EFT for Payables module in Microsoft Dynamics GP

More and more businesses are relying on electronic funds transfer or EFT to pay their bills. The most obvious reason is that it is just plain easier. However, it also automates the process of sending and receiving payments, provides an electronic record of payment and some vendors may even offer better terms for EFT payers due to typically shorter wait times for payments and less paperwork on their end. Are you familiar with the EFT for Payables module in Dynamics GP?

One of the biggest challenges of setting up any EFT functionality is getting the file format correct. Well, EFT for Payables gives you lots of options and flexibility in setting up these files formats.

With Dynamics GP EFT for Payables, you can:

• Use a defined formats that ships with GP 10.0, tweaking it as needed, depending on individual banks' needs;
• Take advantage of pre-defined formats for both the US & Canada, which enable you to make payments to individuals and businesses;
• Create a user-defined format from scratch, if necessary;
• Set up unique options for certain banks, such as adding pad blocks or creating an auto-settlement line for each payment.
• Import and export these file formats. This is great if the customer has multiple companies that use the same bank and format - do the work once, but reuse in as many companies as needed.