Streamlining EFT Bank Upload for MYOB Advanced, MYOB AccountRight, Xero, Dynamics365, and any ERPs/Accounting Programs

The objective is to simplify and digitize the creation and approval process of the EFT Bank Upload Summary Report, automate invoice payment and generate cheques with an email remittance advice.

We aim to transform the manual process of creating and approving the EFT Bank Upload Summary Report into an efficient digital workflow. By automating various tasks, such as compiling open invoices, generating ABA files for bank uploads, and marking invoices as paid, we can enhance accuracy, save time, and improve overall productivity. Additionally, the system will automate the creation of cheques and email remittance advice to further streamline the payment process.

Get Open Invoices from MYOB/Xero/Accounting Program
Sort invoices based on Due date & Currency.
Select Invoices for full or partial payment.
Select Enter Cheque Reference and Comments
Create a batch of selected Invoices.
Submit batch to multiple Managers for approval.
Auto creates Invoice, Supplier and Batch summaries.

Manager Reviews Invoice, Supplier and Batch Summaries.
The summary page contains clickable links to jump directly to individual invoices.
The approving Manager approves/rejects the batch, adding notes.
Routes to AP clerk to review the batch.
Auto Cheque is created in MYOB/Xero/Accounting Program.
Auto Remittance Advise emailed to Supplier.

Verify and finalise the batch
Download Bank ABA file

Accounts Payable Clerk uploads ABA to Bank Portal
Process EFT Run
Once EFT payment is completed, invoices approved for payment are marked as Paid

Batch & Invoices archived for simple search and retrieval.
Full audit history available for batch and each invoice.

Below are the Process Steps

Invoice
Compilation

Implement a digital system that consolidates open invoices to be paid.
The system will fetch relevant invoice details from the accounting or invoicing software.
It will generate a comprehensive summary report of the invoices, including payment amounts, due dates, and vendor information.

Digital Approval Process

Integrate an electronic approval system into the workflow.
Authorized personnel will receive notifications to review and approve the summary report.
Approvers can access the report online, review details, and provide their electronic approval or request modifications if needed.
The system will track the approval status and send reminders as necessary.

ABA File Upload and Invoice Payment

Develop an automated process to generate ABA files compatible with the bank's upload requirements.
The system will map invoice data to the appropriate fields in the ABA file.
Once the ABA file is generated, it will be securely uploaded to the bank's online platform for payment processing.
The system will mark the corresponding invoices as paid in the accounting software upon successful bank confirmation.

Cheque Creation and Remittance Advice

Utilize automation to generate cheques for payments processed through EFT.
The system will auto create cheques with relevant payment details.
Simultaneously, it will generate email remittance advice containing payment information, invoice references, and any additional necessary details.
The remittance advice will be sent electronically to the respective vendors, reducing manual effort and improving communication efficiency.

SOLUTION POWERED BY WARECONNECT

The above solution can be integrated with any ERP's. Datadevice solution delivery has successfully integrated with Microsoft Dynamics NAV, AX, Great Plains, NetSuite, Xero, MYOB, Attache, Databuild and many more...

Integrates easily with your existing ERP!
call us today for more details.

Benefits

The above solution can be integrated with any ERP's. Datadevice solution delivery team has successfully integrated with Microsoft Dynamics NAV, AX, Great Plains, SAP, NetSuite, Xero, MYOB, Attache, Databuild and many more...

Time and
Cost Savings

Reduced manual effort and paperwork, leading to significant time savings.
Elimination of manual data entry errors, mitigating potential financial discrepancies and associated costs.

Streamlined Approval Workflow

Electronic approval process enables faster decision making and reduces approval cycle time.
Approvers can access the system from anywhere, promoting flexibility and convenience.

Enhanced
Accuracy

Automation minimizes the risk of human error during invoice compilation, payment processing, and cheque creation.
System integration ensures accurate and up to date invoice data.