Costpoint Online Help

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Manage Employee Bank Information

Use this screen to enter the information Costpoint uses to generate direct deposits of employees' pay.

Each employee can have a maximum of 10 different direct deposit accounts for the distribution of his net pay. You can enter:

  • A fixed deposit amount
  • A percentage of net pay
  • A residual amount
  • A combination of these methods

You must designate the employee's entire net pay as a direct deposit or as a printed check. Costpoint does not support a combination of a direct deposit and a printed paycheck. For each employee who wants to participate in direct deposit, you specify:

  • The transit/routing number that identifies the employee's bank (bank ID), found on a check or deposit slip.
  • The individual's account number, found on a check or deposit slip.
  • A transfer code that indicates the type of account and initial notification (prenotification) on this screen.

Negative net pay amounts are not accepted for direct deposit.

Enter employees on this screen after entering employee bank information on the Payroll Direct Deposit Banks screen and before using any other direct deposit screens. You must also set up employees on the Employee Info tab of the Manage Employee Information screen.

During initialization, set all employees to "prenotification" codes and transmit the ACH File to the bank. Then, for the following pay period, switch all "prenotification" codes to "live" codes.

Each pay period, add employees electing to join the direct deposit program to this screen, with "prenotification" codes, before generating the bank deposit file. After you generate and transmit the bank deposit file, change all prenotification codes to "live" codes and add the methods and percentages or amounts.

Warning:

You will not be able to access this screen if there are any records in the old EMPL_BANK_HDR, EMPL_BANK_LN, and EMPL_BANK_PEND_LN tables. To address this, run the Restore Employee Bank Information toolkit.