AR Generate Electronic Funds Transfer File window

AccountsReceivableCS > Accounts Receivable > Transaction Tasks menu > AR 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. Transfers are made automatically through the Federal Reserve's Automated Clearing House (ACH).

You can automatically withdraw payments from the bank accounts of customers who agreed to make payments via EFT. You can also pay vendors and process payroll direct deposit via EFT.

Accounts Payable and Accounts Receivable process EFT output transactions to a data file that is formatted to interface with third party software.

If you decide to use EFT processing, the application process includes a background check by the Federal Reserve Bank.

Batch

If you use batch processing, select the batch that contains the transactions you want to generate into an electronic file from the drop-down. If you don’t use 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 place the generated 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 the process is complete, a message 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.