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Direct Deposit Checklists

Direct Deposit FAQs

Employee Information - Direct Deposit Tab

Access this tab using Maintain>Payroll>Employee Information. It is only available if the Direct Deposit or Payroll Link module is installed. You must have Sensitive Data rights to view all of the fields. These rights are granted by the Administrator using Security>Set Up Organization Menus.

Use this tab to set up the employee's direct deposit information—Bank Routing Number, Account Number, Percentage, Amount, and the Type of account. You can also determine whether or not to send a Pre-note to the employee's bank.

Please note that the Direct Deposit check box must be selected on the Maintain>Payroll>Employee Information - Job and Pay Tab, for this employee, in order to enter information on this tab.

In order to view the Account Number field, you must have been granted Sensitive Data rights for Maintain>Payroll>Employee Information. These rights are granted by the Administrator using Security>Set Up Organization Menus form.

Use Pre-Notes to verify the file. The first payroll calculated with Direct Deposit creates a check and a Pre-Note 0.00 amount record that is sent to your financial institution. When the next payroll is calculated for the employee, the normal Direct Deposit record is created and sent—no check is sent—only the voucher prints. (This payroll must be 3 banking days after the Pre-Note.)

The pre-note function is based on the last changed setting on either the Maintain>Payroll>Employee Information - Direct Deposit Tab or by the Administrator on the Organization>Set Up Modules>Electronic Funds Transfer - Bank Information Tab.

 

Banking Information: Use this table to enter the bank information needed to set up direct deposit for this employee. The employee can distribute the funds (Net Pay) between several different accounts and financial institutions.

  • Bank Routing Number: Enter the employee's bank routing number. This is the 9 digit routing number that prints on the bottom of the check or deposit slip.
  • Account Number: Enter the employee's checking or savings account number.
  • % (Percentage): Enter the percentage of the Net Pay to be deposited into the employee's bank account. At least one line item must contain a percentage, and the Percentage (%) column must total 100, regardless of whether any amounts have been entered.
    When entering percentages, do not include a decimal point. For fractional percentages, enter the leading zeroes. For example, enter the following numbers to indicate the following percentages:
    0005 = .5%
    005, 05, or 5 = 5%
    50 = 50%
    The system calculates up to four places to the right of the decimal point.
  • Amount: Enter the amount to be deposited into the employee's bank account. During transfer, the system first distributes monetary amounts. If more than one line has an amount, then the system distributes amounts in the order in which they were entered. Any remaining amount is distributed according to percentages.
  • Type: Select the type of account for the funds to be deposited—either Checking or Savings. The system displays either a code of 22 for checking deposit or 32 for savings deposit.
  • Disable Pre-note: Select this check box so that a pre-note for this employee is not created and sent to the financial institution. The system sends pre-notes based on the last changed setting in either the Maintain>Payroll>Employee Information - Direct Deposit Tab or by the Administrator on the Organization>Set Up Modules>Electronic Funds Transfer - Bank Information Tab. This box is only available if you are entering a new employee or making changes to the Bank Routing Number, Account Number, or Type.
    In order for the Pre-note control to work at the Employee level, the employee record must be updated after any updates occur at the Bank Account level.
  • Disable Pre-note Last Updated: The system displays the date of the last time the pre-note check box was cleared.
  • Pre-note Sent: The system displays the date when the pre-note was sent.
  • Banking Information Last Updated: The system displays the date for the last time the bank routing number, account number, percentage, amount, and type was changed for this employee.
  • Voucher Available: The system displays the date when the payroll voucher was available.
  • To print the data entered on this tab, use Reports>Payroll>Lists>Employee Bank Information List.
  • Use the Amount column when certain line items that have fixed amounts need to be deposited into the employee's account.
  • It is a good idea to obtain a voided check or deposit slip from the employee, in order to have the bank routing number and account number needed to complete this tab.
  • To display a warning message every time MIP Fund Accounting system is opened and there is a Direct Deposit file that has not been transmitted, select the "Warn if Direct Deposit File Not Sent" check box on the Options>Customize Workstation Settings>Alerts tab in the system.