Accounts Payable > Accounts Payable Payment Tasks menu > AP Generate Electronic Funds Transfer File window
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AP Generate Electronic Funds Transfer File window
Electronic Funds Transfer (EFT) is the electronic transfer of funds from one bank account to another in an encrypted format. Charges are made automatically through the Federal Reserves Automated Clearing House (ACH).
EFT in Accounts Payable allows you to make electronic payments to vendors.
Denali has two EFT options. EFT Format 1 processes payments to a data file that is formatted to interface with EFT for Windows©, a third-party software produced by ETT Consulting. ETT Consulting is the intermediary between you and the Federal Reserve. To use this EFT option, you must set up an agreement with ETT Consulting and purchase their EFT for Windows software. EFT Format 2 allows you to generate the payment file and send it directly to your bank.
Batch
If you are using batch processing, select the batch that contains the transactions you want to generate into an electronic file from the drop-down list.
If you are not using batch processing, the word Single appears in this field.
Destination File Path
Enter the Destination File Path that indicates the directory into which you want to save the EFT text file. Click the ellipses button to the right of this field to locate and select the path.
EFT Transaction File
The name of the transaction file is automatically displayed in the EFT Transaction File box. The file name identifies the location of the file as well as the module and batch information.
Process
Select Process to create the EFT text file. When processing is complete, a message window displays the number of transactions processed in the batch. If there are any problems with the data when you try to export the transactions, you will get an error report.