Set Up EFT Direct
You can choose to use one bank account and one originator number for direct deposit and pre-authorized debit. If your company uses more than one bank or originator number, select the option Different originator numbers or bank accounts for direct deposit and pre-authorized debit.
Creating a Bank
Before you can select a bank for EFT Direct, you need to create one or more banks depending on your company's preference. Click Set up a new bank.
In the EFT Direct - Bank Information window, you can enter details for your bank.
| Field | Usage |
|---|---|
| Bank Description | Provide a description for this bank. If you use more than one bank, you should indicate when you use this bank; for example, EFT - customer payments (PAD). This description will appear in the menu. |
| Bank Name | Select the bank where you will be uploading files. |
| Name | This corresponds to the name of your Sage 50 Accounting company; however, if you import the EFT Direct information, Name will reflect the name of the imported EFT Direct information. |
| Company Abbreviation | Enter an abbreviation for the company. |
| Originator No. | Enter the 10-digit number your bank gave you to use for transactions involving electronic funds transfers. They may call it a client, customer, ID, or user number. |
| Institution No. for Returns | Enter the institution number your bank gave you. For Canadian banks, the number has three segments, in the format 0-001-12345. |
| Account No. for Returns | If funds cannot be transferred (for example, because an employee has closed an account), the funds will be returned to the account you specify here. |
| Data Centre No. |
(Optional) If you need this number, your bank will issue it. Contact your banking institution to determine the information required for this field. |
| Reserved Fields for Organization | (Optional) Some banks use this field to record employer and employee payroll records. Contact your banking institution to determine the information required for this field. |
| Element Identification | At this time, the Caisse Desjardins is the only bank that requires this field (up to 11 characters). For the Alberta Treasury Branch, this field must be zerofilled. |
| Settlement Code | This field is used only by the Caisse Populaire Desjardins banking system at this time. |
| File Record | (Optional) Contact your banking institution to determine the information required for this field. |
Modifying a Bank
- Click Modify existing banks to open the Modify Bank window.
- Select the bank you want to change and click Edit. Update any information in the Bank Information window.
- Click OK.
To remove a bank: Select the bank and click Remove.
Note: Any changes to a previously-used bank does not affect transactions already processed through EFT Direct.