Use the Electronic Funds Transfer (EFT) feature of Accounts Payable to pay a vendor by making a direct deposit to the vendor's account at a bank or other financial institution.
When you process EFTs for vendors, Vision:
- Prints a check with a "NON-NEGOTIABLE" label.
- Generates an EFT remittance advice.
- Generates a text file in the NACHA or user-defined file format that you specify in
. You send this file to the bank or financial institution after you process EFTs for vendors. This format is accepted by most banks.
- Generates an A/P Electronic Funds Transfer report for the payment run you select. The report displays the vendor number, vendor name, Tax ID number, bank ID, bank account number, bank account type, direct deposit status, and direct deposit amount for each of the vendors in the selected payment run.
When you set up EFT for a vendor, you must pay the vendor with paper checks until you enter EFT payment information for your bank and vendor and you run an initial test direct deposit.
Processing Overview
Use
to process and post payments. You can process EFTs in either a different run, or the same run, as check payments.
Then, on the A/P Electronic Funds Transfer form in
, you select the posted A/P payment file to complete the EFT procedure.