EFT – How are the Cheque #s determined?
I see that the #’s assigned to an EFT Cheque Run is in the format of EFT-123-001 when we are using one of the Banks, and TP-123-001 when we use Telpay.
Is this something that can be changed?
A prospect is asking how the Cheque Nos will relate to the Bank Statement, if we were to use the EFT add-on with one of the Banks?
Hi Samuel,
The prefix is either EFT or TP, and the numbers come from the posting sequence and the entry. Currently none of this is customizable by the user.
What part(s) of the check number would you want to allow changing? What is on the bank statement that you would know at the time of EFT generation in order to have the numbers match better?
Hmmm, not sure about this.
When dealing with Cheques, Banks usually have the Chq # on the Statement which is a good reference.
I was wondering if there would be a way to send a so-called Chq # to the Bank when processing an EFT group of payments, so that the we could use easily find a Payment on the Statement by that #.
But I do not think that the # that is captured by Adagio AP is the same as the # on the Bank Statement.
It appears that the Banks may not treat an EFT transaction the same way as a Chq.
Hello Samuel,
Some EFT formats support a memo or reference field. Where the format supports it, the EFT Provider has a 'Send as reference' field that may be set to Check number.
Samuel:
What Adagio uses as the cheque number doesn't matter. Your bank account is only charged for a single item, that being the aggregate amount of the payments. The individual amounts/cheque number never show on your bank statement.
Support,
I believe the "send as reference" is for a memo that goes on the payment recipient's bank statement, not on the sender's bank statement. What I think Samuel is thinking about is the Adagio client's bank statement and how to reconcile the EFTs that have been sent.
The answer is that they can multi-select the transactions in the reconciliation grid by the second segment of the EFT-123-001 code and that total should match to the total withdrawal on the bank statement.
Thank you Dan and Doug,
They won't be able to match on Check number in the reconciliation but perhaps date and Total amount will be enough.
They could have a BankRec Bank account for the EFT payments that is set to use Auto-Transfers.
As long as the Payables Batches are retrieved into BankRec between EFT runs, the Auto-Transfer amounts will match the Total amount for the EFT run.
