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ALTUS ALLIANCE 2016Best Practices: Introducing Electronic Funds Transfer (EFT) to Your Organization
Your Presenters
Glen Watson CPA, CA, CMA• ERP Solution Architect • Joined Altus 2005• [email protected]
Kinley Graham CPA, CMA• Application Consultant • Joined Altus 2016• [email protected]
Objectives• Gain a deeper understanding of the pros and cons of
EFT
• Learn how to use the EFT functionality to improve efficiency and control
• Provide some tips and tricks to Payment Journals in general
• Discuss ideas for rolling out EFT
Agenda• Pros and Cons• Setup Requirements• Payment Journal Options• Previous Enhancements (in NAV 2013)• Validations (Altus Product 7-02, Sep 2013)
• Approvals (Altus Product 7-03, Feb 2014)
• Email Improvements (Altus Product 7-04, Jul 2014)
• Rolling out EFT• Tip: Pre-Authorized Payments (PAP) as Invoices
Pros and ConsPros• Greater control/confidence• Fraud prevention• No printing and mailing
costs• Paperless• Bank Reconciliation is
easier• Consistent setup for
Payroll
Others?
Cons• Initial administration
(gathering bank data)• Transaction cost
(dependent on bank service)• Cash balance reduced
immediately
Setup Requirements• Bank Account Setup• Vendor Bank Accounts• Email Setup• Purchases & Payables Setup
• Payroll Bank Accounts (linked to Vendor)
Setup Requirements• Bank Account Setup (EFT fields)
Setup Requirements• Vendor Bank Accounts
Setup Requirements• Email Setup
Setup Requirements• Purchases & Payables Setup
Setup Requirements• Payroll Bank Accounts – maintained on Employee Pay
Distribution• Note: When this information is updated in HR it will also be
updated in the Vendor card (not vice versa)
Payment Journal Options• Batches• Purpose• Numbering (Document No.)
• Suggest Vendor Payments• Payment Method Code• Other fields• EFT Tips
Payment Journal Options• Batches• Options on how to setup by user• Options on why to setup by bank account (and EFT separately)• How to setup document numbers with No. Series
Payment Journal OptionsSuggest Vendor Payments:• Last Payment Date• Summarize per Vendor• Posting Date
• Use Due Date (Cheques)• Starting Document No.
• Use No. Series on Batch• New Doc. No. per Line• Bal. Account Type / No.• Bank Payment Type• Payment Method Code
• Posted Invoice vs Vendor
Payment Journal OptionsEFT Tips :• Last Payment date and Posting should not be too far off• Make separate batches for EFT and bank cheque by bank
– currency of bank • Common questions: • Missing Credit Memos – no Pymt Method Code, or ‘Min. Chk
Value’ flag• Removing applied entries – if ‘Summarize per Vendor’• Edit Vendor Ledger Entry – ‘On Hold’; change due date/Pymt
Meth Code• Miscellaneous Vendors – can’t be used for EFT
Previous Enhancements (NAV 2013)• Validations (Altus Product 7-02, Sep 2013)• Only becomes ‘Exported’ once all records pass validations• Checks banking information and remittance email exists on
Vendor• Warning (on Posting) if Remittances not Sent
• Approvals (defined in User Setup) (Altus Product 7-03, Feb 2014)• Defined in Journal Templates (Payment, General, Recurring,
and Deposit)• Data saves to General Journal entry table 17 (view / report)
• Email Improvements (Altus Product 7-04, Jul 2014)• Remittance Sent field updated for each document• New EFT Email Sent Log (available from Vendor Card)• Edits in Payment Journal (Email, Remittance Sent status)
Rolling Out EFT• Confirm bank service• Complete NAV setup (in Test first)• Start with a sample of Vendors (few employees, select
Vendors)• Send letters to Vendors requesting EFT setup data• By Groups e.g. Employees versus regular Trade• Address benefits for the Vendor, and any confidentiality
concerns etc• Update ‘New Employee / Vendor’ forms to include EFT
setup data• Over time begin to ‘require it’ (employees), or make ‘the
rule’
Tip: Pre-Authorized Payments• PAP are automatically deducted from your account• Rather than just debiting expense and crediting bank, you
can easily track through an AP Vendor• The Vendor Invoice has a Payment Method Code with a balancing
account• Entries recorded on posting of Invoice: Dr Expense, Cr A/P; Dr
A/P, Cr Bank
Questions & Answers
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Thanks for coming!@altusdynamics
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