About Electronic File Transfer and Bank Statements

Banking Agreements

To perform EFT transactions between respective parties, agreements are required about the types of transactions that are allowed:

• Vendor Agreement: Suitable for Accounts Payable. You can make payments to the account holder or accept demands for payments but cannot withdraw funds from this account.
• Customer Agreement: Suitable for Accounts Receivable. You can demand payment by a customer or accept payments from a customer. A customer cannot withdraw money from this account.
• General Agreement: This allows the bank to make transactions on behalf of the account holder and are generally subject to the agreement with a third party that has a customer or vendor agreement with the account holder.

Transaction Types

• Bank Reconciliation: Confirm that a transaction has been completed by the bank and can be closed in the accounting system. This would include: 
  • Checks that have been issued and have now been processed.
  • Checks that have been deposited and have had the amount applied to the account.
  • Banking transactions that have automatically been applied to the account in terms of debits and credits that have no customer or vendor associated.

• Accounts Receivable: Representative of a payment that has been made by a customer in response to an invoice.
  • With the information provided in the bank statement, if the AR transaction can be identified in SyteLine, the transaction should be linked to the existing invoice. If it cannot be linked to an existing invoice, a new AR transaction should be created, requiring the AR transactions to be linked to the invoices.
  • The invoice number in a NACHA and BAI file can only be determined in the distribution payment representing the detail. 

• Accounts Payable: Representative of payments made to a Vendor (Employee) in relation to an AP payment or a voucher.
  • With the information provided in the bank statement, if the AP transaction can be identified, the transaction should be linked to the existing AP payment or voucher. If it cannot be linked, a new AP payment with associated distribution records should be created.
  • An AP payment can occur at the Line level.
  • The voucher number is not expected to be associated to a customer payment but rather to a customer invoice number or a vendor purchase order number.
  • A voucher in a NACHA and BAI file can only be determined in the distribution payment representing the detail. 

Application Event System (AES)

We recommended that you copy the system generated event to a new event before making modifications and turning the system generated event to inactive.

Create a File Server and Logical Folders

On the File Servers form and File Server Logical Folders form, ensure that a file server and logical folders are set up to use for the imports. See the help or Application Administration Guide topics about setting up a file server for ERP in the cloud or on-premises, and about configuring logical folders.

Create a minimum of two logical folders: one called EFTImport for the base import, and one called EFTArchive for the archive. Set the permissions for both logical folders to include either individual users or the General Ledger, Accounts Payable, and Accounts Receivable groups. The number of possible logical folders depends on your configuration and whether multiple banks are supported. Also, if your company separates EFT duties between A/P and A/R, you can create additional logical folders and set authorizations accordingly.

When you assign permissions to these logical folders with the Group Authorizations or User Authorizations buttons on the Groups form, set all of the privileges to Granted.

Mappings

Create or modify existing mappings with the Electronic File Transfer Map Types form and Electronic File Transfer Mappings form. If you change field definitions or create new ones, the Application Event System and the Dataview need to be rebuilt on the Electronic File Transfer Mappings form.

Import Files

Use the Electronic File Transfer Imports form to select Map ID and Process to import the files.

Single Euro Payments Area (SEPA)

This is the area on the Customers form where citizens and companies in EU countries can make and receive payments in Euros.