Set Up Electronic Funds Transfer

Before you can process Electronic Funds Transfer (EFT) payments in Sparkrock 365, you must perform some setup.

Important

Important:
Before you begin, log in to Sparkrock 365 using the Accounting Manager role.

Set up bank accounts for EFT

The banks that your organization transacts with are stored in Sparkrock 365 on separate Bank Account Card pages. For bank accounts that you want to use for processing electronic payments, such as sending payment to vendors, using direct deposit for leave continuance, and defining pre-authorized payments, you must perform some setup.

On the Bank Account Card page, the Posting and Transfer FastTabs include settings which relate directly to the EFT process. The Posting FastTab provides the capability to track your EFTs with a specific numbering system, to post the transactions to your bank, and check ledgers for reconciliation and accounting purposes. The Transfer FastTab is where you specify the required details for initiating an EFT. For example, you must provide the banking institution details, the appropriate file formats, and the fund type for processing transactions from the bank to your vendors.

To set up the bank account card for EFT

  1. Choose Lightbulb that opens the Tell Me feature., enter bank accounts, and then choose the related link.

    The Bank Accounts page opens.

  2. Select the bank account that you want to configure, and then on the action bar, choose Manage > Edit.

    The Bank Account Card page opens.

  3. On the Posting FastTab, perform the following steps:

    1. In Last Remittance Advice No., specify the starting point in the sequence for the serial number to be used as the remittance advice document number.
    2. In Bank Account Posting Group, specify the code that represents the bank account posting group.
      This value links the bank account to a general ledger account.

  4. On the Transfer FastTab, perform the following steps:

    1. In Country Export Format, specify the appropriate export format.
      For example, for Canada, choose CA.
    2. In Payment Export Format, specify the EFT export format.
    3. In E-Pay Export File Path, specify a full directory path, starting with the drive letter and ending with a backslash (\).
      Do not include the file name here. This field specifies the location where the EFT file is placed when the file is created. For example: c:\test\
      This setting is for payroll use only.
    4. In E-Pay Export File Name, specify the E-Pay export file name.
      Do not include the path.
      This setting is for payroll use only.
    5. In Client No., specify your client number, as provided to you by your bank.
    6. In Client Name, specify your client name, as is provided to you by your bank.
    7. In Input Qualifier, specify the input qualifier, as provided to you by your bank.
    8. In Originator ID, specify the Originator ID, as provided to you by your bank.
    9. In Originator Short Name, specify the Originator Short Name, as provided to you by your bank.
    10. In Originator Long Name, specify the Originator Long Name, as provided to you by your bank.
    11. In Data Center, specify the appropriate data center, as provided to you by your bank.
    12. In Bank Code, specify your bank code.
    13. In Transit No., specify your bank account transit number.
    14. In Bank Account No., specify your bank account number.
    15. In Bank Institution No., specify your bank account branch number.

Providing Payroll Information

The Payroll Setup page is where you specify payroll information that is required as part of the EFT process.

To provide the required payroll information

  1. Choose Lightbulb that opens the Tell Me feature., enter payroll setup, and then choose the related link.

    The Payroll Setup page opens.

  2. On the CA EFT Setup FastTab, perform the following steps:

    1. In EFT Export Type, specify the export type that corresponds with your bank.
    2. In EFT File Creation No., specify the file creation number.
    3. In ETF File Per, specify one of the following options:
      • Bank Account: Creates the EFT file per bank account.
      • Employee Posting Group: Creates the EFT file per employee posting group.

Uploading an EFT file template

You can import an Electronic Funds Transfer (EFT) file into Sparkrock 365. After you import an EFT file, you can use the uploaded export format.

To upload an EFT file using one of the supported templates

  1. Download one of the following bank EFT template:

    If required, you can import a customized template.

  2. Log in to Sparkrock 365.

  3. Choose Lightbulb that opens the Tell Me feature., enter data exchange definition, and then choose the related link.

    The Data Exchange Definition page opens.

