Setup of Electronic Funds Transfer EFT Payables Management
April 04 |
First, you will need to contact the bank that will be processing your ACH payments to obtain their requirements. There are standard formats provided in Microsoft Dynamics GP, hopefully one of these will meet your banks requirements. However if needed you have the ability to map as a customized format in GP.
Format Types available US NACHA-PPD and NACHA-PPD+ (this option includes additional information about the invoice paid). US NACHA-CCD and NACHA-CCD+. Check with your bank to see if they have a requirement for one of these types, or if they possibly do not accept one of these types.
Once you have gathered this information you can begin to set up your checkbook for EFT payments.
Checkbook Maintenance
Financial>Checkbook>
Verify your Bank Account, then click the EFT Bank button.
Checkbook EFT Bank Maintenance
Select United States for the Bank Country/Region
Enter the Transit Routing Number and Bank Account Number for the Checkbook Account you will be using for you EFT payments.
Enter the Bank Company Name required in you bank’s specification for EFT files.
Enter the Company ID Number required in your bank’s specification for EFT files.
Enter the Small Company Name required in your bank’s specification for EFT files. (This will default to the Bank Company Name.)
Press the Payables Options button.
Checkbook EFT Payables Options
You have the option to select Use Check Numbers. Or you can select to Use EFT Numbers for payables EFT transactions.
If Use EFT Numbers is selected, enter the next EFT payment number.
Note: If you choose Use Check Number, a non-negotiable check will be printed for each EFT transaction. If you use paper checks, you might want to use EFT numbers to minimize the number of paper checks used for transactions that are sent electronically. If Use EFT Numbers is selected, you can print a remittance to send to the vendor. The remittance number will be the next available EFT number.
If your Bank requires a Prenote, mark the Payables Prenote Required box. Then Enter the Prenote Grace Period. When you setup EFT payment for a new vendor record, this is the number of days to wait after generating a prenote before transferring funds to the vendor electronically. The payment date will be compared to the prenote date to verify it is past the grace period.
Default Output Files:
Specify the paths and the filenames for EFT files generated in Payables Management. Payables EFT files contain sensitive information and should be saved in a secure location. You can set up separate locations and use different file names for Payables Domestic Payments, Payables Foreign Payments and Payables Prenotes.
NOTE: If you are using Microsoft Windows Vista®, Windows® 7, or Windows Server® 2008, files can’t be saved to the folder where Microsoft Dynamics GP program files are stored, typically C:\Program Files\Microsoft Dynamics\GP.
File Format:
You can select a Single Format Select for the output file to use for all EFT payments to all Vendors.
If required, you can choose Based on Vendor for the EFT file format if you are paying: Business, Corporate, Personal, or Foreign. You can enter a different format to use for each of these types. Choose the expansion button for the selected Vendor type, this will open the EFT File Format Maintenance window where you can change individual settings as required.
If you are using multiple formats and are in the United States, use Business, Corporate, or Personal for standard ACH transactions and Foreign for international ACH transactions (IAT) transactions.
If you are using an IAT file format and a standard ACH file format, a separate output file is generated for the IAT file format and the standard ACH file format. For the IAT file format, an output file is created for each destination country.
When you have entered all required data, choose the Generate Prenotes button. This will generate a prenote file that you can send to your bank.
Choose OK to save your changes.
Now that the checkbook configuration is completed for EFT, you will set up EFT information for each vendor that you will pay use EFT payment.
Vendor EFT Bank Maintenance
Purchasing Page>> Cards >>Vendors>>Addresses button>>EFT Bank button
EFT Bank information should be set up on the necessary “Remit To” addresses for the appropriate vendors. When a “Remit To” address with EFT Bank information is used on a payables transaction, the transaction will be picked up to be paid by EFT, assuming the vendor has met any prenote requirements and the checkbook used also has been configured for EFT.
In the Vendor EFT Bank Maintenance window, select United States as the Bank Country/Region. Complete the required fields for Transit Routing Number and Bank Account Number for the vendor. Also fill in any other fields required by your bank for EFT payments.
If you need assistance in the setup of Electronic Funds Transfer EFT Payables Management in Microsoft Dynamics GP, please contact us at support@isolutionspartners.com
