Payment Method Setup for EFT

EFT Payment Method Setup

1. Create a new Payment Method in the Payment Methods Code Table.
2. Set the Payment Type as E.F.T.
3. Set the Merchant Account # to be the merchant account created as the Server Software type Electronic Funds Transfer (EFT) Service.

EFT Payment methods are available at the Box Office and Development only.

You may want to change the GL Account # associated with the EFT payment method from using the standard “Bank Account-Chequing” (the assumption that it made it into the bank on the same day), change it to have its own account number based on a Clearing Account, or "A/R-EFT Clearing from Bank”. This way, if you want to ensure that GL account for “Bank Account-Chequing” is only updated when the $$ actually processed by the bank, you can monitor the bank statements, and manually create a GL Entry moving the funds from the clearing account to the “Bank Account-Chequing” when the bank has transferred over the funds.