EFT 2nd Release

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EFT 2nd Release

Overview

The main function of the EFT 2nd release application is to:

Authorise Electronic Fund Transfers and generate EFT output files which must be uploaded to your internet banking to finalise payments

Authorise Telegraphic Transfer payments.

 

EFT output files are generated and saved in a parameter driven location on the network.

No EFT output files are generated upon releasing of TT payments, the system will only print a Telegraphic Transfer – Released payment report as a confirmation of released payments.

The user can also send remittances to suppliers, print EFT report or unrelease EFT payments.

 

The application will only be available if the following conditions are met:

No other user logged into the same company has this application or the Bank Master Maintenance application open.

Application will verify if the approver has access to the EFT output file location defined by a system parameter.

 

 

Navigation Path

Financial Management → Payments → EFT 2nd Release

 

Typical Users

Payables staff (creditors clerks)

 

Risk Factors

Only designated officials should have access to EFT release. Releasing a payment can lead to losses if not properly authorised.

 

Function

When opened, you will view the following EFT Posting - FINAL Release screen:

 

Transactions which were released using EFT 1st Release, will be displayed in the EFT Header section.

 

Select a row to display the details:

 

You can now select the payments you wish to release:

 

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

 

When completed, you can click on 'Release EFT' to release.  You will have the option to select the period to which you wish to post.  It has to be an open period:

 

If the selected date is invalid, the field will be highlighted red as per above screen shot.  Once corrected you will be able to 'Select' for posting.

 

 

 

After posting, the following report preview will be displayed:

 

When an EFT Final release is completed, the following will take place:

EFT Payment record will be marked as released

Journal posted to clear EFT Suspense account (debit EFT Suspense account, credit Bank account)

EFT output file will be created on the network in a parameter driven location according to the EFT Type assigned to the bank from which payment took place

User can print Released Payment details report

User can send remittances to supplier to notify of the payment

 

Remittance send option

 

Select the check boxes of the remittances to be sent.

Click on 'Print' to view list of remittances per supplier.

 

Click on the 'Send' button to send.

 

Unrelease EFT

To unrelease, select the EFT from the top Detail section select the lines to unrelease:

 

Click on the 'Unrelease EFT' button to continue.

 

The batch is unreleased and routed back to EFT 1st release.

 

Report function

Click on the 'Report' button to select the report options:

 

Once completed, click on the 'Print' button to generate a report preview:

 

Send

Used to (re)send remittances to suppliers or print remittances of the selected Batch. Click on the 'Send' button to open the following screen:

 

Either select a batch and an EFT Range from the batch where applicable and click on the 'View' button.

 

Original remittance advices are saved in a parameter driven location on the network during the final GP Run posting. These documents can be viewed/printed/sent via fax or email to suppliers from this screen.

Users can also change preferred communication method, contact details before sending the remittance to the supplier or view the remittance with a pop-up menu function.