Paying Payables by EFT

[hn28]

Is there a way in QB Online to set up a payment EFT file to pay a group of payables to be exported to the bank and used to upload to CAFT for electronic payments or other online banking programs? 

[LauraAB]

Hi hn28,

That's a great question! QuickBooks Online is geared towards helping you keep track of your companie's financial data. This means you can enter transactions for your suppliers in the program and record the relevant payments, however the program doesn't move money for you.

While you can export a report or list of your expense and bill transactions, that may not give you what you need for importing to a bank account. You can take a look at the available reports by selection Reports from the left menu and going to the What you owe and Expenses and suppliers sections to see if there's something that suits your needs. You can also export a list of transactions right from the Expenses page by clicking the small export icon above the list to the right.

Otherwise, I recommend taking a look at our partner apps. With these apps, you can expand QuickBooks' capabilities to do even more with the program. Click Apps in the left-hand menu and then use keywords, such as suppliers, to search for what's available.

Let me know if you have more questions. Enjoy your day!

[KLHCPA]

Hey LauraAB, I've went through the partner apps and there does not appear to be any related Apps for this. I've found a software that is not on your appstore called TreasurySoftware . com that claims to be able to do this, however, I'm nervous to use this software since we are dealing with such sensitive information. Would you be able to comment on this software and whether or not it is legitimate or if you have came across a different software since your last post that you could point me to. Thanks

[Angelyn_T]

Hello, @KLHCPA.

Allow me to join the thread and help provide additional clarification about integrating apps to QuickBooks Online (QBO).

The trusted apps that can be integrated in QuickBooks are those apps that are listed under the App Center or those apps that can be search inside QuickBooks.

To check for the features and the application further, I'd recommend contacting the TreasurySoftware provider. This way, they'll able to discuss the application for you.

In case you have any other QuickBooks concerns in the future, you can always check this article: Help articles for QuickBooks Online.

Let me know if you have further questions by adding a comment below. I'll be right here to help.

[finliteracy]

Hello, Did you ever find a solution? I need help with the same.

[PRL-Yorkton]

Hi 

I'm trying to run a CAFT report too and I can't find any way to do so in QuickBooks desktop. Did you find a solution? 

[Izzy M]

Was there ever a solution for this? We are currently trying to solve the same problem.

Thanks!

[KLHCPA]

No there was not.  We ended up having to enter it into QBO and then again into the bank. 

[Wally-Sparc]

There actually is a solution for this - it's called SparcPay and it pulls in payables from QBO, presents them for approval and release, and then it can output an EFT file for you to directly upload to BMO or TD. Alternatively, if you don't have cash management arrangements with either of those banks, SparcPay can process the payment for you by PAD/EFT to any bank.

No duplication of the data entry.

It is in the QBO app store - https://quickbooks.intuit.com/app/apps/appdetails/sparcpay/en-ca/

or you can see the website at https://www.sparcpay.com. 

[mskelly]

although Sparcpay does look like it does the job, it's not really the job we are looking for here.  Just looking for a report that we can upload to our bank.  Not looking for someone to pay the bills.  For my payables yesterday, it would have costed an extra $10 to use sparcpay-$1 for each bill paid... this could really add up.

[mskelly]

I'm looking for the same...

[JamesM]

Hi mskelly. Thanks for reaching out. I'd be happy to help you with this. Could you elaborate more about the report you're looking for?

[RCos]

I think what we're looking for is a way to enter bank account information into QBO and then run a report showing who which vendors need to be paid, the amount and the banking information which could then be uploaded to the bank to process the EFT run.

[Rebecca R]

I can see how a report like this would be extremely handy to have in QuickBooks Online, @RCos. It's not something that's available, but I know that our product developers would be keen to learn how beneficial it'd be for your business. You can let them know directly by navigating to the Gear icon and submitting Feedback. Our developers take these comments into consideration when working on future product updates and improvements. You can keep an eye on our New Features page once you've submitted your feedback so you'll be in the loop if and when your suggestion has been implemented into the program. Have a great day and don't hesitate to drop another line here in the Community if you have another QuickBooks-related question. 

