When paying a dividend you may choose to make payments via EFT. This process will ultimately create an ABA file that may be uploaded to your bank.
The process is as follows:
Mark the dividend as an EFT Payment
- Mark the dividend as an EFT Payment
A warning will appear for payees without bank details. You may later decide to print these payments as cheques if you do not have bank details.
2. Follow through payment authorisation if you have this implemented
3. If you need to enter the bank details
a). Employees
b). Creditors / Counterparties
From the Creditors record drill down to the counterparty record by clicking on the Ellipsis next to the Creditor name
Click on Banking and Advance tab. Enter banking details
You may enter a different payee, but, you cannot enter alternative bank account details.
4. Preparing the EFT file
Preparing the Dividend EFT Batch is done the same way as other EFT Batch payments and is explained in this article Banking Integration Steps to create upload ABA and BPAY files
If you are not using banking integration this article, Prepare and output EFT files when not using Banking Integration, may assist you.
Note: If you haven't selected the option to pay a dividend as EFT then you can convert payments to EFT payments after the fact (without re-running the dividend).
You can open the Outputs screen via the distribution batch by selecting EFT Outputs and Requisitions > Cheques & EFT Outputs
Click on the drop down for Distribution outputs for: and select the distribution.
Click All Outputs
Highlight the payments that need to be updated to EFT payments > right hand click > select Flag as EFT Payment
Comments
0 comments
Please sign in to leave a comment.