Common EFT Issues in Microsoft Dynamics GP 2010

As a follow up to my EFT for Dynamics GP 2010 blog this week, I thought I’d share a few common setup issues I’ve learned to overcome through my experience with various clients. It’s no secret that when dealing with financial institutions, time is often of the essence. Reversing an incorrect payment or attempting to stop payment to a certain vendor often requires hours of effort over the phone with representatives who may or may not be immediately helpful. As such, the following covers a few common setup issues when first setting up EFT for Dynamics GP 2010.

Having the Wrong Address ID Specified on Vendor Cards

One of the most common issues I’ve had clients ask me is why banking information for certain vendors shows up blank on generated EFT files. They’ve setup their file format correctly as per the specifications from their financial institution, setup the vendor card correctly to match the EFT file format (Where information is pulled from), and the transaction is posted and included in the EFT run with no issues. However when they generate an EFT file and upload to their financial institution website, they come to realize there is no financial information specified on the file.

This is a common issue which at first is a bit tricky to spot however can be resolved fairly quickly. Your first step is to double check whether you have actually entered banking information on the EFT BankMaintenance window. This may sound unnecessary (and obvious) however there are often cases where clients have two vendors with very similar names where one has EFT information specified versus the other which does not. To access the EFT Bank Maintenance window:

  • Open the Vendor Maintenance window from the Purchasing Module in GP
  • Lookup the vendor by Vendor ID and select the Address tab located at the bottom right of the window
  • This will open the Vendor Address Maintenance window. Select the EFT Bank option to open the Vendor EFT Bank Maintenance window
  • Here you will find all financial details from which your generated EFT file is pulling data from

If there is data specified here as you originally anticipated, close these newly opened windows and return to the Vendor Maintenance window. This brings us to the originally mentioned issue causing blank financial information to appear on your EFT file. While on the vendor card, check the Address IDs specified for different actions in GP as shown below:

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EFT for Dynamics GP 2010

Setting up EFT (Electronic Funds Transfer) to make payments within Dynamics GP 2010 is a useful feature many clients aspire to take advantage of. As with any organization from a small to large scale, manually writing cheques to make vendor payments is both time consuming and not efficient. As such, Microsoft has made the EFT process easily accessible for setup and processing to save time and make payments easier. Setting up and generating EFT at a high level requires the following setup within GP:

  • Specifying a file format for EFT Files (The file format to follow is provided to you by your financial institution and defines a layout of the file GP will produce to eventually upload to your online banking website
  • Setting up vendor cards and chequebooks in GP (This is completed within the Purchasing Module in GP and involves specifying specific banking details to transfer EFT Payments to)
  • Entering and posting payables transactions in GP representing payments to be made to specific vendors
  • Conducting an “EFT Run” similar to a “Cheque Run” in GP. This involves specifying which transactions to include in the EFT payment
  • Once completed, users can generate an EFT file for upload to their financial institution

Important Notes for EFT Setup:

  • EFT setup in GP requires minimal interaction with your financial institution (Certain setup instructions are provided by them and require tests before activation)
  • Multiple chequebooks can be setup for EFT processing within GP (Note: Financial institutions generally charge service fees based on the number of accounts with EFT processing enabled)
  • GP 2010 allows users to print and keep records of all payment remittances

For more information on EFT processing within Dynamics GP including setup & configuration, contact This email address is being protected from spambots. You need JavaScript enabled to view it.

By: Praveen Parameshwaran, Application Specialist, WebSan Solutions Inc, a Microsoft Dynamics GP Partner and 2013 Canadian Channel Elite Awards Finalist

 

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Let The Power of Microsoft Dynamics GP Work For You

Still wondering what choosing Microsoft Dynamics GP ultimately means for your business? Our clients who have adopted Dynamics GP often mention terms such as Value Added, Productivity, Familiarity and Innovation within days of implementation and it’s easy to see why.

Exceptional customer experiences begin with the people who make your business possible. By providing these very people with the right tools to boost their productivity and in turn increase their value added activities, they will ultimately help your organization to achieve your goals and generate maximum return. These very tools are found in Microsoft Dynamics GP. Reducing administrative overhead and the redundant tasks costing your business daily only begin to describe the advantages your business will experience. Dynamics GP will justify your existing technology investments with its seamless integration capabilities and will help to streamline your business processes with a fast, easy configuration that doesn’t require writing any new code.

Who’s going to help you make this important transition in your business life cycle you ask? WebSan Solutions Inc. will help support your transformed business processes using Dynamics GP by providing you with exceptional support and training wherever and whenever  you need it. We work hard to understand your business and provide you with support solutions to once again ensure your business is optimizing its functional capabilities.

Contact WebSan Solutions Inc at This email address is being protected from spambots. You need JavaScript enabled to view it. to hear more about how your business can benefit from Microsoft Dynamics GP.

Praveen Parameshwaran is a Dynamics GP Support Specialist capable of assisting companies with a wide variety of business challenges.

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