Maintaining Bank Account Data for Employees Concept Maintaining

Maintaining Bank Account Data for Employees Concept

Maintaining Bank Account Data for Employees

Maintaining Bank Account Data for Employees Step 1 Begin by navigating to the Update Profiles page. Click the Scroll Down arrow.

Maintaining Bank Account Data for Employees Step 2 Click the Travel and Expenses menu.

Maintaining Bank Account Data for Employees Step 3 Click the Manage Employee Information menu.

Maintaining Bank Account Data for Employees Step 4 Click the Update Profile menu.

Maintaining Bank Account Data for Employees Step 5 Enter the desired information into the begins with field. Enter "KU 0032".

Maintaining Bank Account Data for Employees Step 6 Click the Search button.

Maintaining Bank Account Data for Employees Step 7 Click the Bank Accounts tab.

Maintaining Bank Account Data for Employees Step 8 Use the Bank Accounts tab to view or modify employee bank account information.

Maintaining Bank Account Data for Employees Step 9 Use the Payment Method list to select a payment method for the bank account. Options are: • Automated Clearing House: Send all expense payments to a central location for distribution to individual employee bank accounts. If you select this payment method, select a default bank account for reimbursement deposits. • Default from Distribution Bank: Payment comes from the distribution bank that is defined for the employee's general ledger business unit. • Electronic Funds Transfer: Reimbursement is by direct deposit to the employee's bank account. If you select this payment method, select a default bank account for reimbursement deposits. If required by the employee's country, enter additional information on the EFT Payment Options page. • Giro - EFT: Reimbursement is by EFT. Only Singapore supports this form of

Maintaining Bank Account Data for Employees Step 10 For this example, you are updating the employee's bank information to use electronic funds transfer for expense payments. Click the Payment Method list.

Maintaining Bank Account Data for Employees Step 11 Click the Electronic Funds Transfer list item.

Maintaining Bank Account Data for Employees Step 12 Use the Hold Payment option if the reimbursement will not occur during a pay cycle until you remove the hold. For example, you can choose to withhold payment until an employee clears outstanding advances.

Maintaining Bank Account Data for Employees Step 13 Use the Bank Account button to access the Pay to Bank Accounts page, where you can identify a bank for the deposit of expense reimbursement funds. Click the Bank Account button.

Maintaining Bank Account Data for Employees Step 14 Use the Pay to Bank Accounts page to specify a bank for the deposit of employee expense reimbursement funds.

Maintaining Bank Account Data for Employees Step 15 Click the Go To Address button to access the Bank Address page if bank address information needs to be added.

Maintaining Bank Account Data for Employees Step 16 Click the Phone button to access the Phone Information page if bank phone information needs to be added.

Maintaining Bank Account Data for Employees Step 17 Click the Routings button to access the Intermediary Bank Routing page. Use this page to define the intermediary bank routings if funds must pass through several banks before the final bank.

Maintaining Bank Account Data for Employees Step 18 Click in the Bank Name field.

Maintaining Bank Account Data for Employees Step 19 Enter the desired information into the Bank Name field. Enter "Bank of America".

Maintaining Bank Account Data for Employees Step 20 Click in the Branch Name field.

Maintaining Bank Account Data for Employees Step 21 Enter the desired information into the Branch Name field. Enter "Mason".

Maintaining Bank Account Data for Employees Step 22 Use the Bank ID Qualifier field to enter an ID which determines which edit algorithm to use to check the Bank ID number sequence. Click in the Bank ID Qualifier field.

Maintaining Bank Account Data for Employees Step 23 Enter the desired information into the Bank ID Qualifier field. Enter "001".

Maintaining Bank Account Data for Employees Step 24 Click the Account Type list.

Maintaining Bank Account Data for Employees Step 25 Click the Check Acct list item.

Maintaining Bank Account Data for Employees Step 26 Use the Bank ID field to enter the routing number of the employee's bank. Click in the Bank ID field.

Maintaining Bank Account Data for Employees Step 27 Enter the desired information into the Bank ID field. Enter "121104283".

Maintaining Bank Account Data for Employees Step 28 Use the Bank Account Number field to enter the employee's bank account number. Click in the Bank Account Number field.

Maintaining Bank Account Data for Employees Step 29 Enter the desired information into the Bank Account Number field. Enter "100245789".

