In a tough economy, companies are looking to take every measure to keep costs under control to increase their bottom line. Using EFT for Payables will help your organization meet this objective. Processing your transactions electronically allows you to eliminate costs such as:
-Checks
-Toner
-Management having to sign the checks
-Management having to sign the checks
-Employees placing the checks in the envelopes
-Envelopes
-Postage
-Time answering vendor inquiries since the possibility of checks being lost or delayed in the mail has been eliminated
With a little bit of configuration in GP, the savings to your company can be significant.
Your first step is to specify the bank information from checkbook you will use to pay your vendors electronically.
After this, you will specify and configure your bank’s electronic file layout and specify a destination for your domestic payments, foreign payments, and prenotes.
After this, you need to supply your vendor’s bank information:
Once your setup is complete, you’re ready to submit prenotes to your bank. Once your bank validates this information, you’re ready to pay your vendors electronically.
To learn more about this feature, please contact us at info@mibar.net, or schedule a free consultation.
Learn more about your options when replacing Dynamics GP.
Additional Microsoft Dynamics GP Resources
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