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How to set up Electronic Funds Transfers (EFT) in Sage 50

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Summary

Set up Electronics Funds Transfer (EFT) or Customer Automated Funds Transfers (CAFT). Create an export file to use with the bank's software to process Automatic Fund transfers.

Resolution


CAUTION: Sage Customer Support cannot assist with issues related to third-party products or enhancements, hardware, report customizations, state or federal tax-related questions, or specific accounting questions. Refer to our Scope of Support document for details. For assistance, contact your Sage business partner, network administrator, or accountant. 

Notes:

  • Before 2016.3 EFT Direct was a separate application not embedded into Sage 50
  • After Sage 50 2016.3, EFT Direct is now a built-in feature instead of a separate installed application
  • If you’re a new user to EFT / CAFT, you’ll need to get the EFT account credentials from your bank before setting up EFT in Sage 50 - see Where can I get my originator number for EFT or CAFT?
  • Sage 50 has no direct connection to your bank
    • The Upload button in Sage 50 generates the files for you to upload to the bank
    • You’ll have to upload the generated file manually to the bank using your bank's website
  • If you have a previous stand-alone Sage 50 EFT Direct setup, you can import Employee, Vendor or Customer Banking information by going to File, Import/Export, Import EFT Direct information.
  • It isn’t possible to send or receive EFT funds in foreign currency - see Can EFT handle multicurrency?

Preliminary Setup:

  1. On Sage 50's main screen, click Setup, Settings, Company, Payment Processing
  2. You have the option for Direct Payments (Beanstream / Bambora) and EFT Direct
  3. Select EFT Direct and fill in the rest of the information such as: Bank Name, Name
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    • Always select CPA Standard for Bank Name
    • After version 2017.0, there are multiple bank account options that allow you to have a single bank account and different originator numbers or bank accounts
    • You can click Set up a new bank or modify existing banks to update bank account information
  4. Use the Select a Bank for direct deposit and pre-authorized debit drop-down list to select your financial institution.
  5. Select "OK" to save the changes.
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Payroll:

  1. You’ll need to enable the option for doing direct direct deposit for all your employees by following: How to enable direct deposit for employees
  2. Process the Paycheques and make sure to check the Direct Deposit checkbox on all new payroll
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  3. To generate EFT .DAT files for upload to the bank. See How do I generate EFT .DAT files for my bank to process Employee Direct Deposits

Vendors:

  1. You’ll need to enable the option to send direct deposit payments to your vendors by following: How to enable direct deposit for vendors
  2. Process the Direct Deposit. See How can I post a Vendor Direct Deposit Payment?
  3. To generate EFT .DAT files for upload to the bank, see How do I generate EFT .DAT files for my bank to process Vendor Direct Deposit payments

Customers:

  1. Enable your customers to generate Pre-Authorized Debits (PAD) requests. See How to enable Pre-Authorized Debit for Customers.
  2. Process the PAD transaction. See How can I record a Pre-Authorized Debit (PAD) transaction?
  3. Generate the .DAT file to upload to your bank. See How do I generate a Pre-Authorized Deposit (PAD) EFT / CAFT data file?


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