Electronic Funds Transfer - Bank Information Tab

Access this tab with Administrative user rights using Organization>Set Up Modules>Electronic Funds Transfer.

Use this tab to enter account information for the bank and the general ledger cash account. You can enter more than one account number for the bank; however, only one account number can be used per cash account.

Note: You can only use one bank account per cash GL account. The GL cash account entered must match the GL cash account you specified as the offset assignment for A/P checks (APC transaction source).

Troubleshooting

• It is best to create a new GL Account Code for each new bank account, if you plan to set up multiple bank accounts.
• If you are change bank accounts and the Cash Account you want to use if already assigned, you must first delete the line on the Bank Information tab for that old bank account (including the designation for its Cash Account) before adding a new row and setting up the new bank account.
• To verify EFT information: the first payment, after a change to a vendor’s information, creates a check and a $0.00 amount record in the EFT file sent to your financial institution. After three banking days have passed without a change to the vendor’s direct deposit information, a voucher and a normal EFT record will be created for the next payment. Note that Banking days are Monday through Friday, and exclude Holidays and Weekends. When the pre-note is sent, that day is not counted, but the next three days are counted - unless it is a holiday or weekend, and the fourth day, a voucher and a normal EFT record will be created for the next payment. For example. You send a pre-note on Friday, July 1. The first day counted begins on Tuesday, July 5 (because July 4 is a holiday) and a voucher and a normal EFT record will be created for the next payment as early as Friday, July 8.

 

Bank Account Number: Enter the bank account number used to transfer funds to your vendor’s account.

Immediate Origin ID: Enter the ID assigned by the Automated Clearing House (ACH) Operator (bank) for this account. Note that the ACH Operator supplies this information when signing up for electronic funds transfer. This field has a maximum length of 10 alpha and numeric characters. (The system defaults to the Federal Tax ID Number, which was entered using the Organization>Organization Information form.)

Note: If you entered an Immediate Origin ID that has less than 10 characters, when the ACH.txt file is created, the system right justifies the text and enters blank spaces to the left of the entry until a total of 10 characters are used.

Cash Account: Enter the General Ledger account number for this bank account, or select one using the drop-down list. The drop-down list displays the code, status, title, and type. For example, Code 11001, Status A, Title Cash in Checking, Type CSH.

Company ID: Enter your organization's ID number. The bank assigned this number when signing up for electronic funds transfer. (The system defaults to 1 + Federal Tax ID Number. The Federal Tax ID was entered using the Organization>Organization Information form.)

Bank Offset: Select the check box to indicate that your bank requires mixed debit and credit records (200 file type), which include the debit records for the organization's account. If this box is not selected, the ACH.txt file will contain only the credit records (220 file type). Verify with your bank which selection to choose.

Disable Pre-note: Select these check boxes to prevent creation and sending of pre-notes to the financial institution. When this check box is changed, it will be applied to all bank accounts.

• Direct Deposit - Selecting this box will prevent pre-notes from being sent to all employees. This is the default for all employees unless you have chosen not to send a pre-note for a particular employee on the Maintain>Payroll>Employee Information>Direct Deposit tab. This column is only available if the Direct Deposit module was added for the active organization.
• A/P Electronic Payments - Selecting this box will prevent pre-notes from being sent to all vendors. This is the default for all vendors (for the cash account) unless you have chosen not to send a pre-note for a particular vendor on the Maintain>Accounts Payable>Vendors>Payment and Terms tab. This column is only available if the Electronic Funds Transfer for A/P module was added for the active organization.

Note: In order for the Pre-note control to work at the Employee or Vendor level, the employee or vendor record must be updated after any updates occur at the Bank Information level.

Disable Addenda: Select this check box to ensure that an addenda record (remittance information) is not included in the A/P Electronic Payment file. The system changes the type of file from CCD+ to CCD (Cash Concentration or Disbursement). The CCD+ will include one addenda record. You should verify with your bank which file to use (either CCD or CCD+). This column is only available with the Electronic Funds Transfer for A/P module.