Hi Fellow Dynamics GP Users:
I am somewhat puzzled about the purpose and it's much touted benefits of this application. I am somehow not seeing the advantages of using this component of the eBanking Suite, and would very much like to know exactly what those useful features are:
Here's what I understand about how it works:
1. Complete the EFT Checkbook for Receivables;
2. Complete the Customer Setup for EFT;
3. Create the Invoices and Post;
4. Create a Cash Receipt Batch for EFT and post; This will Debit the Bank and Credit the Receivables.
5.Generate the EFT File and Send to the Bank for Collection***
- The Bank will collect the specified amounts from the customers and deposit them into the company's Bank Account. The subsequent Bank Statement will list the deposits, to be reconciled against the EFT Payments already reflected in the Company's Bank Account.
Therefore, other than outsourcing the Collections to the Bank, are there any other significant advantages, that I am not seeing?...From my point of view, it seems far more logical and even more convenient to send out the invoices to the customers, and be notified by the Bank of the payments received and deposited into the company's account. It would then be a simple matter of doing a Cash Receipt to apply the EFT payment.
I just cannot seem to reconcile the idea of Receiving and updating my Bank Account, just for the sake of Generating an EFT file to send to the Bank.
I would greatly appreciate your help in clarifying what appears to be my lack of understanding of this application.
Thnaks & Regards,
David.