We are going to start paying certain vendors by EFT. Our plan is to use TD’s online Business Banking site, as we do for payroll. How do we post invoice payments without printing a cq, and without using a separate add on such as TelPay? For our payroll we use PayDirt software to enter all pay information, and we import that to Adagio. We take the net pay amounts and enter those online at TD’s Web Business Banking to process payroll EFTs. We would like to try the same system for Vendor EFTs: process invoices, manually enter payments to TD’s Web Business Banking, and show invoices as paid,

I searched online and see one (old) suggestion:
To make A/P payments directly through an EFT transfer, when A/P needs a Cheque # for every cheque that is issued but real cheques are not being issued, create a separate bank for the EFT which uses the same GL bank account, then do a transfer from the regular bank to the EFT bank. This would also match to the bank statement which would show one consolidated payment coming out.

To clarify: how can we pay invoices without issuing Cqs, and without using something like TelPay?

Hi EMB,

Manual Check batch entries can be entered as 'non-printing' payments, so that you can assign vendor invoices as paid without re-issuing another check form or other electronic payment. Manual check batches can be imported from a source file such as an Excel spreadsheet, so if you can get a list of the payments you make in online banking, these can be imported into Payables.

If you already use Adagio BankRec, when you import your bank reconciliation, those invoices that were paid by online banking can be configured to be directed automatically to a batch that can be posted in BankRec, then created as a Manual Check batch in Payables. This is similar to the process above, with things happening in a more streamlined and automatic way, but it does require purchasing and using BankRec.

I presume the suggestion you found requires using BankRec, as there is no facility for transferring amounts from one bank to another in Payables.

There is an Adagio EFT add-on program with a configuration for uploading to TD. But this is an add-on to purchase, and at the current time it cannot be used concurrently with TelPay.

Or you can manually enter the payments into a Manual Check batch in Payables, without the need to purchase anything more. Transaction volume may not make this solution efficient.

Hello,

I have read your question a couple of times to make sure that I was clear what you were trying to accomplish.

I noticed that you wrote that you are entering the Net Pay amounts from PayDirt into TD's program for payment.

You don't have to do this data entry. PayDirt is capable of sending an EFT batch directly to the TD Bank for transferring the payroll. They also support TelPay too without additional charge.

Save yourself a bunch of work and potential error by having the computer generate the electronic batch for the bank. Your Adagio Consultant should be able to set this up for you if you cannot figure it out from the program documentation.

(They are also likely to know who to talk to at the bank in case this needs some configuration at that end.)

Thanks Andrew. I have given the same info to the client offline. Sorry that I forgot to post it here.