How Do Electronic Funds Transfers (EFT) Get Processed?

Based on a pay-through due date, a batch process selects and extracts open items for payment. If the customer requires pre-notification of this process, an extracted list of open items will first be printed for the customer.

With the ability to handle exception open items, an electronic transfer of funds is executed from a customer's bank to the Accounts Receivable application user's bank. The application is also able to accommodate zero and credit balances (resulting in a direct deposit vs. a direct debit). The open items selected for EFT are "flagged" pending application records and are processed from the open item file using the automatic cash application program.