Costpoint Online Help

Printing an EFT Edit Report

Print this report in lieu of the Print Prepayment Edit that you review before printing checks.

The Print EFT Edit Report screen shows the scheduled payment information for EFT vouchers that are ready to be paid.

The report prints information on the selected vouchers to be paid including the pay vendor name and ID, pay vendor address code, voucher number, invoice number, invoice and discount date, and so on. The total of this report signifies the amount that will be paid by wire transfer if you transmit from your bank account immediately. To change the items that display on this report, make adjustments via the Edit Voucher Payment Status screen.

After you review and approve the EFT Edit Report, print the report and save it for your audit trail.

Now you are ready to create an EFT file on the Create EFT File screen. This screen does not perform the transfer. This screen creates a CTX file that you send to your bank in accordance with your bank's requirements. For new EFT vendors, you must first make a "dry run" of an electronic funds transaction. This transaction is called a pre-note and is performed just like a regular EFT, except the transfer amount is zero and the voucher is paid through a check on your next check run.

For these "new" vendors, the ACH Code field on the EFT Info subtask of the Manage Vendors screen should be 23 or 33.

  • If your vendor successfully receives the "zero" EFT, future EFTs will be completed for the selected voucher amounts after you change the ACH Code value to 22 or 32.
  • If your vendor does not successfully receive the "zero" EFT, you must continue to send pre-notes until a prenote is successfully transmitted. In addition, if your vendor changes banking information, you must send a pre-note again before sending an actual EFT to the vendor's new bank account.

After you create the file, the next step is to create a report of the file via the Print EFT Edit Report screen. If there is any item that is not correct, do not send the file to your bank. Repair the incorrect item through the Manage Vendors screen, EFT Info subtask, or Edit Voucher Payment Status screen. Then re-run the Print EFT Edit Report and review.

When the report is correct, re-run the Create EFT File and reprint the EFT Edit Report. After the EFT File is correct, but before you send the file to the bank, print the EFT advices via the Print/Void Checks screen. You may want to send a copy of the EFTs to your vendors as a remittance advice.