AP EFT Posting Example

The system provides for the generation of EFT files according to the Zengin (JBA) EFT file format. The process to generate EFT files also records EFT File entries and attaches the EFT file using CloudSuite Industrial documents. A/P EFT Posting determines necessary bank fees, records them as “Bank Reconciliation” detail items, and uses the General Journal to record the journal entry.

Consider this example using a vendor where the agreement for EFT Bank Fee Terms uses Telegraphic transfer, fee borne by Payer. The Zengin Bank Code and Zengin Branch Code values are the same for the vendor bank and the “Bank Code” on the “Bank Code Bank File Format” form.

EFT Bank Fees have been defined for the same “Bank Code” assigned on the “Bank Code Bank File Format” form according to the data in this table:

The EFT payment is recorded to the vendor in the amount of 2,400.0000. Posting creates journal entries for the AP DIST journal using the same methodology found in base CloudSuite Industrial and are not reproduced here. Given that the EFT Bank Fee Terms has been defined where fees are paid by the payer, the appropriate fee is determined using EFT Bank Fees data where the Tier Amount is less than the draft amount and then adding values from Charge 1 and Charge 2. In the example, the EFT payment amount of 2,400.00 corresponds with Tier Amount 1.00 for the result of 12.00. The “Transaction Date” matches the “Transaction Date” from the EFT Payment record.

The “Bank Code” on the “Bank Code Bank File Format” form defines the currency code and cash account.

This journal entry is recorded in the General Journal:

(1) Defined on the “Bank Code Bank File Format” form.

(2) Defined for the “Bank Code” on the “Bank Code Bank File Format” form.

(3) BBB = BankCode, FEE = Literal for FEE type, APP = Literal for AP Payment, VVVVVVV = VendNum

Here are the values from the “Bank Reconciliation” entry: