Electronic Funds Transfer Processing

What is it?

EFT Processing streamlines payment and collection processes by transferring Sage 300 (Accpac) receipts and payments, through to the electronic funds transfer (EFT) functionality of your banking software.

Instead of spending hours printing, folding and posting cheques and remittance advices, an EFT batch can be created and imported, and remittance advices emailed, in a matter of minutes.

EFT Processing supports formats for hundreds of banks around the world, and additional formats.

Benefits

A quick return on investment from substantial savings, including:

Lower bank transaction fees and reduced postage costs
No more expensive cheque stationery
No more manual printing, folding and mailing of cheques or remittance advices

Save time and avoid errors by eliminating duplicate data entry.

Enhanced security, including reduced opportunity for cheque fraud, theft or loss.

Streamlined processing means happier customers, vendors and employees

Features

EFT FILE CREATION

Automatically creates EFT files in the format required by many major banks, for both payments and receipts.
Creates EFT Payment files based on the standard Sage 300 payments processing routines: A/P Payments, Payroll Cheques and A/R Customer Refunds.
Creates EFT Direct Debit files based on the standard Sage 300 receipt processing routine: A/R Receipts.
Provides a warning if duplicate EFT bank branch codes or accounts are entered for Vendors or Customers.
Employee payments can be split into multiple accounts, based on flexible rules.
User-definable bank formats and screen labels can reflect bank terminology.
When generating bank files, optionally elect to skip or error on Vendors/Customers/Employees who are not defined in EFT Processing.

PROCESSING

Can be configured to work with posted or unposted batches or payroll cheques.
Configure to select from a range of batches, pay period end dates, or selected entries.
Summary transaction logs are created.
Option to define an EFT Clearing bank account, to enable bank reconciliations by EFT transfer total.
Remittance advices can be emailed, using standard Sage 300 functionality, to EFT-specific Customer/Vendor/Employee email addresses.
Outbound emails can be throttled or capped to cater for email platform restrictions.

AR RECEIPT GENERATION

Automatically create customer receipts and associated bank files from AR Invoices.
Option to change Invoice Due Dates on posted AR Invoices.
Automatically create AR Receipt Batches from transaction balances using highly flexible selection criteria, including option to cater for National Accounts.
Create AR Refund Batches to refund credit balances to customers and create the associated bank file.
Create zero-value AR Receipt Batches to apply open AR Documents – Debit documents (Invoices, Debit Notes, Interest Invoices) can be automatically applied to credit documents (Prepayments, Unapplied Cash, Credit Notes).

SECURITY & OTHER FEATURES

Holds banking details for Vendors/Customers/Employees.
Changes to Vendor/Customer/Employee bank account details require a 2-step approval process, and an audit log is created.
Bank Branch Code and Account Numbers stored in your database can be encrypted. Users will only see a masked version of the numbers.
Optional protection of emailed Remittance Advices using a formula-driven password
A periodic processing task will delete inactive records.
EFT details are cleaned out when the associated Vendor or Customer is deleted.
Supports Customer Number Change and Vendor Number Change.
Optionally stores Vendor bank account details by remit-to code.
Developed in the Sage 300 SDK, with standard Sage 300 look & feel, security, customization capabilities, data integrity checking and more.