AP EFT Posting Example
The system provides for the generation of EFT files according to the Zengin (JBA) EFT file format. The process to generate EFT files also records EFT File entries and attaches the EFT file using CloudSuite Industrial documents. A/P EFT Posting determines necessary bank fees, records them as Bank Reconciliation detail items, and uses the General Journal to record the journal entry.
Consider this example using a vendor where the agreement for EFT Bank Fee Terms uses Telegraphic transfer, fee borne by Payer. The Zengin Bank Code and Zengin Branch Code values are the same for the vendor bank and the Bank Code on the Bank Code Bank File Format form.
EFT Bank Fees have been defined for the same Bank Code assigned on the Bank Code Bank File Format form according to the data in this table:
| Tier Amount | Charge 1 | Charge 2 |
|---|---|---|
| 1.00 | 10.00 | 2.00 |
| 50,001.00 | 6.00 | 1.00 |
The EFT payment is recorded to the vendor in the amount of 2,400.0000. Posting creates journal entries for the AP DIST journal using the same methodology found in base CloudSuite Industrial and are not reproduced here. Given that the EFT Bank Fee Terms has been defined where fees are paid by the payer, the appropriate fee is determined using EFT Bank Fees data where the Tier Amount is less than the draft amount and then adding values from Charge 1 and Charge 2. In the example, the EFT payment amount of 2,400.00 corresponds with Tier Amount 1.00 for the result of 12.00. The Transaction Date matches the Transaction Date from the EFT Payment record.
The Bank Code on the Bank Code Bank File Format form defines the currency code and cash account.
This journal entry is recorded in the General Journal:
| Account | Debit | Credit |
|---|---|---|
| EFT Bank Fees (1) | 12.00 | |
| Cash (2) | 12.00 | |
| Reference (3) BBB FEE APP VVVVVVV |
(1) Defined on the Bank Code Bank File Format form.
(2) Defined for the Bank Code on the Bank Code Bank File Format form.
(3) BBB = BankCode, FEE = Literal for FEE type, APP = Literal for AP Payment, VVVVVVV = VendNum
Here are the values from the Bank Reconciliation entry:
| Property | Value |
|---|---|
| Type | Other |
| Trans Date | Use Trans Date from associated EFT payment |
| Ref Type | FEE (literal value) |
| Ref Num | Use Vend Num from associated EFT payment |
| Vend Check Num | Use Transaction from associated EFT payment |
| Amount | Use Fee amount from EFT Bank Fees data |
| Bank Recon? | Unchecked |