Note: Before you can process Pre-authorized Debits (PADs) for housing charges, you must set up your bank account and the member/tenant account for EFT (electronic funds transfer). For instructions, see:
If you don't already have a separate bank deposits journal for pre-authorized debits, we recommend that you add one to your books. See Adding New Journals for details.
Housing charges to be paid by PAD are set up by Creating the Rent Roll, so this must be done first.
Processing Pre-authorized debits from member/tenants is a two-step process:
In the first step, the debit transactions are created in the Bank Deposits - PAD journal using the Tools>EFT Deposit command. For instructions, see Creating Pre-authorized Debit Transactions.
In the second step, an EFT file is created for transmission to your bank with the details they need to withdraw the pre-authorized funds from the member/tenants' bank accounts and deposit them in your account. For instructions, see Creating an EFT File for Pre-Authorized Debits.