In Accounts Payable and Payroll:
EFT saves the time and labor involved in printing and mailing checks and automates periodic drafts from your bank account for direct deposit into vendor and employee bank accounts. After entering bank information for your organization and vendors or employees, you make payments selecting the invoices or payroll calculations to pay to create a transaction file. You complete the transaction be sending the file to your bank, which initiates the transfer from you to your vendors or employees.
In Accounts Receivable or Student Billing:
You can create an EFT file in Deposit tasks to create and process a file for multiple deposits at one time. The program processes deposits using the options defined on the bank account record. You complete the transaction by sending the file to your bank, which initiates the transfer to you from your customers or clients.
The EFT functionality is included with all NXT subscriptions with its related module. If you do not have FE NXT and would like more information on the optional EFT module, contact your account manager
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