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What is the difference between EFT Vendor Bank Account VS Preferred Bank Account in Navision 2018?

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Posted on by 4,376

Hi Community,

I would like to find out what is the difference between EFT Vendor Bank Account VS Preferred Bank Account in Navision 2018?

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Thank you!

  • Suggested answer
    Community Member Profile Picture
    Community Member Microsoft Employee on at
    RE: What is the difference between EFT Vendor Bank Account VS Preferred Bank Account in Navision 2018?

    Josh,

    The 3 fields listed means the following:

    EFT Payment and Vendor Bank Account Code are specific to AU local version only. They are setup for the EFT payment process. As for their specific meaning to the AU version, please use the link Yun provided.

    The Preferred Bank Account Code shows the default Vendor Bank Account to be used in the Payment Journal process. You can have more than one but this shows the default.

    Hope this helps.

    Thanks,

    Steve

  • Verified answer
    YUN ZHU Profile Picture
    YUN ZHU 74,036 Super User 2024 Season 2 on at
    RE: What is the difference between EFT Vendor Bank Account VS Preferred Bank Account in Navision 2018?

    Hi, Adding Josh's reply

    Electronic Funds Transfer (EFT) in Australia

    https://docs.microsoft.com/en-us/dynamics-nav-app/localfunctionality/australia/electronic-funds-transfer-eft-

    https://www.youtube.com/watch?v=dnNKTpkFo8Y

    Preferred Bank Account: Specifies the vendor bank account that will be used by default on payment journal lines for export to a payment bank file. The account number is copied to the Recipient Bank Account field in the Payment Journal window when you prepare payments for export.

    https://docs.microsoft.com/en-us/dynamics-nav-app/localfunctionality/belgium/how-to-set-up-electronic-banking

    Hope this will help.

    Thanks

    ZHU

  • Suggested answer
    JAngle Profile Picture
    JAngle 33,159 on at
    RE: What is the difference between EFT Vendor Bank Account VS Preferred Bank Account in Navision 2018?

    EFT is specific to the local version in use. Preferred vendor bank account is used across many other localisations. It is therefore possible to not use EFT and still produce payment journal data that has some fields taken from the vendor record

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