The Electronics Funds Transfer module (EFT) works in tandem with GrandMaster Suite's Payroll module. The EFT module converts your payroll data into the correct format required by your bank. Although each bank has developed their own specific format, all chartered banks, credit unions and near banks are accommodated by this module.

When you are ready to transfer the electronic funds file, simply use the software supplied by your bank or a standard hyperterminal. It’s that easy!

Power-Packed Features

The EFT module is part of an integrated set of applications for all payroll and human resources requirements. Here are some of its Power-Packed Features:

Transfer to Employee Accounts

The multiple employee accounts feature (available in the Payroll module) allows you to apportion an employee’s pay and electronically distribute it to multiple bank accounts (e.g. their savings, mortgage account and chequing accounts). The EFT module will assemble all pertinent payroll information into one file and electronically transfer it to your organization's bank. The bank will then automatically forward the necessary deposit amounts to the appropriate accounts of each employee at their respective financial institutions. Because the transfer to your bank can be made between 3 and 15 days prior to settlement (pay day) date, you can accommodate multiple pay runs at one time. Pay just a one-time bank transfer fee for multiple pay runs; not multiple bank transfer fees.

Receiver General Remittances

The EFT module has the ability to transfer on due dates, remittance to the Receiver General (although presently not allowed by Revenue Canada).

Third Party Payments

Authorized deductions for Canada Savings Bonds, RRSP, home insurance and life insurance can be accommodated accurately and easily. Transfers can be even set up to be performed automatically.