EFT Destination Table
Menu Path: Fund Accounting, then Reference Tables, then Reference Tables, then EFT Destination Table
Use this table to set up templates for the ACH file generated when EFT (Electronic Funds Transfer) transactions are processed in a vendor check run. You define the formatting based on information from the bank that manages handling your accounts payable account.
To generate the EFT Destination Table report, click Print. The report's default file name is eft_dest.rpt.
Defining EFT Destination Records
In each EFT Destination record, you define the following:
Record Description | Bank Account Number | Lead Transaction Records |
Immediate Origin | Federal Tax ID | Email Address |
Bank Destination | Originating DFI ID | Blind Copy Address |
Company ID | EFT File Format | Email Subject |
Bank Routing Number | Bank Debit Setting | Email Text |
In addition, you assign a disbursement fund to each EFT Destination record. If you use several bank accounts for disbursing account payable (AP) funds, then create a record for each combination of bank account and fund. Otherwise, you only need to create a record for the Fund Accounting Profile's default disbursement fund. For additional information, see Payable Entry - Electronic Funds Transfer.
Setting Up the EFT Destination Table
Each EFT Destination record describes a specific file template that will be available for accounts payable personnel to select when they process Electronic Funds Transfer (EFT) transactions during a vendor check run. To set up this table, you must understand the Fund Accounting System's EFT feature and then the information required for EFT Destination records.
Electronic Funds Transfer
The Fund Accounting System provides the ability to process vendor payments electronically, producing a file containing debit and credit information which your site sends to the bank handling your AP account. Based on the appropriate reference table setup, the generated file includes the data and formatting required by your bank to meet National Automated Clearing House Association (NACHA) rules for processing electronic payments.
Following is a summary of the Fund Accounting tables that pertain to EFT:
Bank table | Stores records for the financial institutions used by the vendors you pay through EFT transactions. |
Vendor table | Links the appropriate Bank records to EFT vendors. This table also stores each vendor's bank account, transaction code, and email settings. |
Alternate Vendor Address table | Stores bank and email information for EFT vendors who receive payment at a secondary remittance address. |
EFT Destination table | Defines formatting and key data to use in the ACH file generated when you process payments to EFT vendors. Each record is set up based on the requirements of the bank where the associated ACH file will be sent. |
ACH Files and the EFT Destination Table
An Automated Clearing House (ACH) file is generated when EFT payments are processed in a vendor check run. This file contains data on the payments made to the appropriate EFT vendors, including:
- Information for the bank account supplying funds to cover the total payment.
- Bank account information for each vendor receiving payment.
- Code indicating how your bank will handle the debit to your account.
You need to set up an EFT Destination record for each bank account your site plans to use for making EFT payments to vendors. For each record, you will need the following information from your bank: - Data identifying your site (Immediate Origin Number, Immediate Origin Name, and Federal Tax ID).
- The number your bank uses to identify itself for EFT transactions (Bank Destination Number).
- Your bank's name as it needs to appear in the ACH file (Bank Destination Name).
- The nine-digit ABA routing number assigned to your bank (Bank Routing Number).
- The number identifying the account you use for EFT transactions (Bank Account).
- The number identifying your state's Department of Financial Institutions (Originating DFI ID).
- Standard Entry Class (SEC) code for the transactions contained in the ACH file (EFT File Format).
- Determination on how to handle debits to your bank account (Bank Debit).
- Data to include as the first two lines in the ACH file, if your bank requires leading transaction information (Optional Leading Transaction Records).
In addition, you will associate a disbursement fund from your Organization Chart to each EFT Destination record you create. By associating a fund to the EFT Destination record, you are also tying the fund to a bank account.
Generally, you will use the default disbursement fund from the Fund Accounting Profile. If you have other funds set up for disbursing cash, you will define additional EFT Destination records, which accounting personnel can then select when processing vendor checks.
During the vendor check run, the system prompts accounts payable personnel to select an EFT Destination record correlating to the records being processed based on the fund.
