Jo’s Did You Know “You Can Set Up and Use EFT in Dynamics GP” You Can Send Funds AND Receive Them! A Game-Changer! Part Two!

In my first post on the subject, we learned how to setup EFT’s in Dynamics GP! You can find that HERE!

In this post we will examine how to USE the EFT in Dynamics GP!

Let’s assume that you have completed the setup for Vendors and Customers as we reviewed in the prior post.

Using in Payables!

Entering Transactions for EFT Vendors!

As discussed in the prior post, the EFT setup is assigned at the Address Level for vendors in GP.

This will allow you to pick and choose which transactions for a given vendor are paid by EFT and which are not. The functionality can come in very handy when you need that flexibility but can also cause issues if the correct address ID’s are not used in transactions.

To use the EFT functionality, simply use the Address ID with the EFT setup in the “Remit To” box of any given transaction for your vendors!

The above screenshot is a regular payables transaction, but if you are using Purchasing, you would find this field on the Invoice-Type transactions by using the blue expansion arrow next to the Vendor ID in the Transaction Entry window.

Other than this, just create the transaction as usual!

Paying Transactions for EFT Vendors!

This next part is super cool! To set up the payment of the EFT, simply create a Payment Batch (pre GP 2018, this is called a Check Batch) and in the Batch Entry Window simply mark it as an EFT batch.

The super cool part is that when you compile the batch using “Build Payments” or if you build the batch by using the Edit Payables Batch area, ONLY EFT transactions will appear! Awesome, right?

Next, simply “Print Payments” or “Print Checks” as usual and you will then see that the “Next Check Number” is now the Next Number you coded in on the Payables Setup in the Bank Setup!

Then click Process. Once that Process is complete the “Process Payables Remittance” window will pop up and here you can select to print the Remittance Forms.

For a real game-changer, set up your vendors to receive the remittance by email – find out how to set up Emailing In GP HERE!

Then once the remittance forms are printed or emailed you simply click “Post”.

Clicking “Post” is important!!

All that’s left to do now is to generate the EFT file and upload it to your bank!

Generating and Sending the File to the Bank!

Go to Purchasing>Transactions>Generate EFT File

• Mark that the transactions you are generating for are Purchasing
• Pull up the bank with the EFT information you’d like to generate
• Mark the batch you’d like to generate
• Double check to make sure the Transmission and Settlement Dates are correct
• Then Generate the File to Send!

A Message will then pop up reminding you or the users where you are saving the EFT Payments on your computer or network and then you will find it there to upload to your bank!!

What does an EFT Generated file look like?

While this file is not easy to read with your own eyes, you’ll recall in Post 1 that we have educated GP in exactly what every number and space on this form means during the EFT File Format Setup. Your bank will read it correctly!

What would a Remittance that was emailed to your Vendors Look Like?

That depends on how you set up your emailing in GP, but here is one example!

Using in Receivables

For Receivables to use the Electronic Funds in GP it’s even easier! All you need to do is when you go to receive money to deposit to your bank electronically is to mark the “EFT” option in the Cash Receipts Window. Be Sure You Are In a Batch!

Then select the correct checkbook for processing EFTs.

Once you have selected the checkbook you’ll see that a Check Number has defaulted in that was in the “Next EFT Number” from your Checkbook EFT Receivables setup.

Now, you just process the receipts normally!

When you are ready to generate the EFT file go to:

Sales>Transactions>Generate EFT File

And it works the same as when you use it for Payables. Note that it is for Sales, then follow the exact instructions for Payables above!