The purpose of this feature is to allow the creation of transfer files from DealerVu for importing into selected bank accounts for payment of Accounts Payable Vendor invoices.
- In the Chart of Account - create a Clearing account. It can be called EFT Offset GL Account or you can also simply use an existing clearing account. This GL account will clear out once the transactions are complete;
- There are 2 new settings in System Settings > Accounting > Miscellaneous Settings:
- EFT Bank GL Account - (add your bank account GL);
- EFT Offset GL Account - (add your clearing account GL in here):
- Once the GL accounts are added in Miscellaneous Accounting Settings, it will ‘open’ a New Payment Method called EFT in your Payable Payment Details screen:
- In System Settings > Accounting, there is an EFT Settings option:
This is where you will enter your company information, your bank information as well as select the Export File Format:
We currently support Bank of Montreal, Royal Bank of Canada, TD Canada Trust, CIBC and Scotiabank. If you wish to have a different bank added, you will need to contact your bank and send us their Electronic Funds Transfer File Layout Guide.
- Setting up Vendor(s)
In the Vendor Detail screen, you must enter the Vendor Banking information on the Bank Account tab AND a Vendor email for notification of a pending bank deposit and remittance advice on the General Info tab.
- How to Generate the EFT file
- In Accounts Payable Transactions, you will select Invoice payment;
- In the Payable Payment Details screen, you select Add Invoice. (Remember that multiple invoices for multiple Vendors can be selected);
- Select Payment Method EFT;
- Once all the invoices have been selected, print the payable payment details (File > Print).
To view the amount being paid to each Vendor, click on the Ellipsis box:
- Select payment Date and post;
- This will send an email to each Vendor notifying them of the payment and also a remittance advice showing the invoices and amounts paid;
- Once the transaction is posted, you will be prompted to Save the EFT File:
You will then import this file into your Online banking or send it to your bank depending on your bank policies.
In order to send emails from DealerVu, you must set up your SMTP server information in:
System Settings > Company > Store > Third Party Accounts