Immediate Payment by Electronic Transfer
Electronic Funds Transfer (EFT) is the electronic transfer of funds from one bank account to another in an encrypted format. Charges are made through the Federal Reserve’s Automated Clearing House (ACH).
You must have EFT set up in Module Preferences and on the Remit To tab for the vendor before you can pay a bill this way.
If the vendor has been set up to process payments electronically and you select the Immediate check box in the AP Enter Bills window, the Electronic check box appears and is checked.
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After you save this bill, you need to generate the EFT output file and then use your EFT software to send the file to the bank.
Published date: 12/03/2021