Setting up Electronic Funds Transfer (EFT) Payments

Electronic funds transfer (EFT) is a common way to process automatic transfer of funds from a company's bank account to its vendors. CloudSuite Industrial supports various output file formats for submission to third-party EFT transmission systems.

On the General Parameters form, specify your company's Bank Authority Party ID, if your company does business in countries that require it.
On the Bank Reconcilations form, specify information about the banks that you will use for EFT transactions. This includes your company's bank as well as vendor banks. Specify the international bank account number (IBAN) and the business identifier code (BIC) or Bank Authority Party ID.
On the Bank Addresses form, specify at least the bank number and the branch code for each bank.
On the A/P EFT Posting form, specify the format.
Use the Bank File Format and Bank Code Bank File Format forms to set up the EFT parameters for this information:
- EFT format: ALLEFT, BBMEFT, ABAFILE, NACHA PPD, NACHA CCD, SEPA, CPA, CNAB, or ZENGIN File (JBA).
- Bank code to use for EFT transactions
- Logical folder where the EFT output files will be stored
- User name and user number, which is needed only for the ABAFILE format
- Destination ID and Origination ID, which are needed only for the NACHA and CPA formats
- Company ID, which is needed only for the NACHA format
- Whether to use the default account. This is needed only for the CPA format.
- Registration number, which is needed only for the CNAB format
After EFT processing has begun, this tab also shows the last date an EFT file was created, and the name (number) of that file.
In the Remittance Advice area to the right of the EFT parameters, indicate whether you want to print remittance advice after posting EFT transactions.
On the Vendors or Multi-Site Vendors form, set up EFT information for the individual vendors. If the vendor's default payment type is EFT, specify this information, depending on the EFT format you use:
- For ABAFILE, specify the bank account, the bank's EFT (sort) number, and the account name.
- For ALLEFT and BBMEFT, specify the bank account and the bank's EFT (sort) number.
- For CNAB, specify the transit reference, EFT (sort) number, and the account name.
- For CPA, specify the bank account, the transit reference, EFT (sort) number, and the account name.
- For NACHA PPD and NACHA CCD, specify the bank name, transit reference, and bank account.
- For SEPA, specify the international bank account number (IBAN).
For vendors in countries where this is a requirement, specify the Bank Authority Party ID.

For posting steps, see Posting Electronic Funds Transfer Transactions.