EFT for Payables with Dynamics GP

Sending payments by electronic funds transfer (EFT) is becoming increasingly popular. It’s popular for several reasons:

  • Reduces opportunity for fraud
  • Reduces expense for check stock and printing/mailing supplies
  • Reduces the amount of time related to processing payments
  • Payees generally like it better

There are three steps to take if you want to implement EFT payments in your organization:

  • You need to arrange with your bank to submit payment information via EFT
  • You need to get the pertinent bank account information from all your vendors who want to be paid via EFT
  • You need software to get the payment information from your ERP system and format it in manner consistent with you bank’s requirements

Dynamics GP offers an efficient and effective way to generate an EFT file within the normal check writing process.

This video shows the EFT for Payables functionality in Dynamics GP. It shows basic setup and use, including sending the remittance document via e-mail: http://youtu.be/300VySKxhoo

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