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Week 7: Do you Know? Series of the Week

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Weekly, the Dynamics GP team is posting a ‘Did you know?’ series.  We give tips, tricks, and general comments around features and functions that already exist in Microsoft Dynamics GP. 

Our challenge to you is…how much do you really know about Dynamics GP?

Our topic this week is Electronic Funds Transfer (EFT) for Payables Management.

While EFT usage has been high outside of North America for many years, more and more businesses within the US are starting to use EFT more heavily to automate accepting or sending payments between customers and vendors.  We’ve found that while many banks do typically use a standard file format (of which a few exist), there are others with pretty unique format requirements that can’t be offered “out of the box.”  Well, with the EFT for Payables enhancements with Microsoft Dynamics GP 10.0, you can…

  • Start with defined formats that ship with Dynamics GP 10.0, and then tweak these formats based on variations made by individual banks.
  • Use pre-defined formats for the US & Canada, which enable you to easily make payment to individuals, businesses and corporation.

EFT1

EFT2

  • Create a user-defined format from scratch, if needed.
  • Set up special options that apply to certain banks, such as adding pad blocks or creating an auto-settlement line for each payment.
  • Import and export these file formats. If the customer has multiple companies that use the same bank and format, they can set up the file format once and then export the format, importing it into as many companies as needed.

A nice surprise I’ll add for you GP Insiders is that you can expect this SAME level of functionality to modify EFT file formats within the EFT for Receivables Management with our next release!

Enjoy your weekend everyone and take care…

AndyW

Comments

  • Anonymous
    July 28, 2009
    The comment has been removed

  • Anonymous
    July 29, 2009
    The comment has been removed

  • Anonymous
    September 04, 2009
    Has anyone compiled an integration manager to interface vendor EFT information along with the vendor card file integration?

  • Anonymous
    August 03, 2010
    I'm using however the FILE ID Modifier is not incrementing.  On the default is showing a constant A.  But I think it should increment based on the EFT Daily transmissions to the Bank.   Thanks!  

  • Anonymous
    August 06, 2010
    Sorry Luis but I won't be of much help on this issue I'm afraid. Have you tried the Dynamics Community newsgroups yet? community.dynamics.com/forums AndyW

  • Anonymous
    November 02, 2010
    Hi Barbara, recording a macro was the only way I was able to input a large amount of EFT information for vendors. I found it worked rather well. Cheers, Erin

  • Anonymous
    April 20, 2011
    Hi, is there any way to produce the file in *.csv format?

  • Anonymous
    March 02, 2012
    Where do I find the pre-defined file formats that ship w/ GP 2010?