EFT Approval (APE340)

How To

In this program an authorized user approves the electronic payments that have been submitted. Approving a payment means the user wishes to process the payment in the next batch to be sent to the bank (for ACHs) or is ready to manually create the wire transfer.

Payments can also be rejected, which means they will be removed from the approval screen and not paid. The invoices will be cleared from the payment file. Rejected payments will be recorded as rejected on the Check/Payment Register.

Multiple payments to the same vendor and bank account will be combined in the payment batch file. Optionally, based on the setting in Vendor EFT Entry, payments to different vendors that go to the same bank account will also be combined in the batch file. Note that the combining of accounts in processing an EFT payment is not applied/used for .PPD type Consumer payments.

The approval process provides control over EFTs similar to the act of signing a check. If desired, you could require one person to select the payments and a different person to approve them and generate the batch file that would be sent to the bank.

If the user who selects this menu option is not authorized to approve AP EFT transactions in User Code F/M, a message will be displayed and the program will return to the menu.

EFT Payment Processing Details

If payments are selected that are flagged as a consumer type, these will be written to a separate EFT payment batch file from the non-consumer type payments. This is because each EFT payment batch file is created in only one ACH entry class code format. The consumer payments will be built into a batch file with the PPD entry class code format. All other payments will be build into a separate payment batch file with the selected entry class code format.

All approved ACH payments to the same ACH entry class code will be in one EFT Payment Batch. Each approved wire transfer will be in a separate EFT Payment Batch. This way, each wire transfer “batch” can be accepted as it is manually created.

Multiple ACH payments for the same vendor to the same bank account in the same batch will combine into one payment record in the EFT Payment Batch file. Optionally, multiple ACH payments to different vendors with the same bank account in the same batch can also combine into one payment record in the EFT Payment Batch file. When this happens, the single payment will be assigned the next ACH combined payment number as the “check” number. This is what will be transmitted to the bank and show on the user’s bank statement. When the register prints, the combined payment information will print and then the individual checks that made up that payment will print. Note that the combining of accounts in processing an EFT payment is not applied/used for .PPD type Consumer payments.

Use the following fields to approve electronic funds transfers:

1. Bank

Enter the bank for payment approval. Press F2 or to search. The bank must be setup to support electronic payments.

Note: If a password is required, you must supply it before the payments will display.

The line browser displays each electronic payment that has been submitted from the selected bank. Payments that have already been approved but not yet created into a batch are also displayed. The browser contains the following information:

• Payment number

• Vendor number

• Vendor Name/City/State

• Date and user who approved the payment.

• Payment amount

• Discount amount

• Payment type

• Account number: If the payment type is ACH, then this is the last 4 digits of the account number. If the pre-note status is not approved, an asterisk will display after the account number.

• Consumer payment: If the payment type is ACH and the vendor is flagged to receive consumer payments in APVEFH, then “Yes” or “No” will display to indicate if this is to be treated as a consumer payment.

 

You can highlight lines in the browser and select from the following functions:

Approve – Approves the highlighted electronic payment. Note: This button is only available if the payment has not yet been approved and the account’s pre-note status is “A” for ACH payments.

Reject - Rejects all invoices for the highlighted payment.

Change Account – This button is only enabled for ACH payments to vendors with multiple bank accounts that have approved pre-notifications. Displays the Change Account (APE341) screen, showing all of the bank accounts with approved pre-notifications set up for this vendor.

Cons Payment--Toggles the Consumer Payment. This changes the consumer payment flag between yes and no. This button is only be enabled for payments to a vendor who has been selected to receive consumer payments in Vendor EFT Entry.

Process – Once payments for the bank have been approved, the Process button is enabled and selecting it will do the following:

• Verifies that the pre-notification status on the selected account is “A” for all approved ACH payments. If any fail, the system displays a message and returns you to the EFT Approval screen, so you can resolve the payment by either changing the account or holding the payment.
• After the FACTS verifies the pre-notification status on the selected account is “A”, you can enter the payment date, which must be in the current or next GL period and the ACH entry class code. The ACH Entry Class will default from Bank F/M but can be changed by the user.
• For ACH type payments, this creates the EFT Payment Batch file. The EFT Payment Batch file is the NACHA standard file that will be sent to the bank. The file naming convention defaults to company-bank-batch-date-time with the extension being the ACH entry class code, example 01-01-000001-YYYYMMDD-HHMM.CCD. The file name can be changed by the user. The file will be created in the directory indicated in Bank F/M. For wire transfer type payments, no EFT Payment Batch file will be created. If only wire transfer payments are included in this run, the ACH Entry Class and Batch File Name fields will be excluded.

Done—Exits the program.