Hi, my company has just kicked off our project to finally make the move from NAV 2013 to Business Central Cloud. We are working on the setup and testing of EFT payments and have run into a major roadblock and hoping someone out there might be able to help.
Currently in NAV we have a customized process to export EFT payments in an EDI file format that is supported by Royal Bank. We issue payments in Canadian dollars from a Canadian dollar bank account, and payments in US dollars from a US dollar bank account (i.e. different accounts both held at the same bank). Everything works seamlessly. When we evaluated our options on how to replicate this in BC with our partner, they recommended that instead of building a custom data exchange definition for the existing EDI format that we should use the ACH format that comes OOB with BC since it is designed to work with Royal Bank as-is.
The developer set everything up and then we started testing. For Canadian dollar payments we ran into a few small issues with fields not matching exactly to the RBC spec (found here RBC ACH Help Centre - References (rbcroyalbank.com)) but otherwise the file output seemed ok. However, when we tried testing payments in US dollars from our US bank account we found that the dollar amounts in the file were the converted Canadian equivalent amounts instead of the expected US dollar amounts (e.g. a payment for $1,000 USD is showing as $1,270). We then realized this converted amount also showed up on the Remittance Advice report and the Generate EFT File page.
After searching online I found this Microsoft page which apparently indicates that BC's EFT functionality cannot be used with foreign currency bank accounts.
Make Payments with AMC Banking (US) or SEPA Credit Transfer (EU) - Business Central | Microsoft Docs
At this point I'm confused as there must be other Canadian companies on NAV/BC out there who use US dollar bank accounts to pay vendors in US dollars. If anyone has any insight into this scenario or how it can be handled either through some alternate configuration, customization, or third-party add-on I'd love to hear about it.
Thank you.
