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What are the Steps required to setup Electronic Funds Transfer for Vendors

Resolution:

1. Setup the bank to be transferred money from.    
2. Go to Configuration > Accounting > Banks > NACHA File Format tab and enter all the information that is required to set up the bank code.
3. Once the Bank code is set up proceed to set up the Vendor for EFT.   
4. Go to Vendors Info Center.
   1. Select a vendor.
   2. Click on the Accounting tab.
   3. Fill in all fields for Electronic Funds Transfer.
5. Set the status for that vendor to Add for a first run.
   Note: On the first Accounts Payable payment run for that vendor, create a notification file that you can send to the bank so they can verify the transfer is setup correctly and will work on future Accounts Payable Payment runs.
6. Once the setup is complete, add a voucher for the vendor.
7. Process the Electronic Funds Transfer payments in the same way any other Accounts Payable check is processed. (Go thru the Accounts Payable payment process and pay the voucher).
8. Once the payment is processed and posted, go to Accounting > Accounts Payable > EFT to process the Electronic Funds Transfer transactions.
9. Enter an Effective Entry Date.
10. Click on the row for the direct deposit run and click Process. Vision will be prompted for a place to save the file that will later be sent to the bank.
    Note: Each bank has its own process for uploading or sending the file to them.
11.  After the notification goes through and the bank advises Future Electronic Funds Transfers will process correctly, change the status on the Vendor Info Center to Active.

Note:

• Electronic Funds Transfer payments will be a 2-step process, as opposed to a one step process for a live Accounts Payable check.  
• To process a live check, just go to Accounts Payable payment process and post the payment.
• To process Electronic Funds Transfer, process the Accounts Payable payment checks like a regular check and post the payment.
• Once posted, the next step will be to create the Electronic Funds Transfer file that is to be transmitted to the bank.