Configure Vantagepoint to Deposit a Portion of a Paycheck to Multiple Accounts

You can designate that a portion of an employee's paycheck be direct deposited to more than one bank account.

Prerequisites: On the General tab of the Payroll Setup form in Settings > Payroll > General in the desktop application, select the Post net payroll directly to bank option.

If you want to deposit bonus and adjustment payroll runs directly into bank accounts, select the Direct deposit for bonus/adjustments option.

To configure