Paying suppliers by EFT saves time, and simplifies bank reconciliations. This article also explains how to send remittance advice by e-mail, which is strongly advised for a business moving to EFT payments.
To pay a Supplier by EFT, follow these steps;
- Click Finance and then Payments
- Select the date to display payments entered for that day
- Select the Bank Account from which payments will be made
- Click the Cheques & Remittances button at the bottom
This screen displays payees for the date specified, and we can select one, several or all to make an EFT payment.
IMPORTANT: Ensure that suppliers you are paying by EFT have correct Bank Details recorded in the Supplier record.
- At the bottom of the Cheques & Remittances window the path for the EFT export file will be displayed (default is C:\Ardex\Reports).
- To select a new location, click EFT File Location and set the destination for the EFT file export
- You can SKIP payment for any supplier by placing a tick in the final column
- You can selectively skip payments by communications preference - Email, Print, Cheque
- Selecting any of these options will place a 'Skip' against suppliers in the list based upon their communications preferences in Ardex
- Click Create EFT File
An electronic payment file will be created in the EFT File Location based upon the selections above.
The file will have one of two possible file 'extensions' (three-letter suffix);
- A file ending in .EFT (eg TT130888.eft) - This file extension means you are not set-up for EFT exports. Please contact your bank and obtain a 6 digit User Verification Number, then contact Ardex support requesting setup for exporting EFT payments.
- A file ending in .ABA (eg TT130888.aba) - An .ABA file means Ardex is set-up for EFT exports. You can now log in to your Internet banking and import the .ABA file to approve and process payments.
With the .ABA file, you can now log into your internet banking, import the .ABA file and approve/process payments to your suppliers.
For more information, consult the Ardex User Guide Accounts Payable in Ardex - Paying Suppliers by EFT (pg 16).