Processing Electronic Fund Transfers (EFT)
A Cougar Mountain customer recently asked this question:
How do I set CMS up so that I can pay vendors electronically?
A Cougar Mountain System Trainer answered the question:
- Make sure the Vendor is set up as a “electronic payer.†Check the box and fill in the numbers
- Go to enter bills and you did right by selecting the “immediate, and when it is check you will see the Electronic turn on.
- Fill in the check date to what you want and check to make sure the right bank is being used. Finish your invoice up.
- When looking at the Print edit report after your save you will see that the Check # is EFT and it is immediate.
- Now continue down the list and choose “Electronic Funds Transfer†What this does is tells the software they will be NO check.
- This will also make an EFT number by a formula, which will never be a duplicate.
- Then run your immediate Check Register:
- Then when you post you will see that it still is an Immediate check but with an electronic number “EFTâ€.
- And the posting report:
Kevin
System Trainer
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