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Menu Group: File Maintenance
The Payroll module allows for the direct deposit of an employees net pay to any combination of bank accounts in multiple banks. You may set up the employee profile so that the net pay is deposited to any number of accounts using a fixed dollar amount or percentage of net pay. For example if an employees net pay is $500.00 you may decide to deposit 40% (200.00) to account A, 40% (200.00) to account B, a fixed amount of 50.00 to account C, and the balance to account D. You may also elect to pay the balance on a cheque. When depositing fixed dollar amounts across many accounts you may encounter a situation where there is not enough money to cover all the accounts. In this case the system will remove deposits based on a priority as defined by you.
The payroll software uses three files to determine the information necessary to create the direct deposits. The file explained in this document defines the individual banks that you are dealing with. That is you must define a separate bank record for each of your employees bank accounts. If you have 100 employees who bank at 20 banking institutions then you will set up 20 separate bank records to define these banks. The most important piece of information that you will set up in this record is the bank transit codes (the Bank No and the Branch on the screen below). This code, combined with the Bank Transmittal Information and the employees bank account (set up in Employee Maintenance) will be used to generate the proper account information for the employee.
The first bank code that you must set up, before setting up employee banks, is the Return Direct Deposit Code. This special bank code is used in the event that a direct deposit transmittal transaction is rejected by the receiving bank. The transaction will then be sent back to the transit in the Return Direct Deposit Code. You will be asked to provide this bank code and the return bank account in the Bank Transmittal Information screen.
Last Updated October 20, 2006