What’s the best way to record a payment made via direct bank transfer rather than a check?
Payments made electronically that don’t involve a physical check can be recorded as an Electronic Funds Transfer (EFT) in AP. The EFT option can be used to add new invoice records or to update an existing unpaid invoice record. EFTs behave similarly to manual checks in AP and are posted when you run the Post Checks/EFTs utility.
To create a new EFT transaction
- In the AP Quick Launch, search for and select “Invoice/Manual Check Entry.”
- Select the desired Vendor.
- Select EFT as the transaction type (to the right of the Memo field).
- Enter the remaining information for the payment.
- Press Ctrl+S.
To change an unpaid invoice to an EFT
- In the AP Quick Launch, search for and select “Invoice/Manual Check Entry.”
- Select the desired Vendor.
- Select the unpaid invoice from the Reference field or double-click it in the Invoice/Manual Check Entry List.
- Change the transaction type (to the right of the Memo field) from Unpaid Invoice to EFT.
- Press Ctrl+S.
We sent a refund for a client as a bank transfer, rather than writing a check. How can we record this in Accounts Payable?
When sending money back to a client or through a direct deposit or electronic check, it’s best to use the Electronic Funds Transfer (EFT) type in the Invoice/Manual Check entry screen. Unpaid Invoices may also be changed to an EFT and will post along with your regularly printed checks when running the Post Checks/EFTs utility.
To enter a new EFT transaction
- In the Quick Launch, search for and select “Invoice/Manual Check Entry.”
- Select the desired Vendor.
- Select a Transaction Type of EFT instead of Unpaid Invoice or Manual Check.
- Enter any additional information normally and save.
Integration Note: If you need to do a payment adjustment in Tabs3 Billing and are prompted with “Are you going to write a check for the Reversal?”, you will still select “Yes” as if it were a check from Accounts Payable. This is to indicate in Tabs3 Billing that Accounts Payable is responsible for the General Ledger journal entries.
