Posting Electronic Funds Transfer Transactions

Note: Ensure that users who perform the Final Register and Post, or who print the Remittance Advice, have permission to write to the output directory for the EFT files. If you run either process successfully, and no file is created, check the permissions on the directory.

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

Before posting,select the A/P EFT Posting Report option on the A/P EFT Posting form.

This option produces a list of the EFT payments that will be posted. The grid at the bottom of the form also displays the list of items that will be posted. Review these lists.
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 fields on the Bank File Format 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 logical folder specified in the Logical Folder field.
  Note: Click the Files button on the A/P EFT Posting form to view or download the output file from the logical folder.
- Creates the EFT Output File Report. This report logs all output EFT records.
Optionally, select the Print Remittance Advice option and then click Process to print remittance advice,

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 email 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.