EFT Transmissions Overview

Use electronic funds transfers (EFT) to transmit payments electronically. This function allows you to not only keep accurate track of your payments, but also to cut down on the time and cost of processing paper checks.

Note: For EFT information going through EDI, Creating Cash Receipts from Bank Lock Box EFT Files.

Before you can send payment electronically, do the following:

• Set up EFT payment information in the vendor's pay-to account.

• Set the following control maintenance records:

• Deposit Message On ACH Remittance

• Minimum Check Disbursement Amount

• Valid ACH Formats

• Valid Pull Codes

• Assign the CD.VOID.EFT authorization key to the user who is entering the payment information.

See Also:

Accounts Payable Overview