Fields
The EFT Destination page's detail section has three tabs: General, Transmission, and Email. You enter most of the EFT Destination record's key data in the General tab. Use of the Transmission and Email tabs depends on instructions from your bank as well as from the vendors receiving EFT payments.
General Tab
Use this tab to identify the EFT Destination record, define the bank account and fund associated with it, and set up the essential formatting for the ACH file this record generates when selected during a vendor check run.
Field | Description |
|---|---|
| Note | Certain fields may be masked, if the user does not have the proper security permissions. |
Description | Unique title identifying the EFT Destination record for selection during a vendor check run. This is the information your accounting personnel will see when processing EFT payments to create the appropriate ACH file. Make sure to set up a description that will be meaningful to your co-workers, perhaps identifying the bank account and fund associated with the record. |
Use as Default | Checkbox indicating whether to use the record as the default selection when running the Vendor Checks option for EFT payments. Place a check mark in the checkbox for the record that will be used most often. Otherwise, leave the field blank. |
Immediate Origin Number | Unique number identifying your site to your bank, generally your federal tax ID. This number is included in the ACH file when this EFT Destination record is selected, so verify with your bank exactly what to use in this field. |
Immediate Origin Name | Name identifying your site. |
Bank Destination Number | Unique number identifying the bank where you are sending the ACH file. Refer to your bank for the appropriate number. |
Bank Destination Name | Name of your bank, as it needs to appear in the ACH file. |
Bank Routing Number | American Bankers Association (ABA) number identifying your bank in ACH and EFT transactions. |
Bank Account | Number identifying the bank account you use to provide funds for vendor transactions. |
Federal Tax ID | Federal employer identification number assigned to your organization. |
Header Company ID | Company identification number assigned to appear in the batch header record of the EFT file. |
Control Company ID | Company identification number assigned to appear in the batch control record of the EFT file. |
Originating DFI ID | Originating depository financial institution number as assigned by the state’s Department of Financial Institutions (DFI). |
EFT File Format | Standard Entry Class code that applies to the vendor payments contained in the ACH file generated using this EFT Destination record. This code is included in the ACH file, and it influences how the system formats the file. When setting up your system for using the EFT feature, make sure to check with your bank to see what codes apply for the vendor payments made by your site. You will associate the appropriate code with each bank account you define in the EFT Destination table. Enter the code exactly as instructed by your bank and as defined in your NACHA handbook. Examples of codes include CCD or PPD. Place a + (plus) symbol after the three-letter code if the file includes an addendum record. |
| Transaction Desc(ription) | General description for the type of vendor payments contained in the ACH files generated using this EFT Destination record. Since this information is included in the actual ACH file, consult your bank regarding your entry in this field. |
Bank Debit | Code indicating how to handle the account debit for transactions recorded in the ACH file. Select: N - None - ACH file has a credit entry for each vendor but no debit entry for the bank. A service class of 220 appears in the file. Consult with your bank to determine how debits will be handled, and then select the appropriate setting in this field. |
Fund | Select the Level 1 Organization Chart record to use with this EFT Destination record. The system prompts accounting personnel to select an EFT Destination record corresponding to the fund they are processing during the vendor check run. |
Transmission Tab
Use this tab to define the first two rows of information for the ACH file. This is only necessary if your bank requires specific lead data.
Field | Description |
|---|---|
Optional Leading Transaction Records | Two lines for defining additional information your bank requires as the leading two rows in the ACH file. If your bank does not require specified leading data, you may skip these fields. |
Email Tab
Use this tab to set up information for email notifications the system sends to the appropriate vendors when the ACH file is generated. This setup is only required if vendors need notification.
Field | Description |
|---|---|
Email Address | When EFT payments are issued, the system sends a notification from this address. However, your network’s mail server must be set up for this feature. To verify if the server is configured properly, contact your system administrator. |
Blind Copy Address | When EFT payments are issued, the system sends a blind copy of the vendor messages to this address. |
Subject | Subject line for the email message the system sends to vendors when the ACH file is generated. |
Body (5 lines) | Text for the body of the email the system sends to vendors when the ACH file is generated. |