When processing accounts payable payments from a batch, you can select EFT as the payment method to create a file for upload to the bank, based on the file format you specified in Company Settings.

Vendor payables are otherwise generated and paid in almost exactly the same way as if vendors are paid by printed checks. An additional transaction filter is automatically applied where vendors that do not have banking information already defined will not have payables generated for payment. And there is no Payment Start number used for electronic payments.

When the Post button is clicked, you will be asked where to save the payment file. Once saved, it can be uploaded to the bank. No checks will be printed.

An EFT Payment Remittance report can be printed or emailed to vendors, with the paid transactions listed so each vendor has a record of what has been paid.

When the Remittance report is completed, a prompt appears asking to transfer payments from EFT Clearing to Bank account. At this point, the GL transactions created from posting has not yet updated the GL bank account but instead an EFT clearing account as defined in Company Settings special accounts.

Choosing Yes will create a GL Transaction entry that debits the EFT clearing account and credits the Bank account, resetting the clearing account to zero.

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