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Banking Setup

Theta Base Pack Wizard

The Theta Base Pack Wizard guides you through configuring your EFT Transfer file formats, assigning the file formats to your bank accounts and downloading pre-configured bank statement formats.

note

Our standard bank statement formats also include the required mapping for our Advanced Payment Reconciliation extension. We recommend that you first install this extension if you intend to use the extension so that you do not have to come back and update your extensions.

EFT Setup

On the EFT Setup page, you specify settings that control the EFT functionality in Business Central. The EFT Setup is created automatically when the app is installed and when new companies get created.

EFT Setup

FieldPurpose
General
EFT Nos.Specifies the number series used for EFT Transfers.
Default Lodgement ReferenceSpecifies the Default Lodgement Reference, which is used for some banks when submitting the EFT File.
Allow Regenerate Posted EFT FileSpecifies whether an EFT File can be regenerated when the Payment Journal has been posted.
Realised WHT Type InvoiceEnforce Realised WHT Type to Invoice for purchases or sales of items for all WHT business and product posting groups.
Warning if Duplicate PaymentSpecifies that a warning will be displayed when generating an EFT if the same vendor/customer/employee receives a payment more than once in a batch. If you select always, then the warning is shown before generating the EFT Transfer as well as when opening a journal batch that has a pending EFT Transfer.
Check Applied Amount on ExportSpecifies that the payment amount is compared to the applied amount when creating the EFT. This helps avoid paying the same entity more than once and also enforces that payments can only be made if they are applied.
Local Branch Account FormatSpecifies the format of local bank accounts. This field determines how to split the bank account into the EFT Bank account fields. Bank-Branch/Account-Suffix – supports NZ bank account numbers with hyphens for formatting. Bank-Branch/Account – supports AU bank account numbers with a hyphen in the Branch No. Branch/Account – supports AU bank account numbers with no formatting. Branch/Account (7) Suffix (2/3) – supports NZ bank account numbers without formatting.
Force Bank Account on SuggestSpecifies that the customer or vendor bank account must exist when suggesting a payment for customers or vendors set up as EFT Payment. You will not be able to create an EFT transaction if there are no banking details specified, so even if you remove this validation, you will still get an error when you generate the EFT.
Disable EFT Bank ChangesSpecifies that changes cannot be made directly to the EFT Bank, Branch, Account, and suffix fields. If this is selected, you can only update the bank branch and account number fields. The values between the EFT fields and the bank/branch are synchronized irrespective of this setting.
Payee Name MandatorySpecifies that Payee Names must be specified on the vendor and customer bank Accounts. If you do not specify a value here, the program will use the customer or vendor name if the payee name is not specified.
Maximum Payee Name LengthSpecifies the maximum value that can be specified for the payee’s name. This is to ensure that the payee’s name does not exceed the maximum your bank allows. If you do not specify this, the limit is 100 characters, which is the field length.
Validate NZ Bank AccountsSpecifies that Business Central will validate New Zealand bank account details on bank accounts, customer bank accounts, vendor bank accounts, and employees.
EFT Approval
Generate EFT File without Approval CheckSpecifies that an EFT File can be exported before it has been through an approval process. Only specify this if you do not want to enforce that EFT Transactions get approved before being exported.
Advanced EFT ApprovalSpecifies if Advanced EFT Approval is enabled and how the EFT Approval limits get enforced when approving EFT transactions. If you enable the Advanced EFT Approval, you will need to configure the EFT Approval limits for the EFT Approvers.
No. of Unique ApproversSpecifies the minimum number of unique approvers required to approve an EFT when enabled by the Advanced EFT Approval feature. If you use a workflow user group on your EFT Workflow, you must ensure that the value you specify here aligns with the number of approvers in the workflow user group.
Direct Credit
Banking Details in Payment Journal - Direct CreditSelect this to allow banking details for refunds to be edited in the payment journal. If you select this you may consider enabling an approval workflow to enhance security.
Edit Customer/Vendor BankSelect this to allow selecting a different Recipient Bank Account in the payment journal.
Payment Schedule Report ID (DC)Specifies the payment schedule report that gets printed for direct credit EFT Transfers.
Print Payment Schedule (DC)Specifies if you want to print the payment schedule when you generate the EFT Transaction. Select No if you don't want to print automatically, Prompt User if you want the user to decide and Always if you want it to print automatically without user intervention.
Remittance Advice Setup
Print/Send RemittanceSpecifies the value of the Print/Send Remittance field. Available options are No, Always and Prompt User. Select the Always to print or email the Remittance Advise automatically when user posting the Payments. Select Prompt User to print or email them upon user response when user posting payments.
EFT ParticularsSpecifies the default EFT Particulars that will be copied to new vendor or customer bank accounts.
EFT CodeSpecifies the default EFT Code that will be copied to new vendor or customer bank accounts.
EFT ReferenceSpecifies the default EFT Reference that will be copied to new vendor or customer bank accounts.
Direct Debit
Banking Details in Cash Receipt Journal - Direct CreditSelect this to allow banking details for payments to be edited in the payment journal. If you select this you may consider enabling an approval workflow to enhance security.
Payment Schedule Report ID (DD)Specifies the payment schedule report that gets printed for direct debit EFT Transfers.
Print Payment Schedule (DD)Specifies if you want to print the payment schedule when you generate the EFT Transaction. Select No if you don't want to print automatically, Prompt User if you want the user to decide and Always if you want it to print automatically without user intervention.
Remittance Advice Setup
Print/Send RemittanceSpecifies the value of the Print/Send Remittance field. Available options are No, Always, and Prompt User. Select the Always to print or email the Remittance Advise automatically when the user posts the Receipts. Select Prompt User to print or email them upon user response when user posting Receipts.
Bank Account Defaults
Default Usage - Vendor BankSpecifies whether the Vendor Bank account will be used for Direct Credit Transfers, Direct Debit Transfers, or both. This value will be used as the default value on the Vendor Bank account card.
Default Usage - Customer BankSpecifies whether the Customer Bank account will be used for Direct Credit Transfers, Direct Debit Transfers, or both. This value will be used as the default value on the Customer Bank account card.

