Our Microsoft Dynamics SL clients are thrilled to learn that electronic banking services is now available with the eBanking Suite. The modules available in the eBanking Suite for Microsoft Dynamics SL can not only help you reduce your costs with automation, but they also provide secure banking and fraud protection. Learn more how these 5 modules can help you avoid check fraud with A/P and Payroll checks, handle multi-company transactions and handle multiple formats along with the ability to create custom formats. Here are some questions we get from our clients. The answer to all these questions with Microsoft Dynamics SL the Banking Suite is YES, YES, and YES!
eBanking Questions Answered for Microsoft Dynamics SL Customers
- Can I outsource the processing of cash receipts?
- Can I send Vendors and Customers notification of their EFT credit or debit?
- Can I debit a Customer’s account to help make progress on their payments?
- Can I mark a Sales Order to be paid via AREFT?
- Can I specify multiple levels of check approval and set limits?
- Can vendors be paid electronically if we are a Canadian company?
5 New eBanking Features that Help Microsoft Dynamics SL Customers
The eBanking Suite for Microsoft Dynamics SL is comprised of the following five modules:
- A/P Electronic Funds Transfer: The new modules include the A/P Electronic Funds Transfer (APEFT) which allows for automatic payment from your business checking account to your vendors’ bank accounts. This type of system, known as ACH, or Automated Clearing House, eliminates the time-consuming process of printing, signing and mailing checks. APEFT is the perfect solution not only for paying vendors, but for reimbursing employee expenses, too.
- Wire Transfer Plus: The Wire Transfer Plus module works similarly to the APEFT, but is used for foreign payments or for paying vouchers via wire instead of ACH. Depending on your bank’s capabilities, the Wire Transfer Plus module also supports bank drafts, corporate checks, CTX and other out-sourced banking functions.
- Positive Pay for Secure Check Processing: The Positive Pay or “Safe Pay” module reduces your exposure to unauthorized paper check transactions and is quickly becoming required by a growing number of U.S. banks. It works by producing an electronic file as part of the check printing process and transmitting that file to your bank. The bank will then only honor checks that are listed in that electronically transmitted file.
- Recurring Billing: If you have recurring accounts receivables or monthly contracts, then the A/R Electronic Funds Transfer (AREFT) module will allow you to debit your customers’ accounts electronically. The same ACH system used to make payments can be used to send an electronic instruction to your bank to make a withdrawal from your customers’ accounts and deposit the fund into yours.
- Lockbox Processing for Secure Payment Processing: If you are using a lockbox service to collect checks from customers, the Lockbox Processing module saves time and effort applying cash receipts against invoices where remittance information is complete. For cash receipts where the matching document is questionable, the payment application workbench tool lets you easily match the receipt to the appropriate invoice. You will never need to enter transactions individually. Even if you don’t use a lockbox service, you can use the module to speed up payment application processing.
Accountnet is a Microsoft Dynamics Gold Certified Partner and can help you determine whether the eBanking Suite for Microsoft Dynamics SL is right for your organization. Contact us or give us a call (212) 244-9009 for a free phone consultation.
Another version of this article was originally posted on AccountNet’s Blog on March 13, 2014: http://www.accountnet.com/ebanking-suite-microsoft-dynamics-sl/