The following steps are broken into two main groups: initialization and periodic procedures. Initialization steps are normally done once, and then performed as needed, whereas periodic procedures take place each time payroll data is sent to the bank.
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Contact your bank.
If you are not already using direct deposit with another software package, you must perform prenotification steps or other procedures to set up your employees in their direct deposit program. If you are already using direct deposit with another software package, you still may need to perform prenotification steps or other procedures to test the Costpoint Direct Deposit transmission file.
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Enter the IDs (ACH transit-routing numbers) and names of all banks at which participating employees maintain their accounts on the Configure Bank Routings screen.
You must also enter your company's bank here.
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Enter the bank IDs and account numbers of all participating employees and the initial prenotification ACH Trans Code (Checking Prenote for checking and
Savings Prenote for savings) on to the Pending Bank Accounts subtask of the Manage Employee Bank Information screen.
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Initialize the Configure Direct Deposits screen. Please call Costpoint General Support for assistance.
Have your bank name and ABA number available at that time.
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Select the forms you use in the
Advice Format drop-down list on the Posting/Advice Information tab of the Configure Direct Deposits screen.