Eclipse Business Connect EFT can help you streamline your A/P and A/R processes with easy-to-use functionality that lets you pay your vendor invoices by transmitting funds to your bank electronically and accept electronic payments from your customers. It works in conjunction with EDI 820 remittance advice documents - to let your vendors know which invoices are being paid via EFT, and to alert your system to incoming electronic payments from designated customers.
There are several options of EFT Eclipse supports.
Outbound Vendor EFT
Positive Pay
Inbound Lockbox
The Outbound Vendor EFT option allows customers to generate EFT checks instead of paper checks. Vendors must be in enabled for EFT through check setup and Vendor Maintenance. The purchase order and A/P process must be completed with the payable created and invoice approved.
Instead of generating a paper check, the system generates an EFT flat file to send to the bank and saves it. The system saves all these files until the user runs the EFT transmission release to send the file to a queue. Then the system automatically can send a single file to the bank with all the transmissions included. Users can also manually send the files to the bank.
To enable a vendor for EFT:
From the Maintenance menu, select Vendor.
In the Vendor field, enter the vendor name or ID to display the vendor details.
From the Additional menu, select Vendor Payment Information.
Set the Payment Via EFT field, to Yes.
Save your changes and exit the window.
The Positive Pay process allows you to generate a flat file to send to the bank. The bank uses this file to validate the amounts printed on the original checks match the amounts the pay-to customer is attempting to cash the check for.
Positive Pay requires no changes to the check printing process. The program is scheduled to send a flat file via FTP and can only send through FTP. You can use Pretty Good Privacy (PGP) encryption.
Note: Many programs required custom work because many banks require different formats.
You can schedule the program to run nightly or manually each time you generate a check.
The Inbound Lockbox process requires cooperation from the customer's bank. The bank generates a file to send to the customers through e-mail or posting to an FTP site for retrieval. The system can then process this file and automatically create a cash receipt based on matching logic for an invoice.
Users must upload the file to the Your Hold Files. When the process runs, the system automatically creates cash receipts. The system only supports fixed width files. The spooler (hold file) allows you to specify the format of the file.