Guidelines for MASAV EFT Payments

Below are the guidelines on how to process Israeli EFT payment (MASAV). MASAV is the Israeli Bank Clearing Center. This does not leverage NetSuite’s Electronic Payments SuiteApp.  In order to use MASAV, the company must be registered. MASAV provide the details needed in the process below.

To set up the EFT (MASAV) account:

Note:

If the payment is processed through a commercial bank, add a dummy number to the IL EFT Institute Code (5 digits) and IL EFT Subject field (8 digits). Ensure that the correct type is selected from the File Encoding list.

  1. Go to Setup > Accounting > Chart of Accounts > New.

  2. To define EFT (MASAV) account, fill out all the required fields. 

  3. From the Type list, select Credit Card.

  4. From the Subsidiaries list, select the applicable Israeli subsidiary.

  5. Define the following:

    • IL EFT Institute code

    • IL EFT Subject code that was received from the Bank Clearing Center

  6. Click Save.

  7. Go to Lists > Relationships > Vendors.

  8. Click the Edit link next to the applicable vendor.

    Note:

    Ensure that IL Vendor Form is applied on the selected vendor.

  9. On the vendor record, click the Financial subtab.

  10. From the Payment Method list, select EFT. This needs to be set for each vendor you are planning to pay through EFT.

  11. On the Israeli Bank Details subtab, ensure that correct bank details are defined on each vendor record .

To process bills:

  1. Go to Transactions > Payables > Enter Bills.

  2. From the Payment Method list, select EFT.

  3. Go to Transaction > Payables > Israeli Pay Bills.

  4. On the Account subtab, select the new account created in setup.

  5. Set a template for the Batch Payment Name, combining the name and date, e.g. MASAV31122020.

  6. From the Payment Method filter, select EFT.

  7. After selecting the above parameters, all open invoices that match the search will be listed. Select the invoices which need to be paid in this cycle. The Withholding Tax Rates and certificates will be applied, and deductions made where necessary. The deductions are calculated from the information in the Vendor set up.

  8. Click Save.

  9. Generate the payment file. If this is done after saving the payment in the previous section, a screen is shown with an option to select Israeli EFT File Generator. Alternatively, go to Transactions > Bank > Israeli EFT File Generator.

  10. On the EFT File Generator page, fill out the fields as follows:

    • PAYMENT METHOD: EFT.

    • BANK ACCOUNT: the bank which is making the payment.

    • EFT ACCOUNT: EFT account.

    • PAYMENT DATE: transaction/ EFT payment day.

    • BATCH PAYMENT NAME

    • INSTITUTE NUMBER AND SUBJECT NUMBER

    • FILE ENCODING: (Use the default- MASAV). The file encoding ensures that the file appears correctly on the bank’s website.

  11. Click Generate. The excel file is saved in the "Downloads" directory on your computer.

  12. When the file is ready and approved, upload it to the MASAV website (Bank Clearing Center) at https://www.masav.co.il/ or the bank.

General Notices