What is an Electronic Funds Transfer EFT?
An electronic funds transfer EFT is an electronic transfer of money from one account to another through a computer system. The use of electronic funds transfers EFT has grown since the internet popularized the use of online payments.
As the transaction takes place electronically there is no need for any paperwork, reducing administration costs and simplifying bookkeeping.
For further information on electronic funds transfers EFT see the Wikipedia definition.
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About the Author
Chartered accountant Michael Brown is the founder and CEO of Double Entry Bookkeeping. He has worked as an accountant and consultant for more than 25 years in all types of industries. He has been the CFO or controller of both small and medium sized companies and has run small businesses of his own. He has been a manager and an auditor with Deloitte, a big 4 accountancy firm, and holds a BSc from Loughborough University.