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finance:maintenance:eftprocessing:createeftfile

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finance:maintenance:eftprocessing:createeftfile [2021/06/21 14:15] – emorenofinance:maintenance:eftprocessing:createeftfile [2022/08/12 13:50] (current) – emoreno
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 //**Finance > Maintenance > EFT Processing > Create EFT File**// //**Finance > Maintenance > EFT Processing > Create EFT File**//
  
-<WRAP round intro>Electronic fund transfer (EFT) is a method of electronically transferring funds to a vendor for payment. The transfer is accomplished by creating an EFT file during a payment run. The file is then given to the local education agency's (LEA) bank to be transmitted to an automated clearing house (ACH). The ACH is a centralized, federal reserve bank that transmits the necessary data for electronically transferring funds to the vendor's participating depository financial institution (DFI).+<WRAP round intro>Electronic fund transfer (EFT) is a method of electronically transferring funds to a vendor for payment. The transfer is accomplished by creating an EFT file during payment processing. The file is then given to the local education agency's (LEA) bank to be transmitted to an automated clearing house (ACH). The ACH is a centralized, federal reserve bank that transmits the necessary data for electronically transferring funds to the vendor's participating depository financial institution (DFI).
  
-**Note**:  The vendor's bank information must be completed on the [[finance:tables:bankcodes:eft|Finance > Tables > Bank Codes >  EFT]] tab. Otherwise, the create EFT file process cannot be performed.+The EFT process is completed in the logged-on file ID. 
 + 
 +**Notes**: 
 +  * The vendor's bank information must be completed on the [[finance:tables:bankcodes:eft|Finance > Tables > Bank Codes >  EFT]] tab. Otherwise, the create EFT file process cannot be performed. 
 +  * Grants and Projects EFT files cannot be created in Finance and vice versa. 
 </WRAP> </WRAP>
  
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 ^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.| ^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.|
  
-VCV Click **Create EFT File** to create the EFT file. Based on the selected EFT file option, either the Finance EFT Report or the Finance EFT Prenote Report is displayed. [[general:printreport|Review the report.]] +VCV Click **Create EFT File** to create the EFT file. If **Pre-Note** is selected, the Finance EFT Pre-Note Report is displayed with a zero transaction. Otherwise, the Finance EFT Report is displayed with a list of transactions to be processed. [[general:printreport|Review the report.]] 
  
-VCV Click **Process** to proceed. A dialog box is displayed with a preset (Finance_EFT_mmddyyyy.txt for a Finance file and Finance_Prenote_mmddyyyy.txt for a prenote file) File name. You can type a different name for the file. Save the file on your computer or network.+VCV Click **Process** to proceed. A dialog box is displayed with a preset File name.  
 +  * If **Finance** is selected, the Finance_EFT_MMDDYYYY.txt file is generated with the actual EFT payments for each vendor. 
 +  * If **Pre-Note** is selected, the Finance_Prenote_MMDDYYYY.txt is generated for those vendors with **Pre-Note** selected on their bank information record.
  
 +<div indent>You can type a different name for the file and save the file on your computer or network.
 +</div>
 +\\
 VCV Click **Cancel** to close the report and return the Create EFT file tab. VCV Click **Cancel** to close the report and return the Create EFT file tab.
  
finance/maintenance/eftprocessing/createeftfile.1624284925.txt.gz · Last modified: 2021/06/21 09:15 (external edit)

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