Configuration

As member of Accounting / Manager, I go to the list view of accounting journals.

I open the form view of my bank journal.

In the 'Advanced Settings' tab, I see a checkbox EFT.

Once checked, a new section EFT appears bellow.

This section contains 3 fields.

Destination

Your bank will provide this number to you. This is a technical value of 5 digits used in the EFT file. It indicates the data processing center that will handle your tranfers. The value depends on the bank and the location of your company.

Sequence

Since version 1.2.0 of the module, each journal (with EFT enabled) has its own distinct sequence for the EFT.

This sequence number is used by the bank to identify your payment batch.

In previous versions of the module, only one sequence was defined per company.

If you let the field empty, the system will automatically create it when saving the journal.

You may edit the next number of the sequence.

Therefore, when generating a new EFT, this number will be used.

Bank Account Configuration

Next, I go to the Bank Account tab.

This tab contains the information related to my company's bank account.

In the field Bank Account, I click on "Create and Edit".

I fill my bank account number. It is composed from 7 to 12 digits.

In the field Bank, I click on "Create and Edit".

I fill the name of the bank and its institution number, then I click on Save.

Back in the form view of my bank account, I fill the transit (branch) then I click on Save.

The configuration of my journal is now complete, I click on Save.

Preparing the Payments

As member of Accounting / Billing, I go to Accounting / Vendors / Payments. Then I click on Create.

I fill the partner and the payment amount. I check EFT as payment method.

I click on Save, then I click on Confirm.

The payment is now Posted. At this stage, it is ready to be selected for an EFT transfer.

Preparing the EFT

Once I have multiple EFT payments posted, I go back to the list of vendor payments.

I check both the Posted and EFT filters.

I select my payments and click on Generate EFT in the action menu.

A draft EFT is created.

For each payment, I select the recipient bank account.

If the bank account is not already defined for a given partner, I may create and edit a new one.

A recipient bank account required the same fields as my company's bank account.

• The account number (7 to 12 digits)
• The bank
• The transit/branch number (5 digits)

The bank must have an institution number (3 digits).

Once all the destination bank accounts are selected, I click on Validate.

An error message appears. One of my bank accounts is not properly filled.

I fix the account number, then I click again on Validate.

The EFT is now Ready.

EFT Approval

The group Approve EFT allows to approve the EFT. This group is intended for the financial director or controller of your company.

As member of Approve EFT, I go to the EFT form view.

I verify that the payments are accurate. If any payment seems odd, I can click on the line and dilldown to the invoices.

Then I click on Approve.

The EFT is now approved.

Restriction on Canceling Payment

Once I have payment with EFT linked to it, and the payment is in the following state : POSTED, SENT, and RECONCILED, I can not cancel the payment anymore. If I still try to cancel it, I get the following message:

Generating The File

The current step can be done by a member of the group Accounting / Billing.

A new field File appears.

I click on the file name to download the file to my computer.

Using The EFT File

Now, I go to my bank's web portal to upload the file.

Check with your bank's documentation on how to proceed for this step.

Confirm The EFT

Once the file is processed by your bank, you will get a confirmation whether the payments were transfered properly. The whole file could be rejected by your bank for some reason.

Otherwise, even if the file was accepted by your bank, some payments may be rejected by the recipient bank and bounce back. In such case, the module allows you to identify which payments were successfully transmitted to the recipient account and which were not.

As member of the group Accounting / Billing, I click on Confirm Sending.

Let's suppose the payment of 1000.00$CAD to Ready Mat bounced back.

I uncheck the Completed box under Ready Mat. Then I click on Validate.

Multiple changes were applied to the EFT.

1. The EFT is now Done.
2. The 2 succeeding payments are at the status Sent. The payment dates were updated to match the EFT date.
3. The failed payment is still at the status Posted. This payment can be corrected later and selected into another EFT batch.
4. A new button Send Payment Notices appears. This button allows to notice the recipients by email.

Payment Notices

This is the last step in the workflow of an EFT. It is optional because you may or may not want to notice your suppliers by email.

I click on Send Payment Notices.

I verify that the email message is properly set. Then, I click on Send.

The payment notices are now sent.

Using a Transit Account

Some banks squash all payments of an EFT into a single line in bank statements. In such case, you may want your payments in Odoo to be squashed into one line as well.

Since version 1.3.0 of the module, it is possible to define a transit account to use for EFT payments.

To enable this feature, go to the settings of Accounting and check the box Use a Transit Account.

Then, in the form view of your bank journal, select the account to use as transit.

When confirming a payment, the transit account is debited instead of the bank account.

After confirming the EFT, a deposit journal entry is created (simlilarly to check deposits).

This journal entry debits the transit account and credits the bank account.

The transit account is automatically reconciled with the payment when confirming the EFT.

In your bank statement, the deposit appears with the complete EFT amount.

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