Week 7: Do you Know? Series of the Week

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Weekly, the Dynamics GP team is posting a ‘Did you know?’ series.  We give tips, tricks, and general comments around features and functions that already exist in Microsoft Dynamics GP. 

Our challenge to you is…how much do you really know about Dynamics GP?

Our topic this week is Electronic Funds Transfer (EFT) for Payables Management.

While EFT usage has been high outside of North America for many years, more and more businesses within the US are starting to use EFT more heavily to automate accepting or sending payments between customers and vendors.  We’ve found that while many banks do typically use a standard file format (of which a few exist), there are others with pretty unique format requirements that can’t be offered “out of the box.”  Well, with the EFT for Payables enhancements with Microsoft Dynamics GP 10.0, you can…

  • Start with defined formats that ship with Dynamics GP 10.0, and then tweak these formats based on variations made by individual banks.
  • Use pre-defined formats for the US & Canada, which enable you to easily make payment to individuals, businesses and corporation.

EFT1

EFT2

  • Create a user-defined format from scratch, if needed.
  • Set up special options that apply to certain banks, such as adding pad blocks or creating an auto-settlement line for each payment.
  • Import and export these file formats. If the customer has multiple companies that use the same bank and format, they can set up the file format once and then export the format, importing it into as many companies as needed.

A nice surprise I’ll add for you GP Insiders is that you can expect this SAME level of functionality to modify EFT file formats within the EFT for Receivables Management with our next release!

Enjoy your weekend everyone and take care…

AndyW