Efficiency with Interac E-transfers: The autodeposit function

I receive e-Transfers for my business several times during the week. In the past I have sometimes been slow to accept e-transfers, which results in wasted time and inevitable frustration. I have to login to my bank account, attempt to answer a security question from the sender, and often contact the sender directly when I realize we have different answers to the same security question. I like my accounting and bookkeeping to be done as efficiently as possible, and many of these steps add no value to me. Recently, I started using autodeposits – AMAZING!

How it works:

1. Go to your online banking page and register for Interac e-Transfer autodeposit. During the registration process, you will be able to select an email address that you want this to apply to. Each email address can be linked to a specific bank account. For example, you can set it up so that e-Transfers sent to your personal email address are deposited into your personal chequing account, and e-Transfers sent to your business email are deposited to your business chequing account.

2. An email will be sent to the email address you registered to activate your account. Once you have confirmed, you are done!

3. The next time you get an e-Transfer, it will automatically be deposited into your selected bank account. To aid in your bookkeeping, you will still receive an email telling you the date, amount, and who the deposit is from, so that you don’t lose track of who paid you when. Keep these records so that when you review your bank statements you can easily find out who paid you $500 on January 5th. If you want to further automate this, you can set up a filter in your email settings to automatically label/categorize these emails.

Links on how to set up autodeposit for common banks:

• RBC
• TD
• CIBC
• Scotiabank

For more information on this, click here

These helpful hints are meant to improve the efficiency of your business bookkeeping and accounting operations. If you have any comments or suggestions for future hints, please share in the comments section.