Posting Electronic Funds Transfer Transactions

To post electronic funds transfer (EFT) transactions and to create the EFT output file:

1. Before posting, to print and review this report, on the A/P EFT Posting form select the A/P EFT Posting Report option.

   This option produces a list of the EFT payments that will be posted. (Note that the grid at the bottom of the form also displays the list of items that will be posted.)

2. After printing the report, to begin the posting process, select the Final Register and Post option.

   This step also creates the EFT payments output file, using information from EFT fields in the Accounts Payable Parameters form. The system:

   • Writes the file in the format specified by the EFT Format field.
   • Writes payment records to this file, which has an incrementally numbered filename (continuing from the number in the Last EFT File field).
   • Places the file in the directory specified in the EFT Directory field.
   • Creates the EFT Output File Report. This report logs all output EFT records.
3. (Optional) To have the system print remittance advice, select the Print Remittance Advice option and then click Process.

NOTE: If the EFT option for  Remittance Advice is selected on the Accounts Payable Parameters form, you must also select Print Remittance Advice.

To have the remittance advice statement processed for print, fax, or e-mail on a vendor-by-vendor basis, also select the Use Profile check box.

When you post an EFT payment and distribution, a Bank Reconciliations record stores the payment. The system marks the record as Not Voided.

Related Topics

A/P EFT Posting

Setting up Electronic Funds Transfer (EFT)