When entering an EFT Payment in Accounts Payable, we have to enter it in the Manual Check/Quick Check option- which also includes posting an EFT Payment.
First of all, EFT Payment should be included in the description for this.
Second, when you enter an EFT payment in this option, the vendor name does not come through to the check register in cash management. The "Reference" field, the third field in on the entry screen is the info that flows through to the CM Check Register. If I try and re use the vendor name here for a second EFT transaction to the same vendor, I get a duplicate entry message like this:
EFT Payment Reference Already Exists in the AP Master File.
You need to make the Vendor Name come through to the Check Register for EFT Payments posted in Accounts Payable.
by: Shelley D. | over a year ago | 1 Financial Management
Comments
Under what logic would a system design engineer/programmer find it apprproriate to send the ACH/EFT payment reference number as the payment description?
electronic payments do not reflect the vendor anywhere in cash management. It needs to reflect vendor for easier renciliation both in registers and reconciliation screen. The batch # is not an appropriate or helpful description
Electronic payment does not list vendor anywhere in cash management. This needs to reflect in cash mgmt for easy reconciliation. The batch # is not an appropriate description.
Simply stated, the EFT# should replace the check# and the vendor needs to appear in the description field.
Agree with all the above. Now is there any way we get can fixes on this right away?
Agree with the above, it is VERY difficult to reconcile ..
I don't even use the EFT payment option any more. I set up a dummy checking account called "EFT" that I pay all my electronic payments from. Then I do a Bank Transfer to record the payment in my real checking account with the Vendor name in the description. I know this is double work, but until Sage fixes this problem, it makes for a cleaner checkbook to reconcile.
I created a Report that I print out for back up to the Bank reconciliation that shows the break down of each eft payment i.e. vendor name, payment reference number etc. so it is just a matter of running your finger down the report and clicking them off in CM.
Completely agree with Jorge D above: Simply stated, the EFT# should replace the check# and the vendor needs to appear in the description field.
Agree with Jorge D. as well. We were planning to roll out EFT payments for all vendors but this defect has caused us to have to issue the EFTs manually through our bank website. The report given in the KB to use as a workaround is also flawed and generates pages of "garbage" transactions. Please fix this issue!