homepage

EFT Implementation and Processing

Before starting the EFT setup:

Questions to ask:

  • Which banks will this be set up for?
  • Do you want to use the pay-for-service by AMC or should we set up the Data Definitions (see below)?

One-Time Setups

Note

Information below is only a high-level overview of the processes that need to take place. There is much more detail involved.

Data Exchange Definitions

  • We must establish Data Definitions for the bank or multiple banks.
    • Typically, it takes 4-8 hours if we must work with your bank and set up ourselves; once done, it is free to use.
    • Sometimes banks struggle to provide the correct information to us, which can increase the setup time. Instead, you can use the add-on “AMC Fundamentals” where the first bank is free and the second is 50 EUR/month (according to their website).
  • We will link the Bank Export/Import Setup to the Data Exchange Definition, and this is what you will enter into the bank.

Bank Account Card

  • Setup the Bank Account card for e-payments – in the Transfer fasttab:
    • (e-pay) Country Export Format.
    • (E-pay) CPA Export File Name (e.g., DD00000.txt).
    • Last CPA File Creation (e.g., 1).
    • Client No. (e.g., 00999 and supplied by your bank).
    • Client Name (e.g., DURTIAP999 and supplied by your bank).
    • Transit No. (e.g., 005).
    • Payment Export Format (e.g., BMO).
  • You should have had already set up the following on other FastTabs::
    • Name and address.
    • Country/Region Code.
    • Bank Branch No.
    • Bank Account No.

E-Mail

  • Run the Page “Setup Email” if you want to email the PDF remittances.

Payment Journal

  • Payment Journal Batch must:
    • “Allow Payment Export”.
    • Balance Account No. MUST be the bank account you are using.
    • After running the Export, you must enter the same bank account that was on the Batch and the Journal. After this export, the “Check Printed” flag will turn on. If it does not, you will see nothing when you generate the EFT file.

Vendor Setups

Setup each Vendor – a simple set of data but this involves data entry or import.

Open “Vendor Bank Accounts” accessed from within the Vendor (we use config package). “Vendor Bank Accounts” must be populated with:

  • Country/Region Code.
  • Bank Code.
  • Bank Branch No.
  • Bank Account No.
  • Transit No.
  • Setup “Preferred Bank Account Code” in the Vendor card (Payments fasttab).
  • Enter the “Document Layout” with email address and report 10083.
    • This is buried in the Vendor menu (and only on the Vendor Card, not Vendor List, at the time of writing this). Look in “Related – Vendor – Other – Document Layouts”.
Note
  • The last step is not required if not emailing.

Processing a Payment

Search: Payment Journal. In the Payment Journal:

  • Create a payment record (same as a Check) and mark it as “Bank Payment Type” is Electronic Payment.
  • From the Bank button – select “Export” to generate Remittance Advice in PDF or select an Output format for the email, if preferred (can send later if preferred).
  • After this section, you will not be able to void. You will have to post and reverse after generating the EFT file.
  • From the Actions button – Functions – Run, “Generate EFT File”.
  • The Generate EFT files page will appear with one entry per Vendor.
  • Click on Generate EFT Files and the files will be created.
  • Manually upload the EFT file to the bank portal.

As the last step, post the journal.

Once the initial setups are complete, working with EFT is easy and saves admin work. We never had a client "go back" to checks after EFT implementation. However, there is an initial time investment to consider.