Electronic Funds Transfers (EFTs)
Use EFTs to transmit payments from your bank directly to your vendor's or employee's bank.
Information required for electronic funds transfer (EFT) is stored in the CM Accounts form and applies to both AP EFTs and PR Direct Deposits. EFT payments are transmitted via a file formatted to the Automated Clearing House (ACH) rules and regulations. The system creates the downloadable file that can be sent to your bank electronically.
Banks differ on their requirements for the file format of EFTs. Some banks only need the account information for those accounts being credited (receiving the payment), whereas other banks require both the debit and credit account data.