Employee general information | Bank tab
Employees > General information > Bank tab
The Bank Tab should be completed for employees who will be receiving their pay by direct deposit. If you will be paying the employee by direct deposit make sure to check the box marked Pay employee by direct deposit.
Add bank account | To add a bank account for employees click this button, the institution code box will become highlighted you can then enter the banking information for the employee. Please note that you must ensure that you have filled out the institution code, transit number and account number, you must also select the type of account either saving or checking. |
Delete bank account | Select the account you wish to delete and then click the delete bank account button. The account will be deleted from the list of accounts. |
If you are paying the employee to more then one bank account, add another bank account. Type in the Amount that should go to the first account. For second bank account leave the amount field blank or $0.00 the remaining balance will be deposited to that account.
Column Descriptions:
Order | This specifies the order in which bank account information is used. The deposit amount will be split according to how you set the split, starting with the account with the lowest Order number. It will then continue until either it runs out of funds to deposit, or it hits the last record (which must have amount = 0, to specify it gets the rest of the deposit). |
Institution Code | This is the institution code of the employee's bank account. The employee must provide you with this information. |
Transit Number | This is the transit number of the employee's bank account. The employee must provide you with this information. |
Distribution | This is where you specify if the amount (in the "Amount" column) is a fixed dollar amount ("Fixed amount") or a percentage of the total ("Percentage"). Please note that this is the percentage of the ORIGINAL total, not of the REMAINING total, if there has already been some amounts split out. If the employee is not splitting (or, for the final account if they are), then the selection here does not matter, as you will be putting a 0 in for the Amount field.
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Account | This is the employee's bank account number. The employee must provide you with this information. |
Amount | This is where you specify how much of the funds available will be deposited to this account. An amount of zero (0) dollars should be used for the last account (or the only account, if there is no splitting), to tell the system that this account is to receive all of the remaining funds. |
Type | This is where you specify the Type of account, be it a Checking or Savings account. The employee must provide you with this information. |