[MJSCD]

Hello,

We are new to Quickbooks.  And we too, wish to automatically upload an EFT pmt file directly to our bank without having to manually enter each invoice for each supplier.  Our bank has explained that in order to be able to do so, the accounting program must be setup as such as to comply with what is known as the CPA rule 005 (Canadian payments association). It must be programmed into the accounting software in order to be able to automatically upload payments.  From my research, this is not the case.  Can QBO confirm - Thank you  

[JamesM4]

Hello MJSCD. Thanks for chiming in on this thread. I can see the importance of being able to automatically upload the EFT pmt file directly to your bank and since this feature isn't available in QuickBooks Online, I'd encourage you to send feedback as my colleague has recommended above. I'll be happy to answer any other questions and help you achieve your QuickBooks goals. Feel free to ask questions, I've got your back.

[Leanne19]

As I cannot locate an update on this topic, can you please advise if the ability to pay payables using EFT in QuickBooks Desktop has been made possible in the last year? 

[mrmalo]

Hi !

You can't do it directly with QBO or QBDT, you need a third-party app to do that. 

I have installed and used Treasury Software (www.treasurysoftware.com) with great success for canadian clients.  You can sign up using the discount code: FRM33 to get a 10% discount on the monthly subscription.  If you need help in setting it up you can reach me through my website: www.formationqb.ca

[billman]

Treasury Software has been mentioned in this thread.  I've been using it for several years with QB desktop with good results.  I recently moved to QB online and it works with that too. 

It works by taking the payments information from QB and creating a file that can be uploaded to the bank.  It's about CAD$25 per month to use.  The only issue is that it's an American company.  It definitely works with Canadian banks, but the setup is a little complicated.  I recommend contacting their support team and getting them to help set up.  It's simple to use once it's setup, though. 

Another option is a company called Telpay.  It's a Canadian company, so it would probably be easier to setup.  I don't have any experience with it, but I think it might be cheaper overall because with Treasury Software you have to pay bank fees in addition to the Treasury Software subscription. 

Note:  I have no affiliation with Treasury Software, Telpay, or Quickbooks/Intuit.  I'm only a user.

[shortcut1]

Just wondering if you found a work around, .... we are looking into Treasury Software, but not sure how we know which vendors are paid by EFT (some are still paid by cheque).

Any help is greatly appreciated

[billman]

Treasury Software will make the file that you then upload to your bank.  You just record the payments in QB as usual, then you select a date range in treasury software and it will access the QB data and pull out any payments in that range that 1) have not been processed by treasure software before (unless you tell it to take them again), and 2) the vendors have bank information included in QB. 

[shortcut1]

Thank you !  Do you have any advice how to number them differently?

I also pay some suppliers by cheque and would need to use proper CHQ numbers for those.

I don't want to use those same number when making an EFT payment , would rather it could be number EFT001  

[billman]

I use a different numbering system for the EFT payments.  With QB desktop I had to number the EFT payments manually.  But with QB online, I found that you can type the starting EFT number in the payments window and then it will automatically increment each one.  But, you have to do the EFT and cheques in separate batches of course. 

One big problem, though, is that you can't print the remittance slips in a batch.  For some insane reason, you have to open each payment as if you are going to edit it and then print from there.  Then, close it and open the next one.  Why Intuit?  Why?

[JamesM4]

Hi billman. Glad to have you chime in on this thread. The function you've described isn't available. I can see the benefit of having this function and I encourage you to send feedback about this to our engineers. You can send feedback by clicking on the Gear icon and looking for Feedback. New product ideas and improvements are based on the feedback we get from users like you. I also recommend looking into third-party apps on our app store using this link. Otherwise, let me know if you have other questions by leaving a comment below. I'll be one message away. 

[shortcut1]

OK , thank you for the quick reply.   

I have done in  a separate batch.

Now to print remittances, and figure out how to send them .

Too many quirks and workarounds in this software