Making Electronic Payments
You can make payments to a vendor via Electronic Funds Transfer (EFT). An EFT payment electronically transfers funds from one bank account to another in an encrypted format. Charges are made automatically through the Federal Reserve’s Automated Clearing House (ACH). See Setting Up Your Electronic Funds Transfer Option.
To make electronic payments:
1 In the AP Adjust/Pay Bills window, select the Electronic Payments check box. This check box is only available for vendors who have EFT set up.
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If Accounts Payable is integrated to Bank Reconciliation, the EFT Account Code that was set up for the bank account will automatically be used. If Accounts Payable is not integrated to Bank Reconciliation, the EFT Account Code defaults to the code entered for the vendor on the Remit To tab of the AP Vendors window.
2 Continue to enter this payment according to the steps in Preparing Payments Individually.
3 Once you are finished, you can generate the payment. When you generate payments, the data is exported to a text file that will be imported by your EFT software. Generate the EFT output file by using the Generate File for Electronic Transfer option on the Bill Tasks menu or the Payment Tasks menu. See Generating the EFT Output File for steps on completing this task.
Published date: 12/03/2021