Altus Alliance 2016 - Introducing EFT
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Presentation by Glen Watson on February 4th, 2016. Never heard of or new to using Electronic Funds Transfer (EFT)? In this presentation we will discuss the best practices that will allow you to easily introduce and use EFT at your organization.
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Altus Alliance 2016 - Introducing EFT
- 1. ALTUS ALLIANCE 2016 Best Practices: Introducing Electronic Funds Transfer (EFT) to Your Organization
- 2. Your Presenters Glen Watson CPA, CA, CMA • ERP Solution Architect • Joined Altus 2005 • gwatson@altusdynamics.com Kinley Graham CPA, CMA • Application Consultant • Joined Altus 2016 • kgraham@altusdynamics.com
- 3. Objectives • Gain a deeper understanding of the pros and cons of EFT • Learn how to use the EFT functionality to improve efficiency and control • Provide some tips and tricks to Payment Journals in general • Discuss ideas for rolling out EFT
- 4. Agenda • Pros and Cons • Setup Requirements • Payment Journal Options • Previous Enhancements (in NAV 2013) • Validations (Altus Product 7-02, Sep 2013) • Approvals (Altus Product 7-03, Feb 2014) • Email Improvements (Altus Product 7-04, Jul 2014) • Rolling out EFT • Tip: Pre-Authorized Payments (PAP) as Invoices
- 5. Pros and Cons Pros • Greater control/confidence • Fraud prevention • No printing and mailing costs • Paperless • Bank Reconciliation is easier • Consistent setup for Payroll Others? Cons • Initial administration (gathering bank data) • Transaction cost (dependent on bank service) • Cash balance reduced immediately
- 6. Setup Requirements • Bank Account Setup • Vendor Bank Accounts • Email Setup • Purchases & Payables Setup • Payroll Bank Accounts (linked to Vendor)
- 7. Setup Requirements • Bank Account Setup (EFT fields)
- 8. Setup Requirements • Vendor Bank Accounts
- 9. Setup Requirements • Email Setup
- 10. Setup Requirements • Purchases & Payables Setup
- 11. Setup Requirements • Payroll Bank Accounts – maintained on Employee Pay Distribution • Note: When this information is updated in HR it will also be updated in the Vendor card (not vice versa)
- 12. Payment Journal Options • Batches • Purpose • Numbering (Document No.) • Suggest Vendor Payments • Payment Method Code • Other fields • EFT Tips
- 13. Payment Journal Options • Batches • Options on how to setup by user • Options on why to setup by bank account (and EFT separately) • How to setup document numbers with No. Series
- 14. Payment Journal Options Suggest Vendor Payments: • Last Payment Date • Summarize per Vendor • Posting Date • Use Due Date (Cheques) • Starting Document No. • Use No. Series on Batch • New Doc. No. per Line • Bal. Account Type / No. • Bank Payment Type • Payment Method Code • Posted Invoice vs Vendor
- 15. Payment Journal Options EFT Tips : • Last Payment date and Posting should not be too far off • Make separate batches for EFT and bank cheque by bank – currency of bank • Common questions: • Missing Credit Memos – no Pymt Method Code, or ‘Min. Chk Value’ flag • Removing applied entries – if ‘Summarize per Vendor’ • Edit Vendor Ledger Entry – ‘On Hold’; change due date/Pymt Meth Code • Miscellaneous Vendors – can’t be used for EFT
- 16. Previous Enhancements (NAV 2013) • Validations (Altus Product 7-02, Sep 2013) • Only becomes ‘Exported’ once all records pass validations • Checks banking information and remittance email exists on Vendor • Warning (on Posting) if Remittances not Sent • Approvals (defined in User Setup) (Altus Product 7-03, Feb 2014) • Defined in Journal Templates (Payment, General, Recurring, and Deposit) • Data saves to General Journal entry table 17 (view / report) • Email Improvements (Altus Product 7-04, Jul 2014) • Remittance Sent field updated for each document • New EFT Email Sent Log (available from Vendor Card) • Edits in Payment Journal (Email, Remittance Sent status)
- 17. Rolling Out EFT • Confirm bank service • Complete NAV setup (in Test first) • Start with a sample of Vendors (few employees, select Vendors) • Send letters to Vendors requesting EFT setup data • By Groups e.g. Employees versus regular Trade • Address benefits for the Vendor, and any confidentiality concerns etc • Update ‘New Employee / Vendor’ forms to include EFT setup data • Over time begin to ‘require it’ (employees), or make ‘the rule’
- 18. Tip: Pre-Authorized Payments • PAP are automatically deducted from your account • Rather than just debiting expense and crediting bank, you can easily track through an AP Vendor • The Vendor Invoice has a Payment Method Code with a balancing account • Entries recorded on posting of Invoice: Dr Expense, Cr A/P; Dr A/P, Cr Bank
- 20. ALTUS ALLIANCE 2016 Altus Ideas Thenewwayforyoutosubmitfeature requeststous.
- 21. ALTUS ALLIANCE 2016 Altus Advocates Membershiphasitrewards. Enrolltoday.
- 22. ALTUS ALLIANCE 2016 Submit your evaluations to win!
Notas del editor
- There is additional setup in HR setup for Employee Types. There is a setting on Employee Types for ‘Create Employee Vendor’ which is to automatically create a Vendor Card when the employee is hired.