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New to the site and considering Dynamics GP as new software. Wanted to get some opinions on the EFT for payables and the ease at processing the accounts payables with this system. Currently using QuickBooks and the electronic bill pay module and the process is very simplistic and easy to use, but the software is not robust enough for our reporting needs. I searched this forum and did not see any information explaining the ease of use. I reviewed the demos on the website but it appears that you need to know each vendors bank info to process an electronic payment. Can someone who is using this module please shed some light?
Thanks - J
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Hi,
I don't use it personally, but I have customers who do. They are based outside the US and deal with non US banks, and the software is great. Very straighforward to create new bank file types. Processing is straightforward enough - much the same process as creating a cheque run, except you export to an EFT file rather than print cheques. Yes, you do have to have all your vendors bank details recorded, but this is the same as with any EFT system. If you have them in Quickbooks, you should be able to export them to XL and import direct in to GP.
We have been using EFT for payables for several years now, and really like it. It makes "check day" run more smoothly. You can generate payments daily and the money is placed directly into your vendors bank account within 24 hours after generating. Yes you do have to get bank routing & account information from your vendors to be able to use EFT for payables, however most vendors like having the payments directly deposited into their accounts. I do recommend sending the EFT remittance that is generated via e-mail or fax to your vendors accounts receivable contact so that the vendor knows to be expecting money to hit their account. If you would like to discuss this further, please feel free to contact me at 205-324-9729.
Melanie Tatasciore
Medical Imaging Systems
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