Process Electronic Funds Transfer (EFT) payments

After you have set up Electronic Funds Transfer (EFT), you can begin processing payments. When you are ready to transmit an EFT payment to a vendor, there are some tasks you must perform to create a record of the payment, provide the required details to the bank and the vendor, also known as remittance advice, and then finally, transmit the funds.

Capture the transactions in the payment journal

The payment journal is a journal that captures transactions that are to be processed.

When processing EFT transactions, to ensure that the batch process only captures items that are specified as EFT based on the vendor configuration you set up, you can specify filter options.

To capture vendor payment transactions

1. Choose , enter payment journals, and then choose the related link.

   The Payment Journals page opens.

2. In Batch Name, specify an appropriate batch.

   TIP: You may want to create a separate batch to process electronic payments independent from other check payments.

3. On the action bar, choose Prepare > Suggest Vendor Payments.

   The Suggest Vendor Payments page opens.

4. On the Options FastTab, complete the following fields that are specific to the EFT process:

   • In Bal. Account Type, specify Bank Account.

   • In Bal. Account No., specify the bank to be used to transfer the funds to the vendor account.

   • In Bank Payment Type, specify Electronic Payment.

5. On the Filter: Vendor FastTab, in Payment Method Code, specify EFT.

6. Choose OK.

   The payment journal is populated with the appropriate entries based on the values that you specified.

Create remittance advice and bank transfer files

You can create a remittance advice document that combines all letters in one file and the bank transfer export file simultaneously.

To create a remittance advice document and bank export file

1. Choose , enter payment journals, and then choose the related link.

   The Payment Journals page opens.

2. In Batch Name, specify an appropriate batch.

3. On the action bar, choose Bank > Export.

   The Edit - Vendor Remittance Advice page opens.

   Bank Account No. defaults to the last bank account number that was used. Verify that the value is the correct account to use for these transactions. If not, select a different bank account.

4. Choose OK.

   A notification dialog box displays confirming that the payroll journal lines have been exported.

Note

Note:
The Transmit action on the Payment Journal is conditionally enabled. Sparkrock 365 first checks the payment journal batch. If Bal. Account Type is Bank Account and if on the respective Bank Account Card, the Country Export Format is blank or Other, the Transit action is enabled. The Transit action is disabled when the Country Export Format is CA, US, or MX.

Generate the EFT file

1. Choose , enter payment journals, and then choose the related link.

   The Payment Journals page opens.

2. In Batch Name, specify an appropriate batch.

3. On the action bar, choose Bank > Generate EFT File.

   The Generate EFT Files page opens and displays the lines from the payment journal that have been exported.

4. On the action bar, choose Process > Generate EFT File.

   This process generates a flat file to be uploaded to the bank.

To generate vendor remittances

1. Choose , enter payment journals, and then choose the related link.

   The Payment Journals page opens.

2. In Batch Name, specify an appropriate batch.

3. On the action bar, choose Bank > Vendor Remittances.

   The Vendor Remittance Log page opens.

4. To send all unsent vendor remittance emails, on the action bar, choose Home > Send Email.

Review and resend vendor remittances

1. Choose , enter payment journals, and then choose the related link.

   The Payment Journals page opens.

2. In Batch Name, specify an appropriate batch.

3. On the action bar, choose Bank > Vendor Remittances.

   The Vendor Remittance Log page opens.

4. To view the vendor remittance, perform the following steps:

   1. Select the record for which you want to view the vendor remittance, and then on the action bar, choose Home > Print.
      The Vendor Remittance Advice page opens.
   2. Choose Preview & Close.
      The vendor remittance advice is displayed.

5. To edit the vendor remittance email details for a record, perform the following steps:

   1. Select the record that you want to edit, and then on the action bar, choose Home > Edit Email.
      The Edit Remittance Email page opens.
   2. Update the New Remittance Email as required.
   3. To clear the value for the Email Sent field, on the action bar, choose Toggle Remittance Sent.
   4. To save your changes and return to the Edit Vendor Remittance Log page, choose Ok.

6. To resend a vendor remittance email, select the record for which you want to resend a vendor remittance email, and then on the action bar, choose Home > Resend Single Email.

Upload the file to the bank

When you have the export file prepared, you can send the file to the bank for processing. After the file is transmitted to the bank, you get a notification from the bank indicating that the process completed without errors.

To upload the export file to the bank

Follow the instructions that your financial institution provides.

If you receive an error or notice that something prevented the file from transmitting successfully, you can void the transmission, and then try again.

Post the payment to the general ledger

Now that the payment file has been exported and transmitted to the bank, you can complete the next step, which is to post the payment to the payment journal.

You have the following options:

• Post the payment

• Post the payment and print a copy as a report

To post the payment to the general ledger

1. Choose , enter payment journals, and then choose the related link.

   The Payment Journals page opens.

2. In Batch Name, specify an appropriate batch.

3. On the action bar, choose, choose Post.

   A dialog box appears.

   To complete the posting process, choose Yes.

   When complete, a dialog box appears.

4. To proceed, choose OK.

Void the payment transmission process in the event of an error

If anything goes wrong with the electronic file sent to the bank, the full payment process can be reversed by voiding the batch. The EFT reversal process only voids full batches.

To void the payment process

1. Choose , enter payment journals, and then choose the related link.

   The Payment Journals page opens.

2. In Batch Name, specify an appropriate batch.

3. On the action bar, choose Bank > Void.

   The Void Electronic Payments page opens.

4. In Bank Account No., specify the bank to which you originally transmitted the export file containing the electronic payment details.

5. Choose OK.

   The void process begins. This process deletes the batch. After the void is complete, you can attempt to re-transmit the payment to the bank.

   Voiding the payment lines from the payment journal deletes the entries from the email log.

   When you void transactions after the transactions have been posted, which is also referred to as a financial void, the attachments are removed from the database so a vendor remittance advice cannot be reprinted or resent.

Working with the vendor remittance log

You can view the vendor remittance email log from the Vendor Card and Check Ledger Entries pages.

To view the vendor remittance log from the Vendor Card page

1. Choose , enter vendors, and then choose the related link.

   The Vendors page opens.

2. Select the vendor for which you want to view the vendor remittance log, and then on the action bar, choose Manage > View.

   The Vendor Card page opens.

3. On the action bar, choose Related > History > Vendor Remittance Log.

   The Vendor Remittance Log page opens.

4. To resend vendor remittance, select the record for which you want to resend vendor remittance, and then on the action bar, choose Home > Resend Single Email.

To view the vendor remittance log from the Check Ledger Entries page

1. Choose , enter check ledger entries, and then choose the related link.

   The Check Ledger Entries page opens.

2. Select the record for which you want to view the vendor remittance log, and then on the action bar, choose Related > Vendor Remittance Log.

   The Vendor Remittance Log opens.

3. To resend vendor remittance, select the record for which you want to resend vendor remittance, and then on the action bar, choose Home > Resend Single Email.

To delete old records from the vendor remittance log

1. Choose , enter delete vendor remittance log, and then choose the related link.

   The Delete Vendor Remittance Log page opens.

2. In Created Date, specify a date before which entries are to be deleted.

3. Choose OK.

4. A dialog box appears and displays the following question:

   Do you want to delete Vendor Remittance Logs?

5. Choose Yes.

See also

Electronic Funds Transfer (EFT)
Set up Electronic Funds Transfer (EFT)

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