Setting up Electronic Funds Transfer (EFT) Payments

Electronic funds transfer (EFT) is a common way to process automatic transfer of funds from a company's bank account to its vendors or employees. SyteLine supports various output file formats for submission to third-party EFT transmission systems.

Note: Be aware that check numbers are limited to 7 digits for vendor/employee payments with an EFT Payment Type where the EFT Format set to ALLEFT. You can manually set the check number on the A/P Payments form.
  1. In the Chart of Accounts form, set up any new G/L accounts and unit codes that you will use for automatic A/P payments.
  2. On the General Parameters form, specify your company's Bank Authority Party ID, if your company does business in countries that require it.
  3. On the Countries form, you should already have set up country codes that map to ISO country codes. You must also set up the Bank Transit Number Mask in this form for each country where you will transmit electronic banking data. See the help for this field for some examples of the masking format.
  4. On the Bank Reconcilations form, specify information about the banks that you will use for EFT transactions. This includes your company's bank as well as vendor and employee banks.
    • Create a bank code and specify the appropriate information to describe the banks where your company has accounts. This can include your company’s IBAN number and the currency in which the bank deals, your company’s BIC number or Bank Authority Party ID, as appropriate.

      Your company might have accounts at banks in different regions or in different currencies, to simplify dealing with vendors and employees in those regions or currencies.

    • Create a bank code and specify information to describe each of the banks where your vendors and employees have accounts. Specify the currency in which each bank deals.

      For vendor’s banks, also specify the appropriate EFT information, which can include the IBAN number, BIC number or Bank Authority Party ID, as appropriate.

    • If your vendors use an Optical Character Recognition (OCR) number in banking, select the appropriate settings in the OCR Reference Control fields.
  5. On the Bank Addresses form, specify at least the bank number and the branch code for each bank.
  6. On the A/P EFT Posting form, specify the format.
  7. Use the Bank File Format and Bank Code Bank File Format forms to set up the EFT parameters for this information:
    • EFT format: ALLEFT, BBMEFT, ABAFILE, NACHA PPD, NACHA CCD, SEPA, CPA, CNAB, or ZENGIN File (JBA).
    • Bank code to use for EFT transactions
    • Logical folder where the EFT output files will be stored
    • User name and user number, which is needed only for the ABAFILE format
    • Destination ID and Origination ID, which are needed only for the NACHA and CPA formats
    • Company ID, which is needed only for the NACHA format
    • Whether to use the default account. This is needed only for the CPA format.
    • Registration number, which is needed only for the CNAB format

    After EFT processing has begun, this tab also shows the last date an EFT file was created, and the name (number) of that file.

  8. In the Remittance Advice area to the right of the EFT parameters, indicate whether you want to print remittance advice after posting EFT transactions.
  9. On the Vendors or Multi-Site Vendors form, set up EFT information for the individual vendors.

    This information includes the Bank Code for your company's bank account that you will use for automatic payments; the Payment Type, and the Vendor Bank code that describes the vendor's bank account that will receive payments from your bank account.

    If the vendor's default payment type is EFT, specify this information, depending on the EFT format that you use:

    • For ABAFILE, specify the bank account, the bank's EFT (sort) number, and the account name.
    • For ALLEFT and BBMEFT, specify the bank account and the bank's EFT (sort) number.
    • For CNAB, specify the transit reference, EFT (sort) number, and the account name.
    • For CPA, specify the bank account, the transit reference, EFT (sort) number, and the account name.
    • For NACHA PPD and NACHA CCD, specify the bank name, transit reference, and bank account.
    • For SEPA, specify the international bank account number (IBAN).

    For vendors in countries where this is a requirement, specify the Bank Authority Party ID.

    If a Remit To Vendor is set for the vendor, then EFT information must also be set up for the Remit To Vendor.

  10. On the Employees form, in the Direct Deposit section, specify appropriate banking information for employees who can receive automatic payments. The information that you must supply depends on the requirements of the banking authority.

For posting steps, see Posting Electronic Funds Transfer Transactions.

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