Modified on: Thu, 14 Jul, 2016 at 10:51 AM
Direct Deposit is where user can add, edit or view direct deposit information for any employee in a company. If an employee changes bank accounts, best practice is to inactivate old accounts instead of deleting them from system.
Disable 1x - If box is checked, the associated direct deposit record will be blocked for current payroll only. Once payroll is closed, the box will be unchecked again.
Note: this flag must be set before you process the payroll. If you change the settings, you must re-process. If the employee has multiple checks on the affected payroll, this setting will apply to all checks.
Employee ID - 8 digit ID for the employee.
Last Name - Last name of employee.
First Name - First name of employee
Routing Number - Routing number of the employee's bank account.
Account Number - Account number of the employee's bank account.
Bank - The bank name that the money will be deposited to. This is for informational purposes only.
Account Type - The type of account this is, Checking or Savings account, or PayCard if using Readyfunds.
Calculation Method - The calculation method determines how net pay amounts are allocated to bank accounts. Options:
% Of Net Amount - This method will deposit a percent of the employee's net pay.
Fixed Amount - This method will deposit a flat dollar amount.
Remainder - If multiple direct deposit accounts are being used this selection will cause the system to deposit any amounts that are left over after a fixed amount and/or percent deposits are made.
HSA - This method is used to direct deposit into an employee's HSA account. System will read the amount on the employee's HSA deduction and create a direct deposit for that amount. The Amount Dollar and Amount Percent fields will be left blank.
% of Gross Amount - This method will deposit a percent of employee's gross pay.
Amount Dollar - If calculation method is a Fixed Amount, amount is entered in this field.
Amount Percent - If the calculation method is % Of Net or % of Gross Amount, percentage is entered in this field.
Card ID - This field is only used when handing out a ReadyFUND$ Instant Issue card and should contain the 13 digit Card ID that shows through the envelope of the card, NOT the debit card number.
Interface Type - This field is used to choose the type of card being issued:
ReadyFUND$ Personalized MasterCard – In this case the user is asking for a card personalized with the employee’s name to be mailed to their home address.
ReadyFUND$ Instant Issue MasterCard – In this case the user is reporting that a particular Instant Issue card has been given to the employee from the onsite card inventory.
Validation Rules for for ReadyFUND$ setups:
ReadyFUND$ Instant Issue cards require a 13-digit card number.
Date of Birth is required when issuing a ReadyFUND$ card.
Employees can only have one Active ReadyFUND$ account at a time.
ReadyFUND$ cards cannot be reissued.
Interface Status – This is a field that is designed to show the status of the employee in registration process. Every ReadyFUND$ card registration requires the cardholder to pass identity check. Once identity check is successful, the card can be funded if the status is "Passed".
Active - Box is checked when direct deposit is active.
Note: Entering certain employee data requires a subgrid (variable pay, deductions, accruals, and direct deposit information) that needs to be saved before clicking the Save icon at the bottom of the screen. There is a checkmark and an X to the left of the record being added. Click the checkmark to save the subgrid or click the X to cancel the entry. If you click Save at the bottom of the screen before saving the subgrid, you will get a reminder prompt.
Rhamy is the author of this solution article.Did you find it helpful? Yes No