  4. On the action bar, choose Import/Export > Import Data Exchange Definition.

    The Import dialog box appears.

  5. Choose Choose, select the file that you want to upload, and then choose Open.

    You can now select this EFT export format in the Payment Export Format field on the Bank Account Card page.

Add the template to the Bank Export/Import Setup page

After you import an EFT format, add the template to the Bank Export/Import Setup page.

To add the template to the Bank Export/Import Setup page

  1. Choose Lightbulb that opens the Tell Me feature., enter bank export/import setup, and then choose the related link.

    The Bank Export/Import Setup page opens.

  2. In Code, specify a code to represent your EFT file.

  3. In Name, specify a name for this import.

  4. In Direction, specify Export EFT.

  5. In Processing Codeunit ID, specify 10320.

  6. In Data Exch. Def. Code, specify your data exchange definition.

  7. Select the Prevent Non-Latin Characters checkbox.

Report Selection - Purchase

You can set up default layouts for the vendor remittance and the email body text. The email body text supports only Word layouts. The Word layout version of the Vendor Remittance Advice report can be customized by customers for both email body text and the remittance document itself.

The report that is currently supported for vendor remittances is 23022305 Vendor Remittance Advice. This report has RDLC and Word versions and the Word version is the default one in Report Layout Selection. You can expect slower performance if you choose to make the RDLC report your default.

Report 23022305 Vendor Remittance Advice is the default one used when a company is created. You must manually set up the report to be used for email body text.

Important

Important:
The standard Microsoft reports: 10083 and 11383 are not supported. Using one of these reports results in unexpected outcomes during the emailing process.

To set up the report selection layouts that you want to use by default

  1. Choose Lightbulb that opens the Tell Me feature., enter report selection - purchase, and then choose the related link.

    The Report Selection - Purchase page opens.

  2. In Usage, specify Vendor Remittance.

  3. To change the report, in Report ID, specify the new ID.

  4. Ensure that the Use for Email Attachment checkbox is selected.

  5. To create an email body, perform the following steps:

    1. Select the Use for Email Body checkbox.
    2. In Email Body Layout Description, select the link that appears for the field value.
      The Custom Report Layouts page opens.
    3. On the action bar, choose New > New.
      The Insert Built-in Layout for a Report page opens.
    4. Turn on Insert Word Layout, and then choose OK.
      The Custom Report Layouts page opens.
    5. Choose OK.

  6. Set up email. For more information, see Set Up Email.

Purchase and payables setup

To process EFT transmissions you must perform some set up on the Purchase & Payables Setup page.

Defining Remittance Advice Additional Emailing Options

You can specify additional options in relation of how the vendor remittances is to be emailed to the applicable vendors.

To set up the additional remittance advice emailing options

  1. Choose Lightbulb that opens the Tell Me feature., enter purchases & payables setup, and then choose the related link.

    The Purchases & Payables Setup page opens.

  2. On the Vendor Remittances FastTab, perform the following steps:

    1. In Remittance cc: Email, specify the email address that is to be added as cc: on the remittance advice email.
      The from to email is a generic email. Specifying a value in this field allows you to have a copy sent to an email address for vendor remittances, in addition to the generic email.
    2. In Remittance Email Subject, specify the text that is to appear in the email subject line, for example, Remittance Advice.
      If no subject has been specified in this field, the email subject displays the company name and the vendor name.

Company information setup

Ensure that your federal Business Identification Number (BIN) is recorded before you initiate an EFT.

To record your Federal BIN number

  1. Choose Lightbulb that opens the Tell Me feature., enter company information, and then choose the related link.

    The Company Information page opens.

  2. In Federal ID No., specify your business number.

Add EFT as a payment method

You must define EFT as a unique payment method to identify entries as electronic payment when selecting a vendor to pay.

