Setting up EFT for Payables.
There is a field for the Vendors in the EFT tab section: Transaction Type.

I am inclined to use the code "430 Bill Payment" for all my regular Vendors. However, I am unsure - What is this field used for? .

Hi Samuel:

It's required for the upload file but I don't think it's significant to our clients. Code 430 is good. I've usually used 450 = "Misc. Payments".

Thanks Bruce,
I take it from your comment that it is required for the upload file, but it is not critical as to the which Bill Payment code the bank file is actually processing. (Except that the code has to be there.)

Sam,

That code is how the bank decides what to put on the description line in the vendor's bank statement. So for example, a client pays me by EFT through the bank and my vendor profile in AP is set up as 460-Accounts Payable. When I look at my online banking, I see their deposit as "Accounts Payable" followed by their company name. So it might be useful in telling the person doing the bank recs where the money came from and what it's for. However, if you're setting the client up to email payment advice, it shouldn't really be a concern what option you pick.

Thanks Dan (and Bruce):
Appreciate the time you took to supply this info for me.
All the best!