EFT Processing

Does Cashbook allow me to process EFT transactions? I would like to produce a list of transactions that I can import into my bank.

Cashbook provides a method of producing a file of transactions for direct crediting of payee bank accounts via banking/internet banking software.

To Process EFT Transactions:

Step 1

Make sure that you have set up your EFT details information for your relevant bank account.

1. Click on the Chart toolbar option.
2. Click on the Banks tab.
3. Click on the relevant bank account so it is highlighed blue, then click on the Edit button (or double-click on the relevant bank account).

• Fill in the bank EFT Details:
  • Payer Name - name that appears on your bank statement.
  • BSB Number
  • Bank Account No.
  • EFT Number
  • Select the appropriate Bank Software Package from the drop-down list. e.g. CBA Netbank.
  • Note: This will automatically select the required File Setup options for that bank.
  • Click on the OK button to save.

Step 2

Make sure you have entered the supplier bank details:

• Click on the Creditors toolbar option,
• Click on the Suppliers tab.
• Click on the relevant supplier so it is highlighted blue, then click on the Edit button (or, double-click on the relevant supplier).
• Click on the EFT Details tab.
• Tick the Pay by EFT box.
• Enter the supplier's banking details. (BSB Number and Acct #)

Step 3

Entering an EFT transaction:

• Click on the Cashbook toolbar option.
• Select the required bank account from the Selected Bank drop down menu.
• Click on the Add button.
• Enter transaction information e.g. Date, Reference, Paid To, Amount.
• Note: If you have setup the Supplier correctly the EFT File check box will be automatically ticked. The EFT File box must be ticked to process this EFT transaction..
• You must enter a Payee Reference. e.g. your client number, your name, an invoice number. This is a message sent to the recipient (supplier), that will appear on their bank statement to assist them in identifying the transaction. (ie. showing them you are paying your bill and/or what invoice it applies to.)
• Click on the OK button to save.

Step 4

Processing an EFT Transaction:

• Click on the Transactions > Process EFT menu option.

• This will display a list of all payment that have been marked as "EFT" (and have not yet been processed.).
• In the Date to be processed by bank box, set the required date for the transactions to be processed by the bank.
• Tick the Mark processed transactions as cleared to bank statement box, if you wish to mark the processed transactions as 'cleared' for bank reconciliation purposes.
• Note: Any transactions dated past the end of the financial year, will not be marked as 'cleared', regardless of this setting.
• Right-click in the Pay column next to the relevant transaction/s, so a appears to include the payments you wish to be made by the bank. (Similarily, right-click to remove the tick and exclude transaction/s.)
• Right-click in the Remit column next to the relevant transaction/s, so a icon appears, to include those transaction/s you wish to produce a printed or e-mail remittance advice. (Similarly, right-click to remove the print icon and exclude printing.)
• Click on the Process button to produce the file - you will be prompted for a file name and destination. This is the file you will need to import via your banking software e.g. online banking.

• Note: payments that are not ticked will not be processed to the current file and will remain on the EFT list for later processing.

• Note: To remove a payment from the EFT list (without processing it to an EFT file), tick the required transaction/s and click the X Remove Items From EFT List button.

• Click Yes to thefollowing Confirm message:

• Select a location somewhere on your computer to save your EFT file (e.g. CBA.aba)
• Click on the Save button..

• Click Yes to confirm:

• Click OK to the Information message: ' All transactions updated.'

• From here you will need to log in to your internet banking website and upload this file for payment.