Pending Bank Accounts Subtask
Use this subtask to enter the information used to generate direct deposits after the accounts are verified by the appropriate banks.
The table in this subtask must contain at least one prenote account. You can enter both prenote and verified accounts in the table window.
- When you run the Create ACH Bank File utility, Costpoint sends any prenote type accounts to the appropriate banks.
- When you run the Activate Pending Employee Bank Information utility, the accounts in the Pending Bank Accounts table window replace the accounts in the Active Bank Accounts table.
An employee can enter this information in the Direct Deposit module in ESS version 3.0 and higher. The update to the Pending Bank Accounts table is automatic. No process is necessary to populate the table.
Enter data in this subtask when an employee requests the addition of new direct deposit bank accounts. Use this subtask to enter pending (prenote) direct deposit accounts and any other approved accounts that populate the Active Bank Accounts table when the Activate Pending Employee Bank Information utility is run. If you are adding one or more bank accounts for an employee who already has approved bank accounts, click the Load Current Setup button to load the employee's current active accounts. After loading the active accounts, you can then add the new (prenote) accounts.
Contents
Field | Description |
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Load Current Setup |
Click this button to load the employee's current active accounts. After loading the active accounts, you can then add the new (prenote) accounts. This function deletes all rows from the Pending Bank Accounts table window and copies all rows from the Active Bank Accounts table window into the Pending Bank Accounts table window. |
Table Window
Field | Description |
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Rank |
From the drop-down list, select the priority in which an account receives funds. Rank 1 is the highest priority and rank 10 is the lowest. A rank number of 1 indicates that the line has first priority and Costpoint processes it first when calculating the deduction from the employee's net pay. This process continues until all accounts have been processed. This is a required field. |
Bank |
Enter the bank ID for the bank account that receives this direct deposit payment. The bank ID must already exist on the Configure Bank Routings screen. This field is required. |
Bank Name |
This non-editable field displays the name of the bank specified in the Bank field. |
Bank Account Number |
Use this field to assign the employee's bank account number for the associated bank. Enter the employee's bank account number, using a maximum of 17 digits. Hyphens are permitted. Check with your bank to verify its required format for the bank account number. This is a required field. |
ACH Trans Code |
From the drop-down list select the ACH transfer code. This determines the type of account and transaction to be made. Valid options are:
When you create the Direct Deposit ACH File:
|
Method |
From the drop-down list, select the method by which the direct deposit amount for the bank/bank account is calculated. Valid options are:
|
Percent or Amount |
This required field is used in conjunction with the Method field.
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Hints:
- The Manage Employee Bank Information screen is key to the proper functioning of the Direct Deposit system. Therefore, exercise extreme care when maintaining this table.
- Negative net pay amounts are not processed for Direct Deposit.
- If a mixture of percents and fixed amounts is used, make sure the total percents do not exceed 100%.