Electronic Funds Transfer

The following is a description of the payment of Creditors via the Databuild EFT (Electronic Funds Transfer) facility:

Setting up EFT in the system:

1.  In Banks, you must set up your:

Account Number

BSB number

Account Name. The first 3 characters must be your bank's code (NAB,CBA,etc)

2.  In Suppliers, each supplier that is to be paid via EFT requires:

A check in the EFT box

Account Number

BSB number

Account Name

EFT reference (optional and is intended to override the reference/cheque number (Next Cheque No) entered in the Payment screen

       Six Digit User ID supplied by the Bank

       Your Bank Software installed and running

Processing EFT payments:

1. Processing is similar to normal payments.  In the Payments screen there is an EFT column to identify EFT Suppliers (Suppliers with EFT details can be turned on/off for payment purposes).  Select the desired Suppliers and invoices that are to be paid (ensure that these are selected to process as a Batch, i.e. highlighted blue).  It is recommended that a Payment Batch Report be printed to verify the selections.  Enter the appropriate reference (as per the bank) in the "Next Cheque No" field; this may be the same as the Save EFT File name, e.g. EFT001 or E110400 etc (refer Save EFT File section below).

2.  Using the EFT menu as shown above, optionally select print EFT Remittances (you must have an EFT type of layout file), and respond NO to Update Payments.  (see also section re Emailing Remittance Advices).

3.  Select "Process EFT pays" from the EFT menu.  You must enter a Customer ID number (supplied by the bank).

4.  The system will prompt you to Update the payments.  If you are not sure and wish to check what was processed answer NO and examine the EFT Error Log and also VIEW the EFT file to check the results, even print them if necessary.  If you are confident with the process and wish to proceed then select Save EFT File in the EFT menu, you will need to select a location on your system and a file name, e.g. EFT001, and then finally select Update EFT.

5.  The final step is to transmit the saved EFT file by running your Bank's online program and following the required procedure.

The individual payment to each Creditor is listed in the Bank Reconciliation screen with the common EFT reference (refer Next Cheque No), see also EFT reference.

Emailing Remittance Advices

To reduce the cost of mailing or faxing a Remittance Advice, Databuild allows the option to Email a Remittance Advice to the Supplier.

1.        Ensure that the email address for the Supplier is entered into the Email field in the Supplier screen.

2.        Go to the Payment screen and highlight invoices which have Suppliers with Email addresses.

3.        To send a Remittance Advice, go to the EFT drop down menu and select Email Remittance.

4.        Select "Log On".  The computer's modem will connect.  If you are on a network email system, it will pause for a while.

5.        Click on the EFT drop down menu and select Send Remittances.  A blank EFT Remittance print screen will be displayed.  If you exit from this screen it will prompt you to Update the payment/s.  If you require a printed copy for your records then do not Update at this stage (No), and go into your Print Remittance screen, print the remittances and then Update the payments.

6.        If you do not want a copy simply select "Yes" to update.  Payment will then be updated.

To insert a Standard Note on your email Remittance:

Go into the Main Databuild Screen.  Select Edit - Standard Notes - All.  Create a new Standard Note with a code, e.g. EMAILEFT then in the right text box add in the text that is to appear on the top of the email.

Re-Banked Entries:

There can be instances where amounts are re-banked, i.e. re-credited to your account due to incorrect Creditor BSB and/or Account numbers.  It is suggested that a GL Liability account is created with a description of say "EFT Re-Banked Amounts" and a Cost Centre.  If an amount has been credited against the bank account for a failed transfer then the entry would be processed as a Direct GL Receipt to the aforementioned GL account.  To reprocess a payment to the Creditor, an invoice (no GST to be recorded) must be posted using the aforementioned Cost Centre and GL account and either a cheque issued or the payment processed via the EFT facility, given that the Creditor's bank details have been corrected.  The balance of the EFT GL account should end up as nil.  This approach is preferable to the deletion of the original PAY entry for the Creditor as it accurately reflects the Bank Statement and avoids erroneous edits.