Setting up EFT (Electronic Funds Transfer) to make payments within
- 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 [email protected]
By: Praveen Parameshwaran, Application Specialist, WebSan Solutions Inc, a Microsoft Dynamics GP Partner and 2013 Canadian Channel Elite Awards Finalist