Sage Eft Setup
Set up Direct Electronic Funds Transfer (Sage EFT)
For direct deposit and pre-authorized debit, you can utilize a single bank account and a single originating number. If your firm uses several banks or originator numbers for direct deposits and pre-authorized debits, then you will need to select the Different Originator Numbers or Bank Accounts option.
Before you can choose a bank for EFT Direct, you must first construct one or more banks based on your company’s needs. Set up a new bank by clicking the Set up a new bank button.
You may enter your bank’s information in the EFT Direct – Bank Information window.
- Bank Description: Please describe this bank. In the event that you use more than one bank, you should specify when you use each one; for example, EFT – customer payments (PAD). The above-mentioned details will shown in the menu.
- Name of the Bank: Select the name of the bank to which you will submit the files to.
- Name: This relates to the name of your Sage 50 Accounting firm; however, if you import EFT Direct data, the Name will represent the name of the imported EFT Direct data.
- Company Abbreviation: Input your company abbreviation.
- No. of Originator: Enter the 10-digit number provided by your bank for electronic money transfer transactions. They may refer to it as a client, customer, ID, or user number.
- Account No. for Returns: When funds cannot transferred (for example, when an employee closes an account), they will returned to the account specified here.
- No. of Data Center: If you require the number of the data centers, your bank will be able to provide it easily. To find out what information required for this field, contact the financial institution you associated with.
- Organizational Fields Reserved: This organizational field utilized by certain banks to record employer and employee payroll data. To fish out what data and information required for this field, get in touch with your financial institution.
- Settlement Code: At the moment, the Caisse Populaire Desjardins banking system is the only one that uses this field.
- File Record (Optional): To find out what information needed for this field, contact your financial institution.
Steps to modify a Bank
Step 1: Select the tab saying Modify existing banks if you wish to get to the window of Modify Bank.
Step 2: Click on the name of the bank that requires to changed.
Step3: Click on the option of the Edit button.
Step 4: You can also Update any pre-entered details in the window of Bank Information.
Step 5: Click on the OK pop-up.
Steps to remove a bank:
Step 1: Select the bankyou wish to remove.
Step 2: Select the Remove Bank option.
Steps to set up as well as utilize Sage EFT Direct
You may easily set up and use Sage 50 EFT Direct by following the instructions provided here.
- Select Programs, then Sage 50 EFT Direct from the Start menu.
- If you are using Sage 50 EFT Direct for the first time, the New Company window will appear instantly. Fill out all of the fields under ‘Enter Details About Your Company.’ Here are a few examples:
- Number of identification: Enter your bank’s ten-digit EFT transaction number.
- Working Directory: In this field, provide the location of your EFT data files.
- In the Sage 50 Directory box, provide the location of your Sage 50 data files.
- Sage 50 File Name: Locate the file containing your Sage 50 data.
- After clicking the EFT button, fill out all of the information on the screen. Among these are the following:
- Returns Institution No. : Enter your bank’s institution number.
- Returns Account No. : If the funds cannot transferred due to account closure or inaccurate information, provide the account number to which you wish the funds returned.
- Data Center Number: Enter the data centre number for your bank. This information is not required by all banks.
- Reserved Organizational Fields: Enter the account number you given by your bank.
- Element Identification: The CPA standard is the only one that uses this field.
- Settlement Code: Enter the settlement code. This information is not required by all banks.
- Transaction Code for Accounts Receivable and Payable: Enter a standard CPA transaction code or accept the provided code.
- When you’ve completed filling out all of the fields, click Close to return to the New Company screen.
- Click Add to save your entries.
- Sage 50 EFT Direct will automatically import your customer, employee, and vendor information when you provide your bank information.
- Fill out all of the needed information on the employee (customer or vendor) page.
- Select Employee Maintenance.
- Now, choose one employee and click the Modify option.
- Fill in your bank details as well as the accounts into which you want to deposit your salary.
- To update the employee’s Direct Deposit status to Active, check the box.
- To include all the amount here on the given line in the file you’re providing to the bank, mark the Active box.
- Choose Save to save current entries.
- After you’ve finished inputting the information, go to the next step, “Using Sage 50 EFT Direct,” to produce a file to send to your bank.
- Choose EFT Direct Payroll Creation from the file generation drop-down menu.
- Fill up the fields with the appropriate pay periods and dates.
- Select either “Use employee check dates” or “Use default funds available date” to determine when monies should deposited into your employees’ accounts.
- Continue to get payroll information from Sage 50.
- Access the Payroll Selection screen in Sage 50 EFT Direct and provide all of the required information. By double-clicking on the Select field, you may select a list of employees from the file, or you can check the Select All box to include all of them.
- Click the Generation button to create the direct-deposit file and print the report.
- Finally, hit the Yes button to produce the file of payroll.
This will help you get started with Sage 50 EFT Direct. If you need additional help installing or using Sage 50 EFT Direct, please let us know. If you still have any trouble or issues regarding the same even after following the above mentioned step, we are here to help you out with that as well.
Frequently Asked Questions (FAQs)
Question 1: Out of all the Sage 50 2022 Version do you suggest I should Upgrade To?
If you are updating your existing Sage 50 programme to one of the most recent versions, such as Sage 50 2022.0, you should update it to the same variation as your prior one, that implies you could upload Sage 50 Pro 2021 to Sage 50 2022.0.
Sage 50 Pro 2022 seems to be a version of Sage 50 Pro that has upgraded. Businesses are regularly upgraded to the same or a higher variety, but they cannot be demoted to a lower version. For example, if your company uses Sage 50, you cannot go from Quantum 2021 to a lower-level variation such as Sage 50 Premium 2022.
Question 2: How Do I Configure Sage 50 Direct Deposit Payroll?
First, configure the Sage 50 Accounting Program to accept Direct Deposits. Then you must complete the following tasks:
- The initial step is to register your software with a direct deposit service provider. Go to the service menu and choose Employee Direct Deposit for payroll direct deposits and Vendor Direct Deposits for vendor direct deposits.
- Provide information- The next step is to enter the direct deposit information into the employee or vendor records. Provide bank account information and direct deposit bank account information for the employee card and vendor card under the Direct Deposit tab, respectively.
- Printer options- now you must pick the form type as well as the printer settings. Select Reports and Forms from the Setup menu to do so. Select Direct Deposit Payroll Stubs from the drop-down menu.
- Enter their email addresses on the Personal tab if you want to send direct deposit stubs through email.
- Before you can set up direct deposit payroll in Sage 50, you must know the information of the corporate bank account that will used to finance the direct deposit operations. You will also get information on the employee’s bank account and allocation preferences.