This process consists of the following steps; details for accomplishing each step are below.

  1. Configure the Bank Account to allow EFT
  2. Define Payment method and Bank Information for the participating students
  3. Create the Prenote Authorization File
  4. Add Automatic Payments
  5. Use Electronic Funds Transfer to receive deposits

Configure the Bank Account to allow EFT:

  1. In Banks, select the appropriate bank account from the Select a bank account drop-down menu
  2. Click Edit account details and ensure that the bank is marked to use Student Billing on the Bank tab and then select the Deposits tab
  3. Mark the Allow? Checkbox for the Student Billing row
  4. Highlight Student Billing and click Edit Deposit Options
  5. Complete the EFT General Information and EFT Logon Cards with the information provided by your bank
  6. Click OK to close the deposit options, then Save and Close the bank record

For more detailed information about configuring your bank, refer to the Banks Guide (PDF).

Define Payment method and Bank Information for the participating students:

  1. In Records, open the record responsible for payments and select the EFT Banks tab. If payer centric the record responsible would be the payer or parent, if student centric the person responsible is the student. 
  2. Click New EFT Bank
  3. In the EFT Status field, select EFT, Pre-note, or Inactive
  4. Enter the bank name, Account type (check or savings), Account number, Routing number and Discretionary code field provided by the bank
  5. To add bank address information, click Address
  6. To add bank contact information, click Contact
  7. Enter the contact's position and select a contact type column and enter the contact number in the Contact Number column
  8. Enter any additional notes or more detailed information in the Notes box
  9. Click Save and Close

Create the Prenote Authorization File:

  1. On the bank, click Create a prenote authorization file under Administrative Tasks
  2. On the Create Prenote Authorization File screen, click the binoculars to select a query of your vendors. If you have not created a query, click Add a New Query and create a query of all records. Since this process will include only records whose EFT status is Pre-note, you can include all records and click Save to save your query. 
  3. Enter an output path and filename and click Create Prenote File Now. Send this file to your bank using their prescribed method.  If the prenote fails for any record, set their EFT status back to Pre-note. 

Add Automatic Payments: You can select either fixed or variable automatic payment plans:

  • Fixed: the student pays fixed amounts according to a schedule
  • Variable: the student pays the entire balance due when the statement is generated. Variable payments generate when you run statements

Refer to How to add and generate automatic payment plans in Student Billing 7 for more information on adding and generating automatic payment schedules.

Use Electronic Funds Transfer to receive deposits:

  1. Open Bank Accounts and select Create an EFT file under Deposit Tasks
  2. On the Criteria Tab, select to include open or closed deposits or both
  3. Select appropriate options on the Filters, and Deposits tabs
  4. Verify the information on the File Options and Logon Cards tabs
  5. Click Create Now to create the file
  6. Send the file to your bank according to their specified method

Note: Student Billing EFT is currently not supported in Canada. For more information, refer to Is Electronic Funds Transfer (EFT) supported outside the United States?