Set up the EFT Process
An overview of the EFT setup process.
United States - Automated Clearing House (ACH)
Australia - Australian Payments Clearing Association (APCA)
Canada - Canadian Payments Association (CPA)
The following instructions provide an overview of setting up the EFT process.
- Establish as agreement with your bank on its rules, specifications, and method for transferring the payment electronically. Expect them to require a file and possibly a test file. They must also define whether they automatically debit your bank account or require both the debit and credit account data in the download file.
- In the CM Accounts form, enter bank and EFT information as applicable.Note: The fields provided for entering EFT information will differ depending on the country.
For the United States only: If your bank requires both debit and credit account information for each EFT, enter information in the following fields: Routing Transit #, Bank Account #, and Account Type.
- The Service
Class field determines the download
- If the file contains a mix of debit and credit account data, enter 200 and enter the routing transit number, account number, and account type for the bank account that will be debited for the amount of the EFT.
- If the file contains transmission of credits only, enter 220.
In AP Company
Parameters, set payment report information for EFT
remittances. Optionally, you can also set up information in this form to attach
payment information to payment history records.
If you want EFT data files stored in a secure network location, you can also specify a secure file path in this form. For more information, see Secure EFT Data Files.
- Set the vendor for the EFT payment method. See Setting the Vendor's Payment Method: US and Canada or Setting the Vendor's Payment Method: Australia for more information.
- Vendors who agree to receive EFT payments may have to go through a prenote process for your bank in order to validate their bank account information. If this is the case, see Process EFT Prenotes.