CIBC EFT Payments

Overview

The Accounts Payable System allows you to make EFT paymets for CIBC.

When payments are made, an 80 byte file is created in the CIBC file format for sending to the bank. An EFT Notification is created which can be emailed, faxed or mailed to the vendor notifying the vendor the EFT payment.

There are three steps to setting up the EFT payment feature.

1. Create a Checking Account Set up the CIBC checking account. The checking account contains information about your account with CIBC and contains information required to meet the EFT payment requirements.

2. Create the Vendor/Checking Account Profile. The profile contains information about the vendor's bank account. This enables CIBC to properly credit the vendor's account for the payment.

3. Create and EFT contact for the vendor. The contact contains information needed to notify the vendor of the EFT payment.

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Create Checking account for code "CI" (Must be "CI" in order to work for CBIC).

Place the originator number in to Bank ARP ID code in the Work with Checking Account display.

Place the Settlement Transit number (5 digits) into Bank ARP BID code in the Work with Check Account display.

Place your 12 digit account number into Account Number code in the Work with Check Account display.

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From Work with Accounts select option 55 for the desired vendor account and select the CI Bank Account. The Work with Checking Account Values display will appear.

Place vendors Bank Account Number (12 Digit maximum) into the Bank Account Number.

Place the vendor's branch transit number into the Bank Transit Number.

Use the EFT Payment Status to either activate or deactivate the EFT transfer process for a vendor. "A" = Active and "I" = Inactive. While the status is inactive, regular checks will be produced for the vendor.

Use the sequence number to set the CIBC File Creation Number. The number is automatically incremented each time a set of payments containing EFT payments is printed.

In the field for Notification Output Queue, enter the name of the output queue which is to be used when EFT Notifications are created. If using Active Fax software, this should be the name of the output queue associated the Active Fax session.

Notification type is used to indicate if EFT Notifications to the vendor are to be e-mailed, faxed or mailed to the vendor. "E" = E-mail; "F" = Fax, and "M" = Mail.

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Insure either the e-mail address or the fax phone number is correct for the EFT Notification Type used above