Bank Tab
Use this tab to set up direct deposits for employees' pay. Access to the Bank tab depends on your security resources.
The system processes the deposits as it does other deductions. You first need to create records in the Deduction table for each type of deposit your organization allows and in the Bank table for each bank where the deposits are made. You can then assign the deduction in the employee's Deductions page and complete the bank-related information in the page's Bank tab.
Direct deposits can be set up as follows:
An employee's net pay can be deposited into a checking or savings account.
Deposits can be divided between two or more accounts, each of which requires its own employee Deduction record.
Employees can deposit part of their pay and receive a check for the balance.
The system issues a voucher to direct deposit employees who do not receive a pay check. For those who do receive a check, the system lists the deposits as deductions on their check stubs.
Fields
Field | Description |
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Bank Code | Code identifying the bank for depositing the employee's pay, as defined in Payroll's Bank table. |
Transaction Code | System-defined code used in issuing prenotes to test direct deposits. The code determines whether the deposit is for checking or savings. It also controls the pre-note process. This field is required if you enter a bank code. Select: 22 - Checking Deposit - Activates direct deposit to checking account. When you first set up a new Deduction record for an employee's direct deposit, your selection depends on the type of account (checking or savings). It also depends on whether the bank requires one or two prenotes to verify deposit information. Here is how these codes work:
|
Bank Account | Employee's checking or savings account number for direct deposits. If you are setting up direct deposits to multiple accounts, create a separate employee Deduction record for each account. |