debit and ACH Credit. It is important to keep in mind that since you, the company, creates the ACH credit transaction, there is greater responsibility placed upon you to ensure the data is entered accurately into your banking system. If there are any discrepancies, the filing and taxes owed will not be submitted to the state. This could lead to delayed filings and late-filing fees charged by the state. If the data provided to your financial institution is correct, OPTins will match the payment with the filing and automatically submit the information to the state. If the information provided to your financial institution is incorrect, OPTins will be unable to match the payment to the filing and there could be a delay in your filing submission.>
When ACH Debit is used, your company is still in charge of the amount of the transaction and when the transaction is generated. The filing and payment is automatically submitted to the state on the date you select.
Below is an overview of how to correctly generate a filing in OPTins using ACH Credit, as well as important information to remember when generating an ACH Credit transaction at your bank:
1. Create the filing, then complete and upload the required form(s) per the state instructions.
2. If your company has implemented both ACH Debit and ACH Credit, you will see two payment options reflected in the "Enter Filing Payments" screen. Select the "I choose to initiate payment through my bank. (ACH Credit)" option.
3. Enter the applicable taxes or fees due to the state in the correct fields. OPTins will automatically add the applicable OPTins Transaction Fee and indicate the total required ACH Credit amount.
IMPORTANT: If the total required amount (including transaction fees) is not submitted, the transaction will be rejected, and the filing will not be submitted.
4. At this point, you have two options: Save the filing as a Draft, or Submit your filing on the current date.
a. If you want to save the filing as a Draft, simply click on the "Save as Draft" button. Your filing will be saved so that you, or another user with the "Schedule/Submit" role, can submit the filing at a later time.
b. If you have the "Schedule/Submit" role and are prepared to submit the filing on the current date, simply click on the "Submit" button.
5. Once you click "Submit", a confirmation will appear. Read the message, and confirm that the amount to be submitted is correct. If everything is correct, click "OK".
6. After confirming that the amount is correct, a pop-up screen will display the NAIC banking information (addenda). You can choose to e-mail the addenda to yourself (be sure you have your correct e-mail address in your settings), or copy the information to your computer clipboard.
7. After receiving the addenda, follow your financial institution�s ACH Credit procedures. Please note: the transaction format must be in CCD+, and you must enter the addenda information exactly as displayed. Any spaces, typos, or discrepancies in the transfer amount will result in a delay of the filing and payment submission. It is also possible that the payment could be rejected. If this occurs, your filing will not be submitted until either a new ACH Credit transaction is generated, or ACH Debit is used.
IMPORTANT: The addenda information will change with each new filing. Addendas cannot be reused for multiple filings. Reusing the addenda will result in a payment rejection.8. If all addenda information is entered correctly, the transaction will automatically reconcile with OPTins, and the filing and payment will automatically be submitted to the state.
Didn't find what you needed here?
The OPTins Help Desk is a great source of information.
Contact the OPTins Help Desk by calling 816-783-8500 or emailing optinshelp@naic.org.