Electronic data interchange (EDI) is an intercompany exchange of computer business information in standard format. In pure EDI enviroprocessible nment, there are no human intervention to approve or authorize transactions. financial EDI process. Figure 1 below shown a flowchart of Figure 1.1) Discuss these processes of electronic funds transfer (EFT ). Banking SystemPurchasingCompanySellingCompanyEFTEFTOriginatingBank(OBK)AutomatioClearingHouse (ACH)ReceivingBank(RBK)EFTEFTSelect Items toBe Paid andTransmit Paymentto BankReceive Paymentand Reconcileto InvoiceEDIEDISystemSystemAcctsPayableCashReceipteInvoiceFileReceivingReportsPost toValidateInvoicePrepare APAcctsReceivableOpenPurchaseOrdersTransmit Vendor Invoice Directly to BuyerAcctsReceivableBill Customereand Post toAccts Rec

Electronic data interchange is different from electronic funds transfer. In electronic data…

Answered: Electronic data interchange (EDI) is an…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

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Electronic data interchange (EDI) is an intercompany exchange of computer business information in standard format. In pure EDI enviroprocessible nment, there are no human intervention to approve or authorize transactions. financial EDI process. Figure 1 below shown a flowchart of Figure 1.

1) Discuss these processes of electronic funds transfer (EFT ).

Banking System
Purchasing
Company
Selling
Company
EFT
EFT
Originating
Bank
(OBK)
Automatio
Clearing
House (ACH)
Receiving
Bank
(RBK)
EFT
EFT
Select Items to
Be Paid and
Transmit Payment
to Bank
Receive Payment
and Reconcile
to Invoice
EDI
EDI
System
System
Accts
Payable
Cash
Receipte
Invoice
File
Receiving
Reports
Post to
Validate
Invoice
Prepare AP
Accts
Receivable
Open
Purchase
Orders
Transmit Vendor Invoice Directly to Buyer
Accts
Receivable
Bill Customere
and Post to
Accts Rec

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