EFT Files Fail Quietly When the Holiday Calendar Is Wrong
Banks do not process ACH files on certain federal or institution-specific holidays. In MIP®, those non-processing days must be entered and maintained in the holiday table each year. If they are missing or outdated, the system may allow a file to be created on a day the bank will not accept it.
This matters because timing errors are hard to spot in advance. A file can look correct, transmit successfully, and still fail to settle when expected. Vendors experience delays, and finance teams are left explaining why payments did not move. Keeping the holiday schedule current prevents those avoidable gaps by aligning MIP’s settlement logic with the bank’s actual calendar.
Annual maintenance is the control. Banks update holiday schedules. Institutions merge or change processing rules. Reviewing and updating holidays each year keeps EFT timing predictable and reduces last-minute surprises around payrolls, vendor runs, and grant-related payments.
This video is for accounting teams that process EFT and want payment timing to be reliable, especially around year-end and federal holidays. It is not intended for organizations that assume last year’s holiday setup will always remain accurate.
McGovern Consulting Group provides MIP Accounting® Training and Implementation Services. We focus on operational details like this because payment reliability often depends on calendar accuracy, not software features.
If you want EFT files to settle when you expect them to, schedule time with us to review your EFT configuration and holiday setup.
https://mcgoverncg.com/schedule/
If you want to strengthen your MIP fundamentals first, free MIP® fund accounting training is available here.
https://www.freemipfundaccountingtraining.com/
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