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[James Wong]

We are looking to add EFT as a payment option for vendor payments.  These payments would come out of our main disbursement bank account where we run our check payments as well.  In setting this up, can we use the same bank account?  Any info on the best way to set this up in AX 2012 would be great.  Thanks

#AX2012?

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James Wong
Senior Finance Manager
Murray Franklyn Companies
Bellevue WA
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[Zvika Rimalt]

You do not need a separate “bank account”

You need to find out what particular formats your bank accepts for EFT payments interface – AX2012 comes with few out of the box formats, so one of them might be a match.
If not, you can custom build a format or purchase an add-on 

that’s in the very high level.

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Zvika Rimalt
Functional Consultant
Vancouver BC
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[James Wong]

Thanks, Zvika.

I’ll reach out to the bank to see what format they will need.

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James Wong
Senior Finance Manager
Murray Franklyn Companies
Bellevue WA
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[Dan Murphy]

I agree with Zvika, the first step is check with what type of file your bank accepts, it is most likely a NACHA file, which if I recall is standard in AX2012.  Set up a method of payment, and when you process the file is then uploaded or sent to your bank.

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Dan Murphy
Special Projects
Flexaust
San Diego CA
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[James Wong]

Thanks, Dan.

So this is not a “true” EFT type of banking.  I just called it that since that is what I am being told this type of transaction is to the bank.  Basically it is a credit card payment to pay our vendors.  We want to run them separate from our regular check run but also maintain our standard bank reconciliation process without having to enter manual entries.

I’m not sure if this is even the right process to set up.  Any thoughts from the group would be great.  Thanks

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James Wong
Senior Finance Manager
Murray Franklyn Companies
Bellevue WA
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[Dan Murphy]

James:

We do 2 separate runs for AP, one for printed checks and one for ACH payments.  The setup I referenced is for using a bank account and not a credit card.  I don’t even know how the system would use a credit card to pay AP as each vendor would have their own credit card processing company.

Dan

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Dan Murphy
Special Projects
Flexaust
San Diego CA
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[James Wong]

Dan,

Are both – Check & ACH – payments coming out of the same bank account?

They call it a virtual credit card.  Basically, we are to send a “file” to the bank telling them which vendors and invoices are being paid.  The vendor receives an email letting them know we are paying so and so invoices with a credit card.  The will get a one time credit card number that they use to receive payment.

Do you set up vendors differently that are paid by ACH vs. check?  I can see choosing a different payment method.  Since the the payments we are making by this virtual credit card is being funded from the same bank account, I was wondering if I could use the same bank account as we run out regular check run.  Another twist we have is that we use one main disbursement account for over 50 different companies and this is done through a stand alone company that posts the transactions through an allocation entry.

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James Wong
Senior Finance Manager
Murray Franklyn Companies
Bellevue WA
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[Dan Murphy]

James:

Both our ACH and Checks are paid from the same bank account.  The only difference in vendor set up is the selecting the different method of payment on the vendor account.  I have never heard of anything like the virtual credit card system before.  It sounds like you may need a custom export file created that can be tied to a method of payment.

Dan

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Dan Murphy
Special Projects
Flexaust
San Diego CA
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[Ateeq KHAN]

Hi James,

We have integrated AX 2012 R3 with SK Global’s Treasury Automation Suite to transfer funds via EFT to vendors’ bank accounts.

Regards.

Ateeq

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