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hn28
March 26, 2019
Question

Paying Payables by EFT

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? 

35 replies

LauraAB
Level 8
March 26, 2019

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
    July 12, 2019
    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
      Angelyn_TModerator
      Moderator
      July 12, 2019

      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.

      Izzy M
      June 8, 2020

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

      Thanks!

      KLHCPA
      June 9, 2020

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

      Wally-Sparc
      September 17, 2020

      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. 

      chrisdoiron
      March 21, 2024

      We've been using Treasury Software for a while now and I'm quite happy with the results.

       

      A couple people mentioned not liking the QBO solution for remittance advices and Treasury Software (TS) can produce those as well. In fact, they're also customizable in terms of the message itself and what data you include, such as a detailed list of invoice numbers / amounts.

       

      I ran a batch today that paid 55 invoices to 29 vendors. This included importing the records from QBO, generating a CPA005 compliant payment file, uploading the file to our bank, and sending remittance emails. Except for the internal sign offs on the payment batch, it took less than 5 minutes from start to finish.

       

      TS also has a lot of audit trail reporting so you're able to see when bank info was added or updated. We're using it for multiple companies and confirmed that this is allowed.

       

      The set up wasn't too bad. There were a couple of small quirks that I ended up going to support for, but they were excellent to deal with. Quick response time. Easy to understand answers.

       

      I'm sure by now you must be thinking I work for them, but I am not a paid actor. 🙂

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