Electronic Funds Transfer – Canada
Setup requirements – go to Setup Wizard > Suppliers & Payables > Electronic Funds Transfer
Note: Currently, only CPA 005 format is supported. If your bank is expecting a different format, then it will be custom programming.
Check Use EFT
Create an EFT Clearing Account
Click Bank Settings
The Electronic Funds Transfer Setup window appears.
Select CPA 005 as the Export Type.
Enter the bank account information.
Supplier record setup
Enter the account information on the EFT Funds Transfer tab of the supplier record.
In the Supplier Remittance Forms tab enter the email address of the company contact the remittance will be emailed to.
Paying the supplier with EFT
- When paying a bill with EFT you must select ‘Batch Cheque’ instead of ‘Post & Print’.
- In Batched Cheques you will be able choose to pay EFT Suppliers or Non EFT Suppliers
Note - You can also customize the signature on the email by clicking EFT Email Settings.
- Then click the Export button.
- Click EXPORT…… enter s file name and save the file with the .TXT extension.
- Select the folder where you wish to save the text file as shown below.
- Click the button with icon which is just above the Cancel button.
You can open the text file to view the contents.
- When you close the Batched Cheques window you will be prompted to accept or enter the reference number that your bank provided you (or you can enter another reference here).
- Log in to your bank’s website portal and go to where you send your payment files.
- Browse to the folder with the file and click Send File.
