EFT's, ABA files and the bank account
HandiTrust has an Electronic Funds Transfer (EFT) facility to assist clients who are making a large number of Electronic Funds Transfers using their bank software. You can capture the relevant payments as EFTs and then allocate the EFTs to an ABA file, which can be processed through your bank software.
To generate the ABA file for the bank software, or place the EFT transaction on hold
When a transaction is captured as an EFT, the program allocates it to the "EFT Transactions" window, where it either needs to be allocated to the ABA file for processing or put on hold until the payment is ready to be made.
From the View menu, click EFT transactions.
On the EFT Transactions window, highlight each EFT transaction you want to place on Hold separately and click Hold, leaving only the transactions you are ready to send to the bank for processing as unmarked.
Click Generate file and complete the details in the ABA File generation window and click OK.
Where is the ABA file stored to send to the bank?
The ABA file is saved in your HSoft / Data / ABA / Financial Institution name folder.
ABAs and the bank statement
The program allocates the transactions against the bank on the date that the ABA file is created, i.e. the day that the file is supposedly being sent to the bank to process and also makes sure that only transactions sent to the bank for processing are shown as having gone through the bank account on that particular day.
Notes:
The ABA file can only be generated for the current date. It cannot be forward or backdated.
If an error has been made, the ABA file can only be regenerated if the transaction has not been cleared through the bank. The regeneration can only be done on the same date as the original ABA file.
For clients making individual payments using their normal internet banking, you will need to create an ABA file for each transaction to tie it into their bank account. It may be preferable to use the "Cheque" option rather than the "EFT" option when processing the Client or Firm Payments.