EFT Processing Overview

EFT Processing simplifies financial transactions by automating payments and direct debit/receipt processes. It generates files in the specific format required by your bank to upload into your banking software for the following types of Sage Intacct transactions:

• Accounts Payable (AP): Facilitates payments to vendors and suppliers.

• Accounts Receivable (AR): Handles direct debit transactions from customers.

• Employee Expenses: Processes reimbursements efficiently.

To get started with EFT Processing, you need to: 

1. Obtain the bank specifications for the transactions you process by EFT. Refer to What is a bank specification?

2. Collect information from your Vendors, Customers and Employees. Refer to Gather vendors, customers and employees bank details

3. Install the EFT Processing custom components and enter Licence details in Sage Intacct. See details in Install EFT Processing

4. Configure EFT Processing in Sage Intacct. Details are available in Setup EFT Banks