Download EFT File

Electronic funds transfers (EFTs) enable you to exchange money electronically instead of using checks or wire transfers, providing cost savings and convenience. In Financial Edge NXT, you can pay invoices electronically using EFT files.

Note: To process EFT files, you must select a valid, support payment format in the database view.

You can process invoice payments using an EFT file in any of the following areas:

  • From a list of bank accounts, select Process payments from the bank account's menu.

  • From the action bar of a bank account record, select Process payments.

  • Under Pay invoices on a bank account record, select Process payments.

Once you select to process payments, choose Electronic funds transfer as the payment method, then select one or more invoices to pay. To pay all, select the checkbox at the top of the invoice list.

Tip: To quickly locate specific invoices, search based on date, description, or vendor name. Filter your list to only include invoices that share characteristics, such as invoice balance, date, or vendor. You can also select column headers and sort based on column name.

A prenote authorization file is an electronic test record sent to a bank to ensure correct transmission of information, such as coding, amounts, and account numbers. Banks often require a prenote authorization file before accepting electronic funds transfers (EFT).

Note: The prenote file will include information from all your vendors who have an EFT bank account with a status of "Prenote."

If your bank requires a prenote authorization file, you can generate it from the bank account record under Pay invoices.

Note: Keep in mind, when you send a prenote authorization file to your bank, amounts are $0 and no money is transferred.

An email remittance is an email notification sent to your vendors with details about the EFT payment. Some of your vendors might even require an email remittance. When you select Generate, Generate EFT and email remittance, every vendor with an invoice included in the payment receives the email.

Tip: You can add and edit vendor email addresses before sending remittances.

  1. Select Process payments from the bank account's menu on the list of bank accounts, from the action bar of a bank account record, or under Pay invoices on the bank account record.

  2. Select Electronic funds transfer as the payment method, then select the invoices to pay.

    Note: If an expected invoice does not display in the list of approved invoices, we recommend you verify the date range you selected. Make sure the appropriate bank account is selected in the Pay invoices from this account field on the vendor record and confirm that the invoice is approved.

    Tip: To partially pay an invoice, decrease the amount in the Payment amount field.

  3. To send an email notification to each vendor who has an invoice included in the payment, select Generate, Generate EFT and email remittance. An email remittance is an email notification sent to the vendor with details about the EFT payment.

  4. If you choose to only process payments, select Generate, Generate EFT file.

    The generated EFT file is placed in your internet browser’s default Downloads folder. After you upload the EFT file to your bank, we recommend you delete or archive the file.

Tip: We recommend running the Pre-payment report before you generate. This report displays payment summary info and any exceptions, and can be easily exported or printed.