How to approve electronic funds transfers

1. Access this program by choosing Accounts Payable-->Checks-->EFT Approval.

2. In the Bank field, 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.

3. 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.

• Date and user who approved the payment.

4. 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 – If you select Process, FACTS checks for payments that have been approved for the specified bank, completes the following for those payments:

• 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.