Electronic Fund Transfers

Paying your suppliers electronically involves creating a data file containing payment information which is saved to your hard disk and then uploaded to your bank using software provided by your bank. This banking software may come in the form of a program that is loaded onto your computer, or it may be accessed via a web page provided by your bank's on-line Internet banking facilities.

How to Setup Electronic Banking

There are two main steps involved in setting up electronic banking facilities in CAPITAL:

Enter the relevant banking information against your bank accounts in the Cash Management System.
Enter the relevant banking information against each one of the supplier accounts you intend to pay electronically.

Banking Information

1. Open the Cash Management System and select the bank that will be processing your electronic payments. Press the Edit button to view its details.

2. Enter the Account Number and Bank User ID code. You may need to check with your bank on what their Bank User ID is.

3. Tick Self Balancing if your bank requires a self balancing ABA file. For more information relating to self balancing files see: Cash Management Account Details.

4. Press the Settings tab button and enter the Account Name, Bank Name and BSB/Branch code.

The Account Name is the name of your bank account according to your bank. For example, "John Smith & Co." or "ABC Corp. Limited". The Bank Name is the name of the banking institution you are dealing with, e.g., "WBC - Westpac Banking Corporation" or "CTI - Citibank Limited."

5. If your bank has a limit per session (typically a daily limit) of the amount of money you can transfer to other accounts, enter this in the EFT Pay Limit field. You may need to check with your bank on what the payment limit per session is. If left at zero, no payment limit is presumed to exist.

6. If your bank has a limit on the number of payments that may be included in a single EFT file, enter it here. You may need to check with your bank on how many payments you are permitted to include in a single file. If left set to zero, no limit is assumed.

7. Press the Save button to record your changes and repeat this process for every bank you will be submitting electronic payments to.

Supplier Information

1. Open the Suppliers area and press the Find button to locate each supplier you intend to pay electronically.

2. Press the Terms tab button and tick the EFT Payments field.

3. Also enter the BSB number and Bank number (bank account number) and Bank account. The bank account is the supplier's bank account name, e.g., "Acme & Co Limited", that you will be transferring funds to. Do not confuse this with the name of your supplier's bank!

4. Press the Save button to record your changes and repeat this process for every supplier you intend paying electronically.

If you have upgraded from a version of CAPITAL that predates the introduction of Electronic Banking, these fields will not be available on your supplier screen.

To add them, consult the topic: Adding EFT Supplier Fields.

Supplier Payment Procedures

In broad outline the supplier payment procedure is as follows:

1. Payments are entered manually or created in bulk using the Supplier Payments utility.

2. If the Supplier Payments utility is used, a Cash Requirement Report is optionally run to check on who will be paid what amounts.

3. When you are ready to submit your payments to your bank, the Create EFT Payment utility is run, to mark your payments as electronic fund transfers and to generate the banking file for use by your banking software.

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