Sage 50 Canada EFT Direct [Electronic Funds Transfer] Setup Guide Help (2024)

Setting Up Electronic Funds Transfers (EFT) In Sage 50 CA

With business growth, the demand for EFT rapidly increases. Thus for the objective of cost-cutting and time-saving the EF direct technique is widely used. This process includes the direct transmission of funds between accounts. It is named direct deposit. In Sage 50 these types of transfers from the accounting files to the financial institution have a simple procedure. There is no requirement for paper files for such data transfer thus becomes one of the most significant methods of money transfer.AccountsPro team comes up with the perks of Sage 50 Canada EFT direct and its related content more help is available on Sage 50 Support Number 24×7.

What Is EFT Direct In Sage 50?

The Sage 50 EFT directs allows ease of data transfer from the financial institutions or banks from the accounting files to withdraw funds and direct deposit. The eft direct process is an efficient program to use the electronic fund’s transfer to perform payments receive payments or pay employees. There is no issue with the data changes in the Sage 50 Canadian edition with direct deposit!

An overview of the benefits of using Sage 50 Canada EFT Direct

• With increased accuracy in the payment of funds
• Lower risk of fraud
• Minimal transaction processing time and cost
• You pay less while making payments

How EFT Direct Works In Sage 50 Accounting?

Sage 50 Canada EFT Direct the system to read the information from Sage 50 and then uses the data to make the customized files for the transmission process to the bank without interfering with the company file data. The bank processes the EFT payments via the ACH (Automated clearing house) network. In this, the program links all the financial institutions and credit unions across the US. The ACH often processes EFTs in groups. To complete an EFT-based payment, the sender has to provide some sort of information such as the recipient’s account number, bank name, type of account, etc.

Make sure you have purchased the EFT direct license to access its feature. Here are the steps to install the Sage 50 Canada EFT direct:

• Download the EFT direct file
• Locate the Setup and double-click on it
• It will start the installation wizard automatically
• Next, follow the installation instructions that appear on the page
• Once you are done with the installation process then restart the system

Are you using QuickBooks software ? then AccountsPro team then you have to check out QuickBooks E-Pay Setup Guide to pay vendor , customer, utility bills, company expense, or even federal tax as well .

Sage 50 Canada EFT Direct Setup?

• Firstly launch the Sage 50 Canada EFT direct
• If you using Windows then select the Start button then programs
• Hit Sage 50 EFT Direct
• For first-time users, the application will ask you if you need to create a new company file then click on the Yes button
• Next, follow the next button
• Fill in the company details then set up the application user guide or a page will appear with the company file list that was previously setup
• Now choose the company file that you need to open and then hit open
• Modify the files of Sage 50. The program will start an automatic import process including customers, vendors, or employees that have been embedded to Sage 50 in case you have already set up a company file. Moreover, it also verifies the deleted files in Sage 50 and displays a window asking to confirm whether you need to delete any records from the Sage 50 EFT direct
• If you are using Sage 50 CA release 2014 or advanced then set up the security settings
• For this, you need to fill in the user credentials that have been provided rights to access the third-party system

Also Sage 50 Direct Deposit setup instructions are described step by step, users can check and pay employee salary via direct deposit.

Generate The Payables EFT File In Sage 50

For already existing users of EFT files to perform payroll generation you will discover the same process. Thus before generating the EFT file for the vendor and customer there require to open the company file and the below steps:

Accounts Payable / Receivable Eft Direct

• First of all, open the Payments or Receipts and then choose the customer
• Now fill the column named payment amount for the invoice you need to post payment for and transaction posting
• Make sure you have set the pay later option for the purchase or sales invoices
• In case you consider the payment posting in the invoice then set the drop-down button named paid by to “cheque”
• Now write the check number and then start posting the transaction
• When you choose to cash in the drop-down list labeled paid by in the payment method will display the payment not appear once you are prepared to perform the file generation in EFT
• Next, you have done with payment posting in simple accounting now its time to perform the file generation in EFT
• So, close the Accounting and then open the EFT

Once the EFT window is launched then you will require to follow the below steps to generate the Receivables EFT file:

• Initially hit on the File Generation tab
• Click EFT direct A/R generation option
• By default, the radio button is set with a transaction date however you can fill the date range according to the customer payment recorded in the company file
• In case you need to find by receipt number then you can hit the radio button and then select the receipt number range you need to search with
• Give click on the tab named Continue
• Next, there will appear a new window on the screen with all the customer payments details within the date and the specified receipt range
• So you can either place a checkmark through a double click in the field below the column named select
• For the payments you need to add in this generation file you have to choose the field named select all near the bottom left corner of the page to choose all the payments
• Now hit on the tab named generation to create the generation file
• It will display a message specifying the EFT report will be printing
• Once you print the reports then there will appear a window asking “Please confirm. Was the EFT file generation completed successfully?”
• Hit the “Yes” button and you’ll get another window that displays the location of the generated filename
• You need to hit on OK button
• Once the file has been generated successfully then follow the further steps of uploading the generated file to the bank
• File uploading will enable the bank to direct deposit the money

Also, after setting up any payment option its very essential for the user to do Sage 50 Reconciliation on regular intervals.

See Also

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Sage 50 Canada EFT Direct Errors, Issue, Not Working

If the Sage 50 Canada Eft direct setup failed or file generation failed then here are the steps to solve the not working issue of the EFT direct:

• Open the Sage 50 file
• Now take a backup of the same
• Once you successfully created the backup then hit the Maintenance button
• Click Clear data
• Choose Clear Paid Transactions
• Click Clear paid customer transactions
• Verify the option named Include inactive customers and then delete the lookup data for all paid transactions
• Hit the Select All button
• Now run the report named customer aged detail to check there appear no duplicate receipt numbers, quotes, or commas in the receipt numbers.
• Set the right date on the button named clear transactions paid/Before
• Hit OK

If the direct issue triggers payroll generations then follow the below steps:

• Launch the Sage file
• Now create the backup
• Choose Maintenance, hit Clear Data
• Click Clear Paycheque Details
• Clear any employees who have not been paid in the previous 7 Years

Moreover, help is available with a single click via Sage 50 Live Chat for resolving Sage 50 Error issues and the problem comes while setting up an EFT in Sage 50 Pro, Premium, and Quantum accounting.

AccountsPro experts are available for fixing Error Sage 50 Backup in case some warning message appears on the screen while taking Sage 50 Backup Process.

Steps to Sage 50 EFT Integration Setup

Sage 50 electronic funds transfer system offers quick and easy ways to send and receive money while being able to go through almost any bank in the world. If you want to learn more about EFT, we created a process step by step. You could follow this process using Sage 50 EFT.

Step 1: Enter Details About Your Company

• In order to start using Sage 50 electronic fund transfer direct, you need to go to Start, then Programs, and then Sage 50 Canada EFT direct.
• A new window will appear automatically on your screen: “The New Company window” when you’re using Sage 50 EFT Direct for the first time.
• First, fill out all the required information under ‘Enter Details About Your Company.’ These are only a few of them:
  • The number of identification: When checking out, you’ll need to enter your 10-digit EFT transaction number from your bank.
  • Working Directory: This is where you’ll store your data files for EFT. Simply enter the location of your Sage 50 data files in the Directory field.
  • Name of Sage 50 file: Select from one of the options that contain your information.
  • Payroll, Accounts Payable, and Accounts Receivable File: Enter the name of the file that Sage 50 EFT Direct should use to store data for sending to your bank.

Step 2: Enter your bank account information

Now proceed to the next section so that we can enter your bank account information. Fill in all of the information on the screen by clicking the EFT button. This includes your choice of transaction type, the name of your bank, and your personal payee code.

• Returns Institution Number: Enter your bank’s institution number in the field provided below.
• Returns Account No: Enter the account number to which you want the funds to be transferred due to account closure or information that has been mistyped. For more help, please contact our customer service department.
• Data Center Number: The data center number your bank has given you is not required by all banks.
• Organizational Reserved Fields: Enter the number provided by your bank.
• Element Identification: The CPA standard is the only industry standard that utilizes this field.
• Code of Settlement: Enter your settlement code here. This is not required by all banks.
• Accounts Payable and Receivable Transaction Code: Enter either a standard value or enter your CPA transaction code for your account. Please note that once you have accepted the code displayed on-screen, it cannot be changed.

Step 3: Employee, Vendor, or Customer Record

• Click the Close Button and return to the New Company screen where you finished putting in all of your information.
• If you want to save your entries, then click Add or Add Later.
• Sage 50 Canada EFT Direct has automated importing so your customer, employee, and vendor information will be collected after you’ve entered your bank information.
• Add all of the necessary information to the employee (customer or vendor) tab.
• An employee might need additional information that can only be accessed by selecting them and clicking the Modify button.
• In order to deposit your paycheck, you’ll have to fill in the bank account and the account into which you want the money deposited.
• Make sure that your employee’s Direct Deposit status is set to Active by checking the box.
• To add a separate value to this line in the file you’ll send to the client, check the Active box.
• You can save your entries by clicking Save.

Step 4 – Payroll Section

• Once you’ve completed and put your information in “Using sage 50 as an EFT,” you’ll need to make a file you can send to your bank.
• To start, select EFT Direct Payroll Generation from the menu.
• Enter the required information for your pay periods and dates.
• If you need to determine when funds should be deposited in an employee’s account paycheck, you have two options: “Use employee check dates” and the “default funds available date“.
• To start extracting payroll data from Sage 50, click ‘Continue.’
• To begin using Sage 50 Canada EFT Direct, we need you to go to the Payroll Selection screen and enter your company’s information. To select employees in the file, double-click on their names.
• To select all, click the Select field. If you want to deselect an option, uncheck it.
• To create a direct-deposit file and print the report, click the Generation button. Instead of printing one report, though, you’ll get a detailed overview of all your essential financial data.
• To create the payroll file, you need to make sure that your payroll service is properly configured. To do so, press Yes.

Frequently Asked Questions (FAQ)