Get your Accounting Software SEPA Ready
SEPA Countdown for Irish SMEs
The SEPA deadline of February 1st 2014 is fast approaching. SMEs in Ireland must be ready for SEPA, as all existing national systems will close on 1 February 2014. You will need to ensure that your pay-roll, direct debit and accounting systems are SEPA ready before the February deadline so that you are able to make euro electronic payments after that date.
SEPA will impact on you and your accounting software if your business uploads Electronic Payment files to the bank for:
- Employee payroll payments
- Supplier payments
- Direct Debit collections from customers
The changes under SEPA relate to
- Replacing Bank Account Numbers and Sort Codes with BIC and IBAN codes
- Introduction of new file formats for electronic payment files
- Different business rules regarding payments and direct debits
So if you are uploading payment files to the bank, you will need to check with your software supplier whether the software you are using is SEPA ready.
SEPA Readiness with Synergy Networks
Synergy Networks can confirm the status of the software which we supply as follows:
Sage 50 Accounts– Version 2014 is SEPA compliant – further downloads required by October to be ready to upload the new file format; if you use the e-banking module in Sage 50 to upload supplier payments to the bank , then you must upgrade to this latest version.
Exchequer Enterprise Accounts – Exchequer are planning a new SEPA release by end of October to handle both supplier payments and Direct Debit files.
Sage 50 Direct Debit add-on – a new SEPA compliant version is due to be released in October.
Sage Micropay – the latest version 14.4 is SEPA compliant and – further downloads required by October to be ready to upload the new file format.
Sage Quickpay – – a new SEPA compliant version is due to be released in November.
PayCE Database/File Import- a new SEPA ready product called DEFT is now available to handle stand-alone payment/direct debit systems or for importing files from other accounting systems.
We Can Help
If you have any concerns or queries about whether your software will be SEPA ready, we would love to hear from you. Email James Doyle if you have any queries regarding your accounting software and SEPA .
