Bank Table
The Bank table is used in processing paychecks for employees who elect to participate in a direct deposit program. Besides setting up records for all the financial institutions where direct deposits are to be sent, you also should create a record identifying the bank where you maintain your payroll funds.
Once you complete this table, you can enter bank codes in employees' Deductions pages. In addition to the code and name of the bank, these records include an abbreviated title for printing on paycheck stubs and direct deposit vouchers, as well as the federal routing number used to deposit the checks. For information on setting up and processing direct deposits, refer to Direct Deposits.
Use Print to generate a report on the records stored in the table. The default file name for the Bank Table report is banks.rpt.
Menu Path: Human Resources > Reference Tables > Payroll > Bank Codes
Field | Description |
|---|---|
Bank Code | Code identifying the financial institution where employees’ checks should be deposited. Be sure to set up a record for the bank that processes your payroll funds. Character/3 |
Bank Description | Name of the bank. Enter as much of the full name as possible. Character/35 |
Check Title | Abbreviated version of the bank’s name to be printed on employees’ paycheck stubs and direct deposit vouchers. For example, for First National Bank, enter FIRST NATL as the check title. Character/10 |
Bank Routing Number | Routing or transit number identifying the bank in the Federal Reserve System. Character/9 |