Vendor EFT Process Quick Checklist (prints separately) - This is a one-page quick checklist of the following steps.

1. Add/update bank codes.

   Add/Update Bank Codes

   Finance > Tables > Bank Codes > Bank Codes

   Verify the appropriate bank codes exist. If not, add the applicable codes. A bank code is required for each bank participating in electronic funds transfer (EFT) payments. In order for a vendor to receive an EFT payment, you must indicate a specific bank for the vendor.

   You can add or edit information in the bank table at any time. The bank name, address, telephone, and contact person information can be updated by accessing the bank code, changing the data, and saving the changes. If the bank code is incorrect, you must delete the incorrect code and then add the new code.

   Note: Multiple vendors may use the same bank.

   

   ❏ Click +Add to add a new row.

   Bank Code	Type a unique user-defined bank code. If the information has already been entered for this code, it is displayed when the code is entered. The field must be three characters.
   Bank Name	Type the bank name.
   Route Number	Type the nine-digit routing number to use for the electronic funds transfer.
   Street Nbr	Type the street address number if used.
   Street Name	Type the street name.
   City	Type the name of the city where the bank is located.
   State	Click to select the two-character code of the state where the bank is located.
   Zip	Type the five-digit zip code for the bank's location.
   Zip 4	Type the four-digit zip code if used.
   Contact	Type the name of the contact person at the bank who is responsible for processing electronic funds transfers.

   ❏ Click Save.

   TIP: If you are creating a vendor record for an employee who is also participating in EFT payments in Payroll, you can use the Copy from Payroll functionality on the Vendor Miscellaneous tab and complete the vendor's bank information.

   It is recommended that you print your bank details from the Payroll > Tables > Bank Codes > EFT tab and use it as a reference when adding your LEA's bank details on the EFT tab in Step 3. Use caution when typing your Route number to ensure accuracy.

2. Add/update EFT information.

   Add/Update EFT Information

   Finance > Tables > Bank Codes > EFT

   Create the LEA's EFT record to be used when sending vendor EFT payments to their bank. This function is accomplished by creating an EFT file during a payment run. This file is then given to the local education agency's (LEA) bank to be transmitted to an automatic clearinghouse.

   Enter the EFT data for the LEA's EFT bank account to be used for Finance checks. Reference the Payroll > Tables > Bank Codes > EFT tab if using the same EFT bank.

   

   Field	Description
   Immediate Destination	Type the nine-digit Federal Reserve routing number used to identify the receiving point. This number is provided by the individual bank. The field length is ten digits, since some banks require a leading space before the nine-digit routing number. If you type the nine-digit routing number and later need to add a space before the number, you must do the following: Change the field to a random number (e.g., 123456789). Click Save. Add a leading space with the appropriate nine-digit routing number following the space (e.g., [space]987654321). Click Save again. Only follows these steps when you need to add a space before a number that was previously saved.
   Company ID Type 5	Type the ten-digit code used to identify the LEA. This is either the employer identification number with a 0 added on the end of the number or a leading 1, depending on the vendor's bank.
   Originating DFI ID Code	Type the eight-digit code used to identify the originating DFI. This is the LEA's bank routing number without the last digit.
   Company ID Type 8	Type the ten-digit code used to identify the LEA. This is either the employer identification number with a 0 added on the end of the number or a leading 1, depending on the vendor's bank.
   Employer Offset Account	Type the offset account number used to debit the LEA's bank account. This number is the LEA's payroll bank account number and will be included in the EFT file. Leave blank to exclude debits from the EFT file.
   Immediate Origin	Type the ten-digit code used to identify the EFT sending point. There is a leading space plus the routing number for the LEA's bank.
   Originator Status Code	Type the one-digit code used to identify the originator of the EFT tape. Valid codes for this field include the following: 1 - Originator is an ACH association member or originating DFI, subject to ACH rules 2 - Originator is a federal government entity or agency not subject to ACH rules 3 - Originator is not an ACH member or originating DFI, but subject to ACH rules
   Bank Code	Click to select the assigned code for the LEA's bank.
   ACH Service Class Code	Click to select one of the following codes: 200 - Mixed debits and credits - The EFT file includes 5200 and 8200 records indicating that the file could contain debit and credit amounts. 220 - Credits only - The EFT file includes 5220 and 8220 records indicating that the file only contains credit amounts.

   ❏ Click Save.

3. Add/update bank information.

   Add/update Vendor Bank Information

   Finance > Maintenance > Vendor Information > Vendor Miscellaneous

   Add bank information for each vendor (or employee) doing business with the local education agency (LEA). If a vendor has bank information on file, the vendor can receive electronic payments via an electronic funds transfer (EFT). This bank information is also used for employee travel reimbursements.

