Defining EFT Options

If you selected Yes in the EFT Processing field for the company or customer group, you will need to define and maintain EFT cash and payment processing codes. This procedure will detail what processing codes are needed.

To define EFT options

  1. Access Company (AR01.1), EFT tab.
  2. Define deposit, cash and payment codes. Use the following guidelines to enter field values:
    Days: Due, GL, Deposit

    The number of days used to calculate the appropriate date range.

    Cash codes

    The cash codes represent the cash GL accounts used when sending and receiving cash. These must be valid codes set up previously in Cash Management.

    Payment codes

    The payment codes update the Cash Management application and determine whether the cash accounts should be debited or credited. These must be valid codes set up previously in Cash Management.

    EFT Company ID

    Used for ACH processing to identify the entity that is receiving or sending funds.

    Last EFT Debit Number

    This number is used for cash application purposes for credit balance processing. As funds are withdrawn/sent to a customer for a credit balance, a zero check is created with a corresponding debit memo for the funds amount. This is used for accounting purposes, and as a balancing record to complete the cash application/removal process of a credit balance.