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EFT in Accounts Payable

Last post 11-27-2007 3:20 PM by Marion Katsereles. 4 replies.
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  • 11-27-2007 2:05 PM

    EFT in Accounts Payable

    Reply Contact
    I had to pay a vendor by phone but am not sure how to process this in the Accounts Payable Module. I have gone to knowledgebase but found their suggestions not very useful. I'm sure some of you use EFT's often, this is my first time.Can anyone help? Thanks! Steph

  • 11-27-2007 2:20 PM In reply to

    EFT in Accounts Payable

    Reply Contact
    We usually issue a "Manual check" to that vendor and keep track of the check numbers used.Often times it's just as simple to do a Journal Entry if it's not something you need to see in that vendors activity.

  • 11-27-2007 3:13 PM In reply to

    EFT in Accounts Payable

    Reply Contact
    We use "Manual Check" also. There is a box to check that says computer check or EFT. We check the EFT box when it is a bank draft.

  • 11-27-2007 3:14 PM In reply to

    EFT in Accounts Payable

    Reply Contact
    I forgot to mention, We go ahead and put on the invoice just as we would any other invoice, then enter the bank draft payment under manual check entry.

  • 11-27-2007 3:20 PM In reply to

    • Marion Katsereles
    • Not Ranked
    • Posts 4
    • Organization: University of Maryland College Park Foundation, Inc.

    EFT in Accounts Payable

    Reply Contact
    We mark the payment method to the vendor as Bank Draft. The system will assign it a draft number. We can run the drafts along with the check run, or choose to run them separately, as it's own run. University of MD College Park Fdn College Park, MD 20742
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