Setting up EFT (Electronic Funds Transfer) to make payments within is a useful feature many clients aspire to take advantage of. As with any organization from a small to large scale, manually writing cheques to make vendor payments is both time consuming and inefficient. As such, Microsoft has made the EFT process easily accessible for setup and processing to save time and make payments easier. Setting up and generating EFT at a high level requires the following setup within GP:
- Specifying a file format for EFT Files (The file format to follow is provided to you by your financial institution and defines a layout of the file GP will produce to eventually upload to your online banking website
- Setting up vendor cards and chequebooks in GP (This is completed within the Purchasing Module in GP and involves specifying specific banking details to transfer EFT Payments to)
- Entering and posting payables transactions in GP representing payments to be made to specific vendors
- Conducting an “EFT Run” similar to a “Cheque Run” in GP. This involves specifying which transactions to include in the EFT payment
- Once completed, users can generate an EFT file for upload to their financial institution
Important Notes for EFT Setup:
- EFT setup in GP requires minimal interaction with your financial institution (Certain setup instructions are provided by them and require tests before activation)
- Multiple chequebooks can be setup for EFT processing within GP (Note: Financial institutions generally charge service fees based on the number of accounts with EFT processing enabled)
- GP 2010 allows users to print and keep records of all payment remittances
For more information on EFT processing within Dynamics GP including setup & configuration, contact support@websan.com
By: Praveen Parameshwaran, Application Specialist, WebSan Solutions Inc, a Microsoft Dynamics GP Partner and 2013 Canadian Channel Elite Awards Finalist
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