To add EFT as a payment method

  1. Choose Lightbulb that opens the Tell Me feature., enter payment methods, and then choose the related link.

    The Payment Methods page opens.

  2. On the action bar, choose New.

    A new row appears.

  3. In Code, specify EFT for electronic funds transfer.

  4. In Description, specify a brief description, for example, Electronic Funds Transfer.

  5. In Bal. Account Type, specify the type of account to which a balancing entry is to be posted.

    Options are Bank Account or G/L Account.

  6. In Bal. Account Number, specify the number of the general ledger, customer, vendor, or bank account to which the balancing entry is to be posted.

  7. To verify the vendor's bank account when this payment method is specified, select the Verify Vendor Bank Account checkbox.

  8. To indicate that this payment method can be used as an option in payment and expense requests, select the Use In Payment Request checkbox.

  9. To specify that this payment method is to be used for direct debit collection, select the Direct Debit checkbox.

  10. In Direct Debit PMT. Terms Code, specify the payment terms to be used when the payment method is used for direct debit collection.

  11. In PMT. Export Line Definition, specify the data exchange definition in the data exchange framework that is to be used to export payments.

Indicate EFT payments for a vendor

The Vendor Card page must be updated to indicate that the payment method of EFT is to be used for a vendor’s accounts payable transactions.

The selected method is then used as a default value when processing accounts payable invoices.

To indicate EFT as the default payment method for a vendor

  1. Choose Lightbulb that opens the Tell Me feature., enter vendors, and then choose the related link.

    The Vendors page opens.

  2. Select the vendor for which you want to specify EFT as their default payment method, and then on the action bar, choose Manage > Edit.

    The Vendor Card page opens.

  3. On the Payments FastTab, in Payment Method Code, specify EFT.

Set up vendor bank account information for EFT

For each vendor that you want to pay through EFT, you must set up the vendor bank account information.

To set up bank account information for a vendor

  1. Choose Lightbulb that opens the Tell Me feature., enter vendors, and then choose the related link.

    The Vendors page opens.

  2. Select the vendor for which you want to set up bank information, and then on the action bar, choose Manage > Edit.

    The Vendor Card page opens.

  3. On the action bar, choose Related > Vendor > Bank Accounts.

    The Vendor Bank Account List page opens.

  4. On the action bar, choose New.

    If the vendor already has a bank account, you can edit the existing one. Select the bank account line, and then on the action bar, choose Manage > Edit.

    The Vendor Bank Account Card page opens.

  5. On the General FastTab, perform the following steps:

    1. In Code, specify a code to represent the bank.
    2. In Name, specify the name of the bank where the vendor has this bank account.
    3. In Country/Region Code, specify a value.
      If this field is left blank, the exported EFT information may not be complete.
    4. In Bank Branch No., specify the vendor’s bank branch number.
    5. In Bank Account No., specify the vendor’s bank account number.
      Specify only the digits. Do not include hyphens, spaces, or any other characters.
    6. In Transit No., specify the vendor’s bank transit number.
    7. To enable EFT, turn on Use for Electronic Payments.
    8. Specify values for other fields as required.

  6. On the Communication FastTab, in Email, specify the email address that is associated with the bank.

    Sparkrock 365 uses the value in the Email field for vendor remittance purposes to notify vendors about payments that are being made.

Configure the payment journal batch

Ensure that the payment journal batch has the Allow Payment Export field selected.

To configure the payment journal batch

  1. Choose Lightbulb that opens the Tell Me feature., enter payment journals, and then choose the related link.

    The Payment Journals page opens.

  2. In Batch Name, choose Review or update the value for Batch Name.

    The General Journal Batches page opens.

  3. On the action bar, choose Edit List.

  4. In the row that has the general journal batch that you want to use for EFTs, select the Allow Payment Export checkbox.

  5. In Bal. Account Type, specify Bank Account.

  6. In Bank Account No. specify the bank account that you want to be used with this batch.

  7. Choose OK.

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