EFT Definitions
Below are some useful definitions about EFT Processing for Sage Intacct.
EFT Processing for Sage Intacct simplifies financial transactions by automating payments and direct debit/receipt processes in a secure and cost effective way. It creates bank-compatible files for vendor payments (AP), customer receipts (AR), and employee reimbursements.
EFT Processing generates payment and direct debit files in the specific format required by your bank allowing you to upload them into your banking system instead of manually entering transactions in the banking software.
If using the SFTP option, you can upload the files automatically to the bank without using the banking software.
An EFT file is a structured file containing payment or debit instructions formatted according to your bank’s requirements for the type of transactions you want to send to the bank. For example, it can be a CSV file or an XML file.
EFT Processing supports the following types of Sage Intacct transactions:
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Accounts Payable (AP): Facilitates payments to vendors and suppliers.
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Accounts Receivable (AR): Handles direct debit transactions from customers.
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Employee Expenses: Processes reimbursements efficiently.
Users can download the EFT file in their browser and upload it through the banking software.
While this is the most common option, increasingly banks offer end-to-end transmissions (also referred to as host-to-host connectivity). EFT Processing offers an option to upload the file directly to a SFTP server.
Bank details for vendors, customers, and employees are stored directly within Sage Intacct using the Orchid EFT fields. They are not hosted on a separate server.