EFT Payment Status

Payment statuses are used with the host-to-host integration to interpret the responses from the bank. EFT Payment Status

Bank Statement Import Setup

You can use the Theta Base Pack Wizard to download the pre-configured bank statement formats.

The app relies on the standard Data Exchange Definitions functionality provided by Business Central. We have enhanced this to cover scenarios the standard functionality could not handle.

You can do the following additional set up with the Theta Base Pack:

Transformation Rule for the Westpac Deskbank Fixed Text Bank Statement

All transactions on a Westpac Deskbank Fixed Text Bank Statement are positive. The sign gets derived from the transaction code. To achieve this, we provide a custom transformation rule.

West Pack Transformation Rule

In the data exchange columns, we define the transaction code and the amount as a single column:

West Pack Transformation Rule

In the field mapping, we map this field to the amount and use the transformation rule to apply the custom logic.

EFT Bank Setup (EFT Transfers)

The EFT Bank Setup page is used to set up EFT Bank File Formats, which are used to generate the EFT File. You can create EFT File formats using the Theta Base Back Setup Wizard and create your own formats manually for banks that are not supported by default.

  • Select the Direct Credit action to view or edit the EFT Bank File Formats for Direct Credit EFT Transfers. This format will be used when the EFT Transfer relates to local bank accounts in the company's functional currency.
  • Select the Direct Credit (Cross Border) action to view or edit the EFT Bank File Formats for Direct Credit EFT Transfers. Cross-border payments are payments in a currency different from the bank's currency or payments into a bank account domiciled in a foreign country. You must enable cross-border payments on the bank account card.
  • Select the Direct Debit action to view or edit the EFT Bank File Formats for Direct Debit EFT Transfers.

EFT Bank Setup

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The cross-border EFT file format is usually different from the local EFT file format.

EFT Bank File Configuration

The Direct Credit, Direct Credit (Cross Border) and Direct Debit actions open the EFT Bank File Configuration. The animation below shows how to open the page and switch between record types.

EFT Bank File Configuration

New Zealand Bank Account Validation Setup

The New Zealand Bank Account Validation feature includes two additional tables that get set up automatically on the installation of the app. You can access these pages from the EFT Setup Card.

NZ Bank Account Validation Setup

This page records every bank and contains the valid ranges for branch and account. NZ Bank Account Validation Setup

NZ Bank Account Algorithms

This page contains the algorithms that get used to validate the account details. NZ Bank Account Algorithms