Maintaining Bank Account Data for Employees Step 30 Use the DFI Qualifier (Depository Financial Institution Qualifier) field to indicate what format (how many characters and numbers) appear in the DFI ID of the bank. Each type has a specific number of characters that you can enter: • Transit Number: Exactly 9 numeric characters, plus check digit calculation. • Swift ID: 8 or 11 characters; positions 5 and 6 must be a valid 2 -character country code. • CHIPS ID: 3 or 4 numeric characters. • Canadian Bank Branch/Institute: No validation. • Mutually Defined: No validation.

Maintaining Bank Account Data for Employees Step 31 If you select a DFI Qualifier, then provide an identification, DFI ID, that conforms to the banking standards of the DFI qualifier country.

Maintaining Bank Account Data for Employees Step 32 Use the IBAN (International Bank Account Number digit) field to define the account's IBAN for transmittal with other account information for the bank account.

Maintaining Bank Account Data for Employees Step 33 Click the OK button.

Maintaining Bank Account Data for Employees Step 34 Use the Default option to indicate that this profile is the employee's default. Click the Default option.

Maintaining Bank Account Data for Employees Step 35 Use the Prenote Info tab to perform a test run to verify EFT information before sending an actual payment and advice. If you select Electronic Funds Transfer as the payment method for an employee, use this tab to change the status of the bank account. Click the Prenote Info tab.

Maintaining Bank Account Data for Employees Step 36 Use the Prenote Status field to indicate the status of the test: • Confirmed: Prenote was sent, and the bank verified the EFT information. • New: Bank account is created, but prenotification has not occurred. • Pending: Awaiting confirmation on a prenote that was sent. • Rejected: Prenote was sent, but bank rejected it. • Submitted: Prenote was sent, and bank acknowledged it.

Maintaining Bank Account Data for Employees Step 37 Use the Required option to indicate if a prenote is required.

Maintaining Bank Account Data for Employees Step 38 Use the Prenote Creation Date to indicate the date that the prenote was sent to the bank.

Maintaining Bank Account Data for Employees Step 39 Use the Wait Days field to indicate the number of days from the prenotification date to wait before marking the prenote status Confirmed.

Maintaining Bank Account Data for Employees Step 40 Click the EFT Options link.

Maintaining Bank Account Data for Employees Step 41 Use the Employee EFT Options page to enter additional information for employees who live in certain countries.

Maintaining Bank Account Data for Employees Step 42 Use the Payment Format list to select a format for the employee's EFT option. People. Soft Payables is preloaded with payment formats, such as Check Std, Pay & Dep, or Wire. Click the Payment Format list.

Maintaining Bank Account Data for Employees Step 43 Click the Prearranged Pay & Deposit list item.

Maintaining Bank Account Data for Employees Step 44 Use the Transaction Handling list to determine which parts of the payment to include in the EFT file that is sent to the employee's bank. Select one: • Pay+Advice (payment plus advice): Transmit both the actual payment and the advice. • Prenote: Transmit a test run to verify all EFT before sending out an actual payment and advice. • Pymnt Only (payment only): Transmit only the payment with the EFT file.

Maintaining Bank Account Data for Employees Step 45 Use the Domestic Costs list to indicate who pays for the bank costs of the EFT. Banks assess correspondent costs if third parties are involved. When there are domestic costs or correspondent costs with an EFT transaction, select a source of payment. Options are: • Payee Acct (payee account): Charge the employee's account. • Payr/Payee (payer and payee): Charge the employee and the employer equally. This choice applies only to Domestic Costs. • Pyr D Acct (payer domestic account): Assess the costs to the employer's domestic account. • Pyr F Acct (payer foreign account): Charge the employer's foreign account.

Maintaining Bank Account Data for Employees Step 46 Use the Bank Check Drawn On list to specify check origin, Payee Bank, or Payer Bank to generate a check for an employee's EFT transactions.

Maintaining Bank Account Data for Employees Step 47 Use the Check Forwarding list to indicate that the check goes to (none), Payee Bank, Payer, or Pyr Bank (payer bank) to forward a check.

Maintaining Bank Account Data for Employees Step 48 Use the Payment Instruction Ref 1 and 2 fields to provide any other comments regarding EFT transactions.

Maintaining Bank Account Data for Employees Step 49 Use the Complex Routing option to indicate that the EFT is routed to the employee's bank through an intermediate party, whose routing information you provide when you define the account.

Maintaining Bank Account Data for Employees Step 50 Use the Crossed Check option to indicate that the EFT involves a check that cannot be signed over to a third party.

Maintaining Bank Account Data for Employees Step 51 Use the Pmnt Inst 1 -4 (payment instruction 1 -4) fields to add further payment instructions for this employee's funds transfers. These fields contain standard EFT instruction codes that come delivered with your system.