Use this feature to generate electronic funds transfers for use as an alternative to paper-based AP checks.
The following EFT file formats are currently available: Scotia Bank (SCPI5), Bank of Montreal (CPA005), BMO Harris (NACHA), Canadian Imperial Bank of Commerce (CIBC).
1) To transmit successfully, the EFT transmit file requires the following information from the payee bank, which you specify via the Payables tab in the Vendor Remit-To Settings:
financial institution number
transit number
account number
2) The EFT transmit file requires the following information from the payer bank, which you specify via the EFT and Positive Pay tab in the Bank Settings:
payer number assigned to the selected company by their bank
transit number for the payer bank
account number for the payer bank
3) To indicate the GL account to credit for completed EFT payments within an EFT batch, use the
EFT GL Account field in the Bank Settings for the GL account, and/or the
EFT Payment field on the Accounts Payable tab of the General Ledger Assigned Account Settings.
When searching for an EFT GL account, the posting process references the following hierarchy and uses the first account it finds:
EFT GL Account field in the Bank Settings for the GL account
EFT Payment GL Account field in the General Ledger Assigned Account Settings
GL Account Number Default ($$$$$^NN)
This process provides the option to create check runs or EFT payment batches. When creating EFT batches, you use the Create Electronic Funds Transfer File routine. This routine creates the EFT file for transmission to the bank, in the format specified for that bank. It also provides the ability to re-create the file for a previous EFT batch.
In the Select and Approve Bills for Payment process, if you check the box at the Process Using Electronic Funds Transfer field on the Date For New Batch Window, you indicate an electronic funds transfer and the system pulls the necessary information from the Vendor Remit-To and Bank files. When you check the box at this field, the process references the following fields on the Third Party Processing tab in the Bank Settings:
Next EFT Payment Number field - provides the next sequential number for the EFT batch.
EFT File Format field - determines the fields in the Vendor Remit-To and Bank files that are required to produce the EFT Transmit file.
The following fields are required when using the Scotia Bank proprietary file format (SCPI5):
- Vendor Remit-To: Financial Number, Transit Number, Account Number, and Next Payee Number
- Bank: Payer Number, Transit Number, Account Number, and Next EFT Payment Number
The EFT feature does not support customer refunds. Thus, the Customer Refund check box in the Payments to Include box is inactive for EFT transactions and the system excludes refund vendor (RFND) from EFT batches.
Once you select and approve bills for payment in the Select and Approve Bills for Payment Process, access the EFT Review tab to create an EFT batch. Then, click on Create EFT File button to access the Create Electronic Funds Transfer File routine. This process creates the EFT file and downloads it to your PC. Note that you can also access the Create Electronic Funds Transfer File routine from a menu.
Use the Void EFT Batch to void a completed electronic funds transfer (EFT) batch and all its payments.
The Void Payment process allows you to void a single EFT payment. When you void an EFT payment, the program
adjusts the amount on the EFT Batch’s bank reconciliation transaction record, and
posts two reversing GL batches:
a) GL batch - debits the EFT GL account and credits the Accounts Payable account.
b) EFT batch - credits the EFT GL account and debits the AP Cash account.
If you void all payments in an EFT batch, the program assigns a status of "VOI" to the EFT batch.
Each EFT batch requires a unique sequence number. Use the Bank Settings to specify an incremental EFT batch number.
All payments in an EFT batch require the same currency.