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Trace: • Budget • Accounts Receivable • Create EFT File - FIN3700
finance:maintenance:eftprocessing:createeftfile

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finance:maintenance:eftprocessing:createeftfile [2021/06/22 16:00] – 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). 
 + 
 +The EFT process is completed in the logged-on file ID.
  
 **Notes**: **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.   * 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.
-  * Grant EFT files cannot be created in Finance and vice versa. +  * Grants and Projects EFT files cannot be created in Finance and vice versa. 
 </WRAP> </WRAP>
  
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   * If **Pre-Note** is selected, the Finance_Prenote_MMDDYYYY.txt is generated for those vendors with **Pre-Note** selected on their bank information record.   * 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 indent>You can type a different name for the file and save the file on your computer or network.
 </div> </div>
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finance/maintenance/eftprocessing/createeftfile.1624377626.txt.gz · Last modified: 2021/06/22 11:00 (external edit)

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