The Money Out section within the program allows you to create an electronic payments file that can be transmitted to your bank if you have that facility. Note that this is not making payments via BPay or Funds Transfer options offered by your bank. It involves the creation of an electronic payments file that includes multiple transactions that are processed as a batch by your bank. If you do not have this facility and would like to know more, contact your bank.
Record Electronic Payments:
Record the payments (including a reference number if you require) in the Money Out section by following the steps outlined in the How to Record Money Out (Payments).
Right click on the green selector box at the left side of the transaction row.
Click on [Add to Electronic Payments] to add the payment to the list to be processed electronically.
Create the Electronic Payments File:
When you are ready to create your Electronic Payment File (ABA):
Open the electronic payments module by clicking on the [Electronic Payment] option.
Your payments will appear in the order that you selected them in the Money Out section. If you do not wish for a specific transaction to be included, click on the Select box in the last column for that payment so there is no tick in the box.
Each transaction must include the following details necessary for processing:
Supplier: This is the description to appear on your payee’s bank records
Account Name: The payee’s bank account name. If you have previously paid this person electronically, click on the selector button and select the account name (which will also include the BSB and Account Number.) If it is a new payee, click on the selector button to add the details for this person.
BSB Number: The payee’s BSB Number
Account Number: The payee’s bank account number
Transaction Code: This signifies the transaction type. Type 50 is for general purchases.
Remitter Name: The name of your bank account
Amount: The amount of the payment
1.To make electronic payments you need to then record your bank details and information required to communicate electronically with your bank when you create your first electronic payments file.
2.Record the name of your bank account as recorded by the Bank in Account Name. Refer to your Bank Statement or your Bank for this information.
3.Your User ID will be supplied by your bank when you apply for Online Banking Approval. Type this in the User ID box.
4.The Bank Code is a 3-letter code that identifies your bank. For example, the code for Westpac is WBC. Other valid bank codes are ADL, ANZ, BML, CBA, CBL, NAB and STG. Your bank will advise you of their code when giving you Online Banking Approval.
5.Record the BSB (Bank State Branch) number in the BSB Number box. This is a 6-digit number with a hyphen in the middle. Refer to your Bank Statement for this information.
6.Record the number of your account in the Account Number box.
Once you have selected all your payments, click on the [Create File] button.
A box will appear indicating the Electronic Payment File has been created, and if you would like to print a report for the file. Click [Yes] or [No].
Once the file has been created, click on [Download File]. A Windows Save As screen will appear giving you options for the name and location of your saved file.
The file type is .ABA. You can save this file in a location of your choice. This file type should not be changed as it meets the requirements of your bank to accept the file. Click on [Save] to save the file.
Your Electronic Payment File is now ready to be “uploaded” onto your banks website, via Online Banking. If your bank uses its own software you will need to download or obtain a copy of this software to install to process the electronic file with the bank.
Each time an Electronic Payments file is created, the details are used in the Bank Reconciliation. If that file is not sent to the bank then it needs to be excluded from the reconciliation. Click on the [Advanced] button and select the file that has not been sent to the bank. Then click on the [Save] button.