EFT Processing

EFT File Creation

EFT Processing automatically creates EFT files in the format required by your bank, for both payments and receipts:

• Creates EFT Payment files based on the standard Sage 300 processing routines, i.e. Accounts Payable Payments and Accounts Receivable Customer Refunds
• Creates EFT Direct Debit files based on the standard Sage 300 Accounts Receivable receipt processing routine
• Optionally, when generating bank files it lets you elect to skip or error on Vendors or Customers who are not defined in EFT Processing
• Summary transaction logs are created

Bank File Formats supported:

• EFT Processing already supports formats for hundreds of banks, in many countries around the world
• Supports user-definable bank formats
• Orchid Systems are frequently adding new formats, or updating existing ones
• If the format you need is not currently supported it can be created by Orchid Systems upon request

Remittance Advice and Processing Options

• Remittance Advices can be emailed, using standard Sage 300 functionality, to EFT-specific Customer or Vendor email addresses
• Outbound emails can be throttled or capped to cater for email platform restrictions
• Can be configured to work with posted or unposted batches
• Configure to select from a range of batches, pay period end dates, or selected entries

Security Features

• Changes to Vendor or Customer bank account details require a 2-step approval process
• Extensive Audit logs of changes and transactions created
• Bank Branch Code and Account Numbers stored in your database can be encrypted – users will only see a masked version of the numbers
• Optional protection of emailed Remittance Advices using a formula-driven password
• Periodic processing task to delete inactive records
• EFT details are cleaned out when the associated Vendor or Customer is deleted

Maintain Bank Details

• EFT Processing Accounts Payable and Accounts Receivable holds banking details for Vendors and Customers
• Provides a warning if duplicate EFT bank branch codes or accounts are entered for Vendors or Customers
• Supports user-definable screen labels to reflect bank terminology
• Optionally stores Vendor bank account details by remit-to code