AP EFT Processing:
The purpose pay Creditors and Payroll using Electronic Funds Transfer.
The extent of these procedures is to create a .ABA file stored on the File Server which contains all the payment data from both the Creditors and the Payroll systems.
This file is then imported by the Banking Software which then performs the necessary functions to transmit the funds through the Banking system.
Apart from doing inquiries and running reports there are 3 basic functions that need to be completed to generate the file. These are:
The number of authorisations required is set in the Group Master file.
The Transmit function needs to be complete and the following EFT-Report needs to be run prior to using the banking software.
EFT-Report Type 1, using the appropriate dates, sent to printer. This report is used the next day to split and transfer the Batch in banking software to the correct bank accounts following its successful processing.