“The Bank Account does not exist” error when posting payment journal

Problem:

Trying to post a payment journal in Business Central of transmitted electronic payments, you get the error “The Bank Account does not exist”. You check payment journal lines for

1. Recipient Bank Account,
2. Bal Account Type of Bank Account,
3. and Bal Account No.

The vendor bank account information is all filled in on the Vendor Bank Account card.

You go to the Bank Account assigned to the payment journal lines to check it is complete and correct including,

1. Bank account,
2. Transit number
3. and Branch Number

You enter bank information in Company Information even though you know it is not used and can’t be the cause of the error. Where is BC looking that it can’t find a bank account?

Solution:

The problem is underlying, literally. The Journal Batch being used in the payment journal must have a Bal Account Type of Bank Account and a Bal Account No. must be filled in. This information is not needed to export the remittance advice, or to Generate the EFT file, however, it is required to post. And this even though you have entered this information directly into the payment journal line. Once you enter the required information in Journal Batch setup, the error should be resolved, and the journal will post.