Accounts Payable Electronic Funds Transfer (APEFT)
Hersha Hospitality is pleased with an ROI study of AP EFT!
Read about the results of their study at the bottom of this page
APEFT provides automatic electronic funds transfer of your Microsoft Dynamics SL AP Checks to your vendors' bank accounts. By separating your EFT vouchers into their own batch, you can easily transmit that batch of checks (computer or manual) to your vendors via the national ACH system, and then print remittance advice slips or email them - your choice, by vendor.
The US system that fascilitates electronic commerce by adhering to standards overseen by The National Automated Clearing House Association (NACHA).
The eBanking Suite's APEFT streamlines processing through various communication options. Most commonly used are browser or FTP transmissions. With a few clicks of your mouse, your payments are formatted and sent to your bank.
The Electronic Tax Payment feature fully supports the national EFTPS for many tax payment types. All electronic state tax payments are supported and any tax payment format can be accommodated.
Effective September 18, 2009, the new IAT (International ACH Transaction) type was introduced by NACHA. It is required when any payment transaction within the ACH system flows from the US to outside its territorial jurisdiction or vice versa. Version 9 of eBanking has been upgraded to support this new transaction.
A free service provided by the U.S. Dept. of Treasury used for the electronic payment of federal taxes
Features:
Hersha Hospitality ROI Summary:
Hersha Hospitality Management has recently discovered how one module ... Sandler*Kahne’s Accounts Payable Electronic Funds Transfer (AP EFT) ... can truly change business for the better. The organization plans to eliminate a large number of the 62,000 checks printed each year by implementing the APEFT add-on for MS Dynamics SL. Hersha expects 80% of their vendors will accept electronic transfers, improving their cash flow. Hersha’s ROI analysis yielded some very impressive results. The analysis showed a three year estimated cost of $26,000 for using AP EFT, including the purchase, implementation and customization of the module, along with annual maintenance costs and bank fees for EFT processing. After itemizing the cost of continuing to print checks, which included $21,000 in postage alone, they found an annual savings of $64,830! That's a three year savings of almost $200,000!
All software is written using the same toolset as Dynamics SL. Therefore the screens and processes look, act and feel just like the core SL system.
A process that allows you to verify a vendor or customer's account information with your bank, before executing a live EFT.
AP Payments selected by SL's Payment Selection application can be filtered by this application to create separate SL check and EFT batch(s).
Once a vendor's bank account information has been entered, any change optionally requires approval.
A standard DSL computer check printed on check stock used with AP-EFT (and Wire Transfer Plus when using the Computer Check workflow option).
A standard Dynamics SL manual check - used with AP-EFT and Wire Transfer Plus when using the Manual Check workflow option.
Balanced ACH files consist of both credit and debit records whereas unbalanced files only consist of one side - either credit or debit.
ACH files that have both credit and debit entries.
Back to Top |
