Significant modification is required to support customers in Canada, with US$ denominated bank accounts, or any other countries where the local currency is not equal to the Bank Account currency for sending Electronic Payment files.
- Adding the amount to Data Exchange Definition for the payment export file
- Updating amount on the Remittance Advice
- Then adding the amount to the Bank Account Reconciliation as these ledger entries show in local currency only
from Business Central documentation: "The EFT feature can only be used for bank accounts in the local currency. It cannot be used with a foreign currency, indicated by a value in the Currency Code field. (Blank field value means local currency.)"
Comments
This requirement is consistently asked by various clients in recent months so it would be great if this can be implemented.
Category: Financial Management
This is really essential for Canadian users. EFT payments in US funds from a CAD company is very common. It should be possible to generate both Vendor Remittance and EFT files in the currency of the bank account used. The functionality should work with Data Exchange Definitions that use either the "ACH" or "ACH RB" table sets.
Category: Financial Management
We have a substantial client base in Canada eagerly seeking this feature, making it an indispensable necessity. Looking to have this as a standard functionality moving forward.
Category: Financial Management
This is very important for all of our Canadian implementations.
Category: Financial Management
This is a feature that many of our clients look for and it would be incredibly helpful to have
Category: Financial Management
This feature is must needed in our CAD customers where they can make overseas EFT payments to US bank accounts.
Currently, the file show an amount in local currency i.e. CAD, instead of USD.
Even there is a limitation of Business Central system, where a separate EFT IAT file generated per vendor, instead of one file for all payment lines. If this has been fixed, it will help CAD customers to reduce extra fees to process IAT payment files for individual vendors.
Category: Financial Management
Extremely important in Canada. How's is this not standard functionality?
Major GAP for CAD implementations.
Category: Financial Management
I totally agree on this!
Big big issue.
I open a case and the suggestion to correct this was to create a new company in USD to manage payment in USD to vendor with EFT! Is it so a wrong answer, that I can't say to my customer as a partner!
Please correct this as soon as possible.
Why using currencies in a ERP that can't manage payment in any currency with writh Remittance advice to vendor and the Generate EFT file to a bank with a local currency instead of the currency of the payment needed.
Bank account, vendor are all setup in sometimes many currencies, so we want to process payment in that currencies and send a file to the bank to process payment in the currency not local currency.
Major demand.
Please vote it is a basic feature for payables.
In Dynamics GP, we do not have this kind of problem. Client with GP managing many bank accounts will not appreciate a migration to BC ERP that is not doing this by default.
Do not forget the process to generate EFT files must be in the currency of the payment done, not in the local currency.
Thank you
Category: Financial Management