Bank Holidays Affect EFT Timing More Than Most Teams Expect
EFT settlement does not follow your internal calendar. Banks skip weekends and recognized holidays when processing files, which means settlement dates move even when the file is created on time. In MIP®, the holiday table is what the system uses to calculate those settlement schedules.
If holiday records are missing or outdated, payment timing becomes unpredictable. Files may appear to settle later than expected, vendors may ask why funds did not arrive, and finance teams are left explaining delays that were preventable. Keeping the holiday table current allows settlement dates to reflect how the bank will actually process the file.
Reviewing holiday records before running EFT batches is a simple control that avoids these issues. The system can only plan around dates it knows about. When the calendar is accurate, payment timing is easier to manage and easier to explain.
This video is for accounting teams processing EFT who want vendor payments to arrive when expected. It is not intended for organizations that assume settlement timing will work itself out without calendar maintenance.
McGovern Consulting Group provides MIP Accounting® Training and Implementation Services. We focus on details like this because payment reliability often depends on small setup choices that are easy to overlook.
If you want EFT payments to settle predictably without last-minute surprises, schedule time with us to review your EFT configuration.
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/
#MIPAccounting #EFTProcessing #ElectronicPayments #CashManagement #NonprofitAccounting #FundAccounting
