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Electronic fund transfers

How to produce an electronic funds transfer document from the payment journal in lieu of printing checks. This can b

payment journal                                                                                              


Choose Post Payments from the top menu to open the payment journal.

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Choose bank

Choose the bank account from the list.
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Suggest Vendor Payments
 
Next, use the Prepare action to suggest the vendor payment(s) that you want to create EFT for.


Make sure the Bank Payment Type = Electronic Payment.


 
Generate the Report

Once you have the journal line(s) pulled in, click on the Bank action and choose Export. This will generate the remittance advice and a remittance advice copy.


Choose the options you want in the export dialog box.

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Print Company Address specifies if your company address is printed at the top of the sheet if you do not use pre-printed paper. Leave this check box blank to omit your company's address.
 
Create EFT

Choose the Actions option from the menu (you may need to make it visible by clicking More options), then Functions, then Generate EFT File.



A generate EFT dialog box will appear that has the line(s) from the payment journal pulled in. The description is a locked field and will contain the name of the bank account.

Confirm the details are correct and click Generate EFT Files from the actions menu.



The report will download to your local files, and you will know the EFT has been generated because the line(s) will disappear from the bottom section.

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Post

Click the back button until you are back in the Payment Journal. Choose the Post/Print action item and click Post. This will post the transaction to the general ledger.


 
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