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Electronic Fund Transfer (EFT)

Posted: 7/11/2016 11:20:17 AM by Dynamic Business IT Solutions

You can pay vendors using the Electronic Funds Transfer (EFT) system in Australia.

You can export EFT files from Microsoft Dynamics NAV that you can upload to your bank’s website for additional processing.

The following picture gives you an overview of the process:

To submit EFT files, you must set up the following information:

  1. You must add EFT information to the bank account or bank accounts that you will use to pay vendors electronically. The EFT-specific fields are on the Transfer Fast Tab in the Bank Account Card window.

  2. For those vendors that you want to pay electronically, you must select the EFT Payment field and specify the vendor bank account in the EFT Bank Account No. field in the Vendor Card window.

  3. When you have set up bank accounts and vendors, you can create EFT file that are based on entries in the Payment Journal.
  4. When you create an EFT file, an entry is made in the EFT Register table. In the EFT Register window, you can drill down to see the vendor ledger entries for the EFT file.
  5. In the Payment Journal window, you can also import existing EFT register entries to the payment journal by using the From EFT Journal batch job.