How would you like to not have to load your printer with check forms, print the checks, get the checks signed, stuff them in an envelope, stamp the envelope and put them in the mail? With Orchid Systems, Electronic Funds Transfer (EFT) program you are able to streamline the payment process as well as tighten control over bank transfers. EFT Processing transfers Sage 300 receipts and payments through to the electronic funds transfer functionality of your banking software. Listed below are some of the benefits of implementing this program:

• Reduced bank transaction fees.
• Process both receipts and payments.
• No duplicated data entry, saving time and eliminating errors.
• Expensive check stationery not required.
• Manage AR Due Dates on Posted Documents to facilitate auto-receipt processing.
• Improved security on vendor/customer bank account details.
• Improved security on issuing checks – no checks lost in the post.
• Reduced postage costs as you can email remittance advices.
• Reduced processing time, instead of taking several hours to print, fold and post checks – an EFT batch can be created, imported and remittances emailed in a matter of minutes.
• Environmental benefits through the reduced use of paper.

The Orchid Systems EFT program was developed in the Sage 300 SDK so the look and feel of the product is a familiar one. That also means that the standard Sage 300 security, customization capabilities, data integrity checking, etc. are part of the product. It also supports the Customer and Vendor Number Change programs.

Key Features
EFT Files

• Automatically creates EFT files required by the bank, for both payments and receipts.
• Creates Electronic Funds Transfer files in the format required by many major banks based on the standard Sage 300 Accounts Payable payment and customer refund routines.
• Creates Electronic Funds Transfer files for receipts (direct debits) from customers using receipt batches.
• Ability to define an EFT Clearing bank account, to enable bank reconciliations by EFT transfer total.
• Warning if duplicate EFT bank branch codes and bank accounts are entered for Vendors or Customers.
• Holds vendor and customer banking details.
• Optionally stores vendor’s bank account details by remit-to code.
• Optionally stores vendor and customer bank account details by Payor Bank.
• Works with numerous Bank formats worldwide. User definable Bank formats and screen labels to reflect Bank terminology.
• When generating bank files, optionally elect to skip error on vendors or customers who are not defined in EFT Processing.

Processing

• Summary transaction log.
• Audit log of changes to Vendor and Customer bank account details.
• Remittance advices can be emailed using standard Sage 300 functionality; specific email contacts possible for EFT Vendor Payments and EFT Customer Direct Debits, instead of AP Vendor or AR Customer e-mail contacts; Remittance advices can be sent via SSL.
• Periodic processing task to delete inactive records.
• Clear down EFT Details when associated Vendor/Customer is deleted.
• Elect to work with posted or unposted batches.
• The ability to have an e-mail cc to keep copies of e-mail remittance advices.
• Select from a range of batches or selected entries within a batch.
• Define default remittance advices.
• Approval process with enhanced security for amending customer and vendor bank account details.

Receipt Generation

• Automatically create customer receipts and bank files from AR invoices.
• Option to change Invoice Due Dates on posted AR Invoices.
• Automatically create AR receipts from transaction balances. Select by document date, due date, customer range, customer group, customer optional field and optionally group by National Account.
• Enhanced Create Receipt batch functionality for National Accounts.

More information about this product can be found at http://www.orchidsystems.biz/product-eft.shtml. If you would like to see this product in action, please contact us to schedule a demonstration and/or to obtain pricing.

Related: On-Demand Webinar: Sage 300 ERP Data Management (Information Manager by Orchid Systems)