FINTRAC Compliance Requirements for EFT

Question

Am I the only customer who uses vendor direct payment Bambora (Worldline) with SAGE50 Canada version? 
 Am I the only customer who has been asked to now provide a vendor detail file for every EFT made through SAGE and Bambora? This information is already available in SAGE for each vendor. Why wouldn't SAGE amend the transaction file that is sent to Bambora to include the compulsory information that is required by FINTRAC? 
 Please note, the files that are currently submitted to Worldline do not have addresses for the vendors/employees or the other required information. 
 Is anyone else considering moving accounting systems with vendor direct payments that already comply without downloading this to the customer?

Marj@Swab · Accepted Answer

Hi Moller, My files went through okay for payroll. We don't do Accounts Payable. Payroll as long as you use Fintrac's template my file uploaded to a green light, no issues, and everyone got paid! And yes i did the file manually.

Erzsi_I · Answer

Hi everyone, 
 Update from the team that we will be updating Sage 50 Canada to send through the additional details required by Worldline in an automated fashion once Worldline advises how they will support receiving this through their web services. We anticipate this to be in our next 2024.2 release. 
 For now, we can guide you on creating employee and supplier lists for direct deposits. Using the direct deposit report, you can generate a CSV file for manual upload to Worldline. Initially setting up this list might require some effort, but it will simplify subsequent processes. 
 Thank you for your patience as we work towards these updates. 
 Warm Regards, Erzsi

Marj@Swab · Answer

Thank you very much. Now I have CSV (Comma Delimited) and a CSV UTF-8 (Comma Delimited) File. Does it matter which one I use? Also they want the batch ID and the Date on the file. Which date are they looking for? The upload date, the credit date, the debit date or the processing date?

Erzsi_I · Answer

Hi Moller , Checked in with the Sage 50 Canada support team and they didn't have further details to provide so I've put together the below. To clarify, the Direct Deposit Log report in Sage provides bank details and amounts. If Worldline requires additional transaction information, you can combine this with the Employee List report , which includes their contact details. For the Direct Deposit Log report, access the Report Centre , select Banking , then Direct Deposit Log and display it from there you can modify / reorganize the columns shown as below. 
 Once generated, export to CSV format. Open the saved file.

You can convert an Excel worksheet to a text file by using the Save As command.

Go to File > Save As .

The Save As dialog box appears.

In the Save as type box, choose the text file format for the worksheet.

For example, click CSV (Comma delimited) this should be selected by default.

Erzsi_I · Answer

Hi Moller , 
 Very sorry about the challenges you've faced with the manual process of adding address information to your Direct Deposit Logs. To assist with EFT transactions that require both payment and address details, please consider the following steps as suggested by our Product Management: 
 
 Use Sage 50 Canada to extract a Direct Deposit Log report, ensuring it includes columns for both the payment Amount and the Payee's details. 
 In a separate action, compile an Employee or Vendor report with address information for each respective payee. 
 Here&rsquo;s the List > Vendor list report with the address info

Employ Excel's capabilities to unite these two reports. Functions like VLOOKUP or INDEX and MATCH can be utilized to automatically associate each payee's name from the address report with the corresponding payment data in the Direct Deposit Log, effectively merging the necessary details into one comprehensive document. 
 For accurate Transaction IDs in your EFT deposits, the Worldline/Bambora portal offers a processing report listing these IDs alongside essential information such as Customer Names, References, and Account numbers. 
 
 Once you've successfully merged the Direct Deposit Log with the additional address details, you can save this amalgamated data as a CSV file, now inclusive of the necessary Transaction IDs from the Worldline/Bambora report. This file should meet the requirements for manual uploads to file.com. If you're comfortable with Excel, setting up these formulas in advance can significantly streamline the process for future transactions. 
 We understand that this workaround is not ideal and may not completely alleviate the inconvenience of the manual input required. Please know that we are actively seeking to improve this process. Your feedback has been forwarded to our Product Management and R&D teams for review, and we are committed to keeping you informed as we work towards a more efficient solution. Warm Regards, Erzsi

Sage 50 Canada

FINTRAC Compliance Requirements for EFT

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