Electronic Funds Transfer

For this tutorial, we will discuss how to pay your employees using the EFT - Electronic Funds Transfer feature (also referred as Direct Deposit). There are a number of steps you need to perform before you can create the actual EFT file, including:

Step 1: Entering Your Company's Bank Information

  1. Choose the Payroll Processing - EFT menu command. This opens the EFT screen where you must enter the information that will be used to create the electronic file that will be forwarded to your company's bank (or other financial institution) for processing. EFT Help Screen...

    Note: Setting up this information and using the EFT feature requires that you have made previous arrangements with your bank and that you have the pertinent information you will need in order to complete the various cells on this screen.

  2. Choose the New button from the Button Bar. This inserts a new EFT row into the table and activates Edit Mode for the cells.
  3. Complete the account data for each cell as it relates to your company's bank or financial institution. Use the Online Help system if you need to look up a definition for the various cells.
  4. Example: In our example below, we have entered the information for our sample company. The Return Bank Account number will be used in the event that the EFT is not deliverable (in such a case, the EFT funds would be returned to the company's general account). The Creation Number is set to "1" and will increment automatically each time a subsequent EFT run is processed.
    Fig. 11a The company's bank information will appear in the EFT file
    Fig. 11a The company's bank information will appear in the EFT file.
  5. Save the changes to the row when you are complete.

  6. This completes the company's bank account information. Now you must enter the bank information for each employee who is to be paid via the EFT feature.

Step 2: Entering Each Employee's Bank Information

Each employee requires a number of settings if you plan to pay them using the EFT - Electronic Funds Transfer feature.

  1. You may have already entered your employee's bank account information if you completed the employee-creation process earlier (or perhaps not, as it is an optional step). If you need to enter this information for your employees, refer to the following tutorial:

    Show Me How...

    Fig. 13: The Bank Accounts screen with expanded row and two defined banks for employee number 001
    Fig. 11b: The Bank Accounts screen with two defined banks for employee number 001.

    This completes the tutorial. Close this window to return to the Quick Start Guide.