Setting Up and Using EFT Functionality in GP

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Setting Up and Using EFT Functionality in GP. My Life Just Got Easier!! Jo

Setting Up and Using EFT Functionality in GP. My Life Just Got Easier!! Jo de. Ruiter @GPUG www. gpug. com info@gpug. com

Introductory Slide q Jo de. Ruiter, 20 Years of GP Experience and 10 as

Introductory Slide q Jo de. Ruiter, 20 Years of GP Experience and 10 as a Consultant q Getting near enough to 30 years of Accounting Experience! q Heartland Business Systems is a National Dynamics GP Partner with several locations in the US q I’m based out of the Milwaukee Office q There’s about 160 years of combined GP and Accounting experience on the Heartland GP team!

What are EFTs? EFT Functionality in Dynamics GP is meant to streamline the process

What are EFTs? EFT Functionality in Dynamics GP is meant to streamline the process of sending Electronic Payments to your Vendors through whichever bank you use. OR Receiving Payments from Customers Into whichever bank you choose! EFT Electronic Funds Transfer GP’s EFT Functionality allows you to pay vendors or Receive from Customers as normal in GP (few caveats) and then GP will generate a . txt file that is, usually, uploaded to your bank through your Banks methodology. Your bank will then electronically transfer funds from your account to your Vendors, or from your Customers to YOU!

How do I Set Up the EFTs? • The VERY first thing you do

How do I Set Up the EFTs? • The VERY first thing you do when you want to start implementing the electronic payment of vendors is to… CONTACT YOUR BANK!! I cannot stress enough that the EFT process is driven by your bank and not straight user preferences in GP. • Most business accounts MUST be activated for EFT payments as well. Meaning you need to let the bank know what you are planning and get all of the security and account settings in place for it. • Ask the bank what format they utilize for EFT’s • Ask the bank to send you a sample of the EFT Format. • Most banks now have a standard pamphlet or informational email they will send you will all that you need to know to set it up.

EFT Setup…let’s look in GP! • The start of the EFT Setup in GP

EFT Setup…let’s look in GP! • The start of the EFT Setup in GP is in Financial>Cards>EFT File Format As you can see from the sample, there are MANY pre-formatted US File Types (there also preformatted Canadian Types) that come out of the box. You can also see that if these are not what your bank uses, you may create a “User Defined” File Format. The IAT NACHA is specifically for use when paying international payments.

EFT Setup – File Format The Mapping in the below shot is for my

EFT Setup – File Format The Mapping in the below shot is for my “Header” Record. You control how many spaces in the line of text The number of spaces will appear in your Start-End column You assign the space or range of space numbers to the type of record and the description of the record and the Justification of the record. In this way, Banks can ensure that all records come in with the exact same format to their system, reducing issues with errors. You’ll then want to make sure any other “Line Types” are filled out…

Line Types-More on Those, Please. . Your Line types will, again, be driven by

Line Types-More on Those, Please. . Your Line types will, again, be driven by what your bank wants, but there is typically at LEAST a Header and a Detail section. You can see, again, in the field section how the Line Length, Start-End and Record Type, Justification combine to exactly match the bank record needed.

Now I have My EFT Format. What’s Next? You’ll need to teach GP which

Now I have My EFT Format. What’s Next? You’ll need to teach GP which bank account and how and where to send the files for your EFT Payments. • Go to Financial>Cards> Checkbook • Select the Account you want to use • Click on EFT

Bank EFT Setup q Choose your bank’s country/Region q Input the Routing Number q

Bank EFT Setup q Choose your bank’s country/Region q Input the Routing Number q Input the Bank Account Number. . q Input any other information the bank requires.

Bank EFT Setup. . More Note the Communication Type and that – if your

Bank EFT Setup. . More Note the Communication Type and that – if your bank allows it or has the functionality you can… Auto link up to an Application that is external to GP or automatically go to an external Internet Link to send the file. Click on the Payables Options….

The Payables Options 1 2 3 4 • Choose the Next EFT Number •

The Payables Options 1 2 3 4 • Choose the Next EFT Number • Is Generated Like a Check Number • Assigned to the Payment on the Vendor Payment Level • Select whether prenotes are required any grace period you are allowed by your bank • Choose whether you will generate all EFT Payments from a Singe Format or whether you will base formats at the Vendor Level • Vendor Level formatting allows for up to 4 different EFT File Formats to be in use including Personal and Foreign formats • Generating the EFT file will place it on your computer or your network – the location is your choice. • You may have separate locations and or files or both for Foreign Payments • You will also be able to tell GP where to save the prenotes that you will need

Now are you Ready to Pay Vendors? Not Yet…. There’s a bit of setup

Now are you Ready to Pay Vendors? Not Yet…. There’s a bit of setup at the Vendor Level to take care of EFT’s are Controlled by the “Remit To” Address You can set up unlimited address ID’s per vendor, thereby minutely controlling remit to’s per invoice Use the EFT Bank to Finish Setting up the Vendor

Vendor EFT Bank q You have the same Bank/Country Region selection – however this

Vendor EFT Bank q You have the same Bank/Country Region selection – however this one is just for this vendor q Enter the Transit Routing Number and Bank Account information given to you by your Vendor to receive their Funds q There are many additional options as needed per bank/vendor q If you already have tons of vendors you can use a Macro to add this information for the vendors! q Different Remit To’s can have different EFT banks for any Vendor

EFT Payment Transactions q To create an EFT Payment Transaction – enter your payables

EFT Payment Transactions q To create an EFT Payment Transaction – enter your payables OR Purchasing Invoice utilizing the EFT Remit. To address ID q If you do NOT use the Remit-To with the EFT information the transaction will be printed on a regular check q Otherwise, just create the transaction as usual

EFT Payments q Create a Payables Computer Check Batch –BUT select the EFT Payment

EFT Payments q Create a Payables Computer Check Batch –BUT select the EFT Payment METHOD. q You MUST Select the checkbook that has the EFT setup for EFT to work. q When you generate or compile the batch ONLY the EFT transactions will be selected for payment. q Meaning Only transactions with Remit-To’s that have the EFT setup in them.

EFT Payments-Print the Check Note that the Check Number is now the Next Number

EFT Payments-Print the Check Note that the Check Number is now the Next Number from the EFT Setup at the Bank Level Once you hit “Process” it will bring open the window to print the Remittances To finish you MUST Post the batch… as usual! Special Note! Set up the Vendor email addresses to auto-email the remittances … game changer!!

EFT Generate File for Bank and Send! q Purchasing>Transacti ons>Generate EFT File q Pull

EFT Generate File for Bank and Send! q Purchasing>Transacti ons>Generate EFT File q Pull up the correct EFT Bank q Tick your batch A dialogue box pops up and tells your file location and name! And here it is! q Check to make sure the Transmission and Settlement Dates are Correct q Generate the file to send! Now you can upload this file to your bank or transmit it however your bank needs and voila! Your vendors are paid!

EFT What does the file look like While the file is NOT easy to

EFT What does the file look like While the file is NOT easy to read with our own eyes. every number in it has meaning to the bank and was established in your EFT File Format Setup.

What do the Vendors Receive as Remittance Advice? q Depending on your selection, you

What do the Vendors Receive as Remittance Advice? q Depending on your selection, you will print out the Remittances in a format of your choosinghere’s mine. q It can be auto-emailed or printed to a file type such as PDF or Word (not recommended) and then emailed or snail mailed to the Vendor!

EFT For Recievables-How does that work? 1. Complete the EFT Checkbook for Receivables; 2.

EFT For Recievables-How does that work? 1. Complete the EFT Checkbook for Receivables; 2. Complete the Customer Setup for EFT; 3. Create the Invoices and Post; 4. Create a Cash Receipt Batch for EFT and post; This will Debit the Bank and Credit the Receivables. 5. Generate the EFT File and Send to the Bank for Collection*** - The Bank will collect the specified amounts from the customers and deposit them into the company's Bank Account. The subsequent Bank Statement will list the deposits, to be reconciled against the EFT Payments already reflected in the Company's Bank Account.

EFT for Receivables Setup Set Receivables up almost Identically to Payables. The default filenames

EFT for Receivables Setup Set Receivables up almost Identically to Payables. The default filenames are different and you should set a new location specifically for EFT for Receivables Files

EFT for Receivables Processing You just need to mark off that it is an

EFT for Receivables Processing You just need to mark off that it is an EFT Transaction and utilize the checkbook that you have EFT for Receivables setup in You’ll see that a Check Number has defaulted in that was the Next EFT Number in your Checkbook Setup and a Comment was added that it was/is and EFT Transaction. Otherwise, process the Receipts Normally!!

EFT for Receivables Processing • Go to Sales>Transactions and Generate EFT File. • You’ll

EFT for Receivables Processing • Go to Sales>Transactions and Generate EFT File. • You’ll note the window is identical to the Generate EFT File in Payables. • Check off “Sales” and pull up the correct Checkbook ID • Check off the batch to process • Be careful of your dates • Click Generate EFT FIle

EFT For Receivables Processing It will, once again, tell you exactly where it put

EFT For Receivables Processing It will, once again, tell you exactly where it put your file. Grab it and send it to your bank!!

Let’s See It In Action

Let’s See It In Action

Q&A

Q&A

Jo de. Ruiter, MCP Senior Dynamics GP Consultant Heartland Business Systems Phone: 262 -953

Jo de. Ruiter, MCP Senior Dynamics GP Consultant Heartland Business Systems Phone: 262 -953 -5020 Cell: 770 -906 -4504 @GP_Jo_de. Ruiter @GPUG www. gpug. com info@gpug. com