EFT 1st Release

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Navigation:  Modules > Financial Management > Accounts Payable > Payments >

EFT 1st Release

Overview

The function of the EFT 1st release is to authorize Electronic Fund Transfers generated in the Generate Payments application.

 

In this application users can approve payments batch for EFT 2nd release, reverse payments or print listing of payments awaiting 1st approval.

 

Navigation Path

Financial Management → Payments → EFT 1st Release

 

Typical Users

Senior creditors staff,  Finance staff

 

Risk Factors

Only designated officials should have access to EFT release.

 

Functionality

When opened you will be able to view the following EFT Posting - FIRST Release screen:

 

Select a line from the header grid to display the payments for release in the detail grid:

 

 

Select the lines to be released for posting.

 

The summary table will display information relating to the selected lines:

 

Click on the 'Release EFT' button to release the selected payments to the next level of approval in DeltaERP5.

 

 

The transactions are now authorized and sent to the next level for approval (EFT 2nd Release).

 

The 'Report' button gives you the following options:

 

Complete the selection and click on the 'Print' button to generate a report preview.

 

The 'Reverse EFT' button allows you to reverse the selected EFTs.  Select the lines you wish to reverse and click on reverse EFT.

 

Complete the period and date and click on the 'Select' button to reverse.  Transactions can't be reversed in closed periods:

 

 

The following transactions take place:

EFT payment transaction is reversed, i.e. credit supplier; debit EFT Suspense account

Automated supplier account allocations, i.e. - reversed payment and corresponding invoices are unallocated and then reversed payment is allocated against the newly posted reversal EFT payment transaction.