4/24/2021 0 Comments Cibc Eft 80 Byte File Layouts
The employee who is able to create the EFT bank transmission files can be a different person from who may actually submit the file for processing with the bank.An electronic fund transfer (EFT) moves money from one account to another.The accounts can be at the same financial institution or two different financial institutions.
The transaction is done electronically through the banking system network. Everything is done paper-free, so there isnt a need for cash or paper chequeschecks. ![]() ACH is a secure system that connects all U.S. Because the financial institutions are connected, when the patron authorizes the electronic transfer of funds, the money will be taken from the patrons bank account and deposited directly into the venues bank account. Theatre Manager will prepare, track, and create the EFT file that needs to be submitted for processing. It is the responsibility of the organization to submit the EFT file through the banks secure web portal. ![]() Each file request and the frequency of those file requests is completely under your control. Everywhere a typical payment can be entered via the box office. The process for setup EFT payments is treated as a standard payment method accepted in the box office. The process for accepting EFT payments is straight forward and is treated as just another payment method accepted in the box office. In this situation, youll be asking to have the patron provide their bank account information. At a pre-determed time when youre ready to submit an EFT file for processing. For example, if your organization deposits monthly donors into Account A, and Government Grants into Account B, and you want to enable EFT Payments for both Accounts A B, you will need to setup 2 Merchant Providers for each designated bank account. This number must be unique to each file submitted, otherwise the file will be rejected by the financial institution. This implies, leave the field empty when the merchant account is created or when youre ready to do your first EFT File creation. If you are able to process EFT Payments in another currency, then you need to know what that is. Please put information into these fields so that your staff will know who to contact in case of error messages from the merchant provider. EFT Payment methods are available at the Box Office and Development only. You may want to change the GL Account associated with the EFT payment method from using the standard Bank Account-Chequing (the assumption that it made it into the bank on the same day), change it to have its own account number based on a Clearing Account, or AR-EFT Clearing from Bank. This way, if you want to ensure that GL account for Bank Account-Chequing is only updated when the actually processed by the bank, you can monitor the bank statements, and manually create a GL Entry moving the funds from the clearing account to the Bank Account-Chequing when the bank has transferred over the funds.
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