How to set up electronic funds transfer payment (EFT)

Where are you in the EFT payment sequence?

Setup EFT data > Create EFT payment > Complete EFT  

Why should you set up EFT payments?

 If your business needs to send or receive funds in return for items or services bought or sold, you can set up EFT in Wiise. This will allow you to easily transfer money from one bank account to another. You’ll need to have online banking set up to use EFT. 

Overview of how to set up EFT data

This article will show you how to set up your company data to use EFT. It covers how to:

1. Set up the payment journal for your EFT payments 

2. Give the right people in your business access to EFT payments 

3. Set up your bank accounts 

4. Set up your vendors' bank accounts 

How to set up the payment journal for EFT

Before you create or generate an EFT payment file, you’ll need to set up a payment journal. This is so you have a specific journal for EFT payment files.  We recommend you set up a separate journal (Wiise calls this a batch) for each bank account you use to send payments. 

Here’s how you set up a payment journal : 

1. From the Wiise role centre (homepage), select Cash Management > Payment Journals

2. Select +New from the ribbon to create a new journal. 

3. In the screen that opens, a new journal entry will be highlighted at the top: 

4. Fill in these fields to create your new journal batch: 

  • NAME 
  • BAL. ACCOUNT TYPE (always select Bank Account here) 
  • BAL. ACCOUNT NO. (the number of the bank account you’ve already set up for EFT) 

5. If you prefer to include the Posting Date instead of the default Work Date, then you would need to select Posting Date from the EFT File Date field. If you can't see the EFT File Date field, you can add it by going to Settings > Personalise > +Field  > and then drag EFT File Date from the list on the left to a position on the page. 

6. To finish, select EFT in the Journal Payment Type drop-down field. 

How to set up the right people for EFT

The last thing you want is all your people able to transfer your funds from your bank, so in Wiise your people will be restricted to only those that should be using EFT.  

Before anyone can use EFT, you’ll need to set them up with the right access to create EFT payments. Only people with a tick in the Generate EFT Payment field in their User Setup can create EFT payment files. 

Here’s how you set that up: 

  1. Search for User Setup and select the first link. 
  2. Select the person you want to give access to from the list, then tick Generate EFT Payment. The user can now generate EFT payment files from the payment journal. 
  3. If you can’t see the user in the list you can: 
    1. Select New in the ribbon 
    2. Then select the ellipses next to the User ID box to find the user 
    3. To finish, tick Generate EFT Payment for the user. 

How to set up your bank accounts for EFT

To process EFT payments, you’ll need to set up your bank accounts in Wiise. You’ll need to set up up your bank account details, payment settings and vendor remittance information, as well as  EFT export format details.  

Let’s take a look at how to do that: 

1. From the Wiise role centre, search for and select Bank Accounts. And then select the bank account you want to set up for EFT.  

2. If the bank account isn’t there, you can add it now — select +New 

 3. Enter the bank's details including: 

    • No. 
    • Name 
    • Bank Branch No. 
    • Bank Account No. 
    • Bank Acc. Posting Group 

4. Then select Process > EFT Setup from the ribbon. 

5. Wiise will ask you Do you want to set up EFT for this Bank Account? Select Yes

6. Now fill out these fields: 

    • Bank Account Details (these should be pre-filled): 
      • Bank Name 
      • Branch No.  
      • Account Name 
      • Account No. 
    • Payment Setup Details 
      • EFT Lodgment Reference: This appears on the payee's bank statement. You can override this using the Vendor Lodgment Reference field on the vendor card. 
      • Bank Abbreviation: Pre-filled with the approved financial institution abbreviation. For example, the Commonwealth Bank of Australia's abbreviation is CBA 
      • Bank EFT Code: The six- digit APCA ID or Direct Entry User ID. This isn’t the BSB number. If in doubt, you can ask your bank for advice. 
      • Export Format: The payment file format, generated by creating an EFT file. There should be an ABA Export Code already set up for your region – in this case, it’s ABA.
      • EFT No. Series: The sequential number series used for EFT documents. 

   Tip: The Debit Line in an EFT file shows if the EFT file requires a balancing line. Contact your bank to find out if you need this. 

    • Remittance (a document that you send to a supplier to inform them that their invoice has been paid): 
      • Email: Select the remittance email settings and template that you’ll send to your vendors for posted EFT payments 
      • CC: Enter an email address here to receive a copy of the remittance emails 
      • Subject: This is the subject template for all remittance emails. 
      • Message: This is the email message body template for all remittance emails 

You can use the variables from the list below to substitute into each new email you create. For example, payment to #VendorName from #CompanyName reference #EftNo. 

      • #vendorName: Company name of vendor you're sending the remittance advice to 
      • #VendorContact: Contact name of vendor you're sending the remittance advice to 
      • #ETFNo: The EFT Number of the payment batch this remittance advice relates to 
      • #CompanyName: Your company's name 
      • #CompanyEmail: Your company's email 
      • #CompanyPhone: Your company's phone number 
      • #Username: The user creating the remittance advice 
    • Report: When you select Print and Email on the EFT document page, Wiise creates a PDF remittance attached to an email. Check that your vendor’s email address is right to be sure they'll receive they email. 
    • Report ID: The template for remittance reports 
    • Report Name: The name of the selected remittance report 

You can print or send remittance emails and reports to your vendors — just search for and select EFT Registers and then select EFT document

How to set up vendor bank accounts for EFT

If you want to pay a vendor by EFT, you’ll need to set up their bank account in Wiise. 

Here’s how to set up a vendor bank account: 

1. From the Wiise role centre, select Vendors, and then open the Vendor Card

2. Go to the Payments section near the bottom of the vendor card.  

3. In the EFT Lodgement Reference field, you can enter the text or reference that the vendor would like to see on their EFT payments bank statement. 

4. Now select Navigate > Bank Accounts from the ribbon. The select the bank account. 

5. Then in the Vendor Bank Account Card, select the Default EFT button to turn it on.

6. If the bank account isn’t there, you can add a new one — select New from the ribbon. 

a. Enter a Code to identify the bank account 

b. Name 

c. The Bank Branch No.  

d. The Bank Account No. 

7. Switch on the Default EFT button — this means the vendor's bank account can now be used in the EFT payment file. 

8. Go ahead and repeat steps 1 – 5 for all the vendors you want to pay by EFT.