Draft EFT Bank Files and EFT Answer Files

If you have arranged with your bank to process drafts electronically, your bank sends you an EFT file containing the payment information and it requests confirmation within a specified time. Select PeopleTools, and then EDI Manager, and then Monitor EDI Processing, and then Schedule Inbound EC Agent to load the EFT file from the bank into PeopleSoft Payables. The Draft Reconciliation and Approval process matches drafts in PeopleSoft Payables against drafts in the bank file.

Review exceptions on the Draft Recon and Approval - Draft Exceptions (draft reconciliation and approval - draft exceptions) page. When reviewing draft payment exceptions, you have two choices:

• You can reject the entire amount.

• You can pay only the amount entered in PeopleSoft Payables, rejecting the remaining balance.

After you review draft exceptions, use the Prepare Bank Answer File page to create a bank answer file. Select PeopleTools, and then EDI Manager, and then Monitor EDI Processing, and then Schedule Outbound EC Agent to respond to your bank by the deadline. If you don't send the bank answer file to your bank, the bank assumes that you agree that the draft information is correct and pays your supplier.

Note:

If the draft maturity date is earlier than or the same as the date specified in the bank file, the draft maturity date criteria are met.