EFT batch post - Using Interim Bank Account before finalizing

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Posted on by Samantha73

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Hi All

We are using EFT batch payments to suppliers. Is there a way to setup the system so once we submit the EFT file to bank, instead of DR Bank account the system DR interim account bank account, and when confirmed it clears the interim account and post to final bank account?

Thanks

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JAngle 133 on at

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Will this impact cancellation? Less familiar with EFT but for BACS in the UK once the journal is posted you cannot cancel.

If you add an additional line which is debits the total being paid out to the main bank account. On the same line for the balancing account use holding bank account. All the other lines will take funds from the main bank account but the new line will put it all back. Would mean doing a general journal posting afterwards or it could be a recurring journal that is posted at the end of each week to move the whole balance.

I think a journal batch approval might be worth a review too

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