Setting up EFT Parameters

Electronic Funds Transfer (EFT) is a system of transferring money from one bank account directly to another without any paper money changing hands. In EntireHR you need to set up the parameters to enable this option.

These parameters can be accessed from the Application Options, under the tools menu in Finance Module. 

Expand the Global Menu and select EFT Parameters

Your Company Details

Name - Your Company Account Name

ID - The Payment ID issued by your bank

Pay Desc - The description that will appear on your statement

Your bank Details

Name - Full name of your Bank i.e. Commonwealth Bank of Australia

Abbreviation - Official 3 letter abbreviation for the bank. i.e. CBA

BSB - The BSB number of the account you will be paying from

Account - The account number from which you will be paying form

Pay Reference Option -  Select Fixed Pay Reference Text if you want a set payment reference in your banking history or Member ID which is inserted the Member ID as the Pay reference.

Pay Reference - If you choose the Fixed Pay reference this is the field to insert the reference that will display.

EFT File Details

Include self-balancing Transaction -  Most banks require this field to populate a self-balancing line at the bottom of the EFT file.