- Check - A form which instructs a bank to pay a specified sum of money to the person named on it. Checks can be recorded, or recorded and printed from Accounts Payable and Payroll.
For more information, refer to What is the difference between a one-time, manual and computer check
- Bank Draft - In Accounts Payable, invoices can be paid by recording bank drafts. A bank draft is used when a vendor has authorization to withdraw funds from a bank account on a certain date (usually the due date) to pay an invoice.
Bank Drafts are recorded in Banks to track money placed in your organization's account by another person or organization to pay an invoice. Accounts Payable does not create the Bank Drafts, it only records the Bank Drafts received as payment.
- EFT (Electronic Funds Transfer) - is a general banking system in which transactions, such as deposits and bill payments, are made through computer databases and electronic files. This is often referred to as a direct deposit. You can use the optional module EFT in Accounts Payable and Payroll to create EFT transmission files which instructs your bank to send money to other bank accounts to pay invoices or payroll, and to print EFT Notices for employees or vendors so they have a hard copy of this transaction.
For more information, refer to What is EFT?
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