Course Level: Basic
Prerequisites: General Ledger Transaction Entry
Instructional Method: Recorded Session (recorded instructor led discussion with training guide)
Recommended CPE Credits: Not Eligible for CPE
Access Period: One Year from Purchase
Estimated Time to Complete: One Hour
View this recorded session to learn how to use the Electronic Funds Transfer for Accounts Payable module to save time, money, and the hassle of printing and mailing checks. The module seamlessly integrates with the Accounts Payable module providing more options for reducing costs and improving service. Learn how to distribute payments via electronic funds transfer.
For additional training, and to learn more about daily processing tasks in the Accounts Payable module, attend the “MIPC305 – MIP Cloud Accounts Payable Processing” course.
After completing this course, you will be able to:
- Set up electronic funds transfer banking information
- Discuss pre-notes, their creation and use
- Add vendor bank information to vendor records
- Create vendor payment vouchers
- Create an electronic file of vendor payments
- Produce reports of vendor electronic funds transfer payments
Topics start at these timestamps:
- 2:46 Setting Up EFT: Organization Bank Information
- 7:30 Setting Up Bank Account Details (Cash Account, ACH File Type, Pre-Notes)
- 11:37 Setting Up Bank Holidays
- 13:07 EFT Vendor Email Notifications
- 15:20 Activity: Setting Up a Vendor for EFT Payments
- 20:55 Activity: Selecting & Paying Invoices via EFT
- 28:42 Generating & Sending the ACH File to the Bank
- 32:03 Payment Register Report
