Dynamics GP has included for a long time, the ability to easily create EFT payments in conjunction with the normal payables check writing process. Setting up and using the module can be easy.
These are the basic setup steps:
- Setup the EFT file format: Financial >> Cards >> EFT Setup
- Set up EFT for specific banks: Financial >> Cards >> Checkbooks
- Set up EFT for Specific vendors: Purchasing >> Cards >> Vendors
The biggest challenge here is defining the correct EFT file format. Hopefully your bank will use one of the standard file formats that are available in Dynamics GP. If not, you will have to request the specific format instructions from your bank and use the configurator functionality in EFT for Payables to create a customized file format. It sounds like a lot of work, but you only have to do it once.
These are the basic steps for creating the EFT file:
- Create a check batch; being sure to select the ‘EFT’ option on the Payables Batch Entry screen
- Build your batch as you normally would
- Process the payments
- Print the remittance forms (select to send via e-mail if you wish)
- Post the batch
- Generate EFT file: Purchasing >> Transactions >> Generate EFT File
Once you’ve done this you can send the EFT file to your bank in the manner required by your bank.
Here is a short video about EFT for Payables with Dynamics GP.