How to Create an EFT File

Description

Use this process to generate an Electronic Funds Transfer (EFT) file after sending remittances. This process is essential for efficiently managing your payables as it allows you to bundle multiple payments into a single, secure file that can be directly uploaded to your bank's online services, automating the payment process and reducing manual effort. 

Steps

1. Open Create EFT File

• Automatically opens after sending remittances
• Or go to Creditors > Payment Processing > Create EFT File

2. Enter EFT File Details

• Run Date: The date that will appear on the EFT file.
• Run Reference: A reference to be entered that will appear on the EFT file.
• Bank: Select the bank account for the transaction. This will appear as the deduction (payer) bank account on the EFT file.
• Cut Off Date: Used to pay parts of an EFT Payment Run on a different date. For example, if a payment run is scheduled for next week, but you need to make some payments immediately, only payments in the payment run dated before the specified cut-off date will be included in the EFT file. This allows for immediate payment of items before the cut-off date.

3. Generate the File

• Click Create EFT File
• Save the file
• Upload it to your bank’s online portal

🛠️ EFT file format may vary by bank. Contact [e-mail] for help with setup.