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In QuickBooks Online, EFT is a payment method, not a separate transaction type. The right way to record an EFT payment is to create a check or an expense and label the payment method as EFT. This posts the outflow to the correct bank account, applies the payment to the proper vendor bill or expense, and creates a clean, reconciliable trail so your bank statement and books stay in sync. Using other approaches, like vendor credits, paying with a credit card, or simply marking a bill as paid without specifying EFT, can lead to mismatches between your bank records and vendor balances.