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.

Checkbook EFT bank maintenance Dynamics GP 2010

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.

Checkbook EFT Payables Options Microsoft Dynamics GP

After this, you need to supply your vendor’s bank information:

Vendor EFT Bank Maintenance Microsoft Dynamics GP

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

Additional Microsoft Dynamics GP Resources

Enter, Process and Reconcile Credit Card Transactions in Microsoft Dynamics GP

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Expedite Checkbook Register Inquiries in Dynamics GP with Date Restrictions