   

   ❏ Under Bank Information, complete the bank information for each vendor record:

   Bank	Begin typing a bank code or name. As you type the data, a drop-down list of corresponding data is displayed. The bank information must exist on the Finance > Tables > Bank Codes tab. Select a bank code. If the bank code or name is not known, click to select a bank from the Banks lookup or press the SPACEBAR to view a list of banks.
   Bank Acct Nbr	Type the corresponding bank account number for the selected bank.
   Bank Acct Type	Select the account type for the selected bank and bank account number. 2 Checking account 3 Savings account
   PreNote	Select to generate a prenote to the bank.

   ❏ Click Save.

4. Add/update vendor EFT email address.

   Add/Update Vendor EFT Email Address

   Finance > Maintenance > Vendor Information > Vendor Name/Address

   Add a new vendor record or update an existing record with the vendor's EFT email address. The EFT email is required for all vendors participating in electronic funds transfer (EFT) payments.

   

   ❏ Under Links, add or update the EFT email address:

   EFT E-mail	Type the vendor's email address to send the vendor EFT payment information. The field can be a maximum of 45 characters.
   EFT E-Mail	Click to open a new email message using your default email provider.

   Note: The vendor's EFT email address is required prior to adding the vendor's bank information on the Vendor Miscellaneous page.

   ❏ Click Save.

5. Post transaction(s).

   Post Transaction(s)

   Finance > Maintenance > Postings > Check Processing - PA OR PO

   Create a transaction for an existing or new purchase authorization (PA) or purchase order (PO). By default, the EFT checkbox is automatically selected if the vendor retrieved has bank information on the Finance > Maintenance > Vendor Information > Vendor Miscellaneous tab and an EFT email address on the Finance > Maintenance > Vendor Information > Vendor Name/Address tab. If a check is necessary, unselect EFT.

   

   Notes:

   • The vendor must have bank information and an EFT email address on file to be eligible for an electronic funds transfer (EFT).
   • The EFT checkbox is not displayed for purchase orders that were created using a credit card code.
   • If Separate Check is selected, EFT is unselected. Leave Print selected as it allows the transactions to be included and processed during the check run.

6. Print check(s).

   Print Check(s)

   Finance > Maintenance > Check Processing > Print Checks

   Process all applicable computer checks/EFT transactions that are ready for the check cycle.

   

   ❏ Complete the Print Checks tab. The Beginning EFT Reference Number defaults to 00001 for the first time that EFT transactions are processed, and then increments each EFT run.

   ❏ Click Preview. The Vendor Check Processing page is displayed with a list of all transactions (PO, PA, and credit memo transactions are included) to be processed. All transactions listed are selected by default and included in the totals at the bottom of the page.

   ❏ Select the top-level checkbox to select/unselect the list of transactions. Or, select individual checkboxes to only select specific transactions.

   

   ❏ If printing checks, click Check Signatures to select the appropriate signature(s) to be printed on the checks.

   

   TIP: The total of the Fund Transfer will match the total of all transactions processed.

7. Create EFT file.

   Create EFT File

   Finance > Maintenance > EFT Processing > Create EFT File

   Create the EFT file. The file is then given to the local education agency's (LEA) bank to be transmitted to an automated clearing house (ACH) as a request to electronically transfer the payment to the vendor.

   The File Type defaults to Finance.

   Field	Description
   Finance	When selected, all EFT checks (i.e., payments) for the selected date time stamp(s) are included in the EFT file. If multiple date time stamp records are selected, all records will be included in the same file. A list of data from the last ten check runs is displayed in the grid.
   Effective Date	Type the effective date for the EFT file in the MM-DD-YYYY format. This is the date that the bank will transfer the funds to the vendor's bank.

   It is recommended to set the Effective Date to allow the bank one to two days to process the file (similar to Payroll EFT dates). You should not enter the actual day you are running the checks/EFT unless there is a special arrangement between your LEA and your LEA's bank.

   

   ❏ Select the appropriate check run. Notice the check number assigned will begin with an “E” for EFT.

   ❏ Click Create EFT File to create the EFT file. The Finance EFT Report is displayed with a list of transactions to be processed.

   ❏ Click to print the report prior to clicking Process.

   ❏ Click Process to proceed. A dialog box is displayed with a preset File name. The Finance_EFT_MMDDYYYY.txt file is generated with the actual EFT payments for each vendor.

   

   Your EFT file is ready to be sent to your bank contact for EFTs using your LEA's preferred method of sending EFT files.

   
   

   The following morning at 6:00 AM, ASCENDER will generate and send an email to the vendor's EFT email (listed on the Vendor Name/Address tab) notifying them that an EFT payment (deposit) has been issued to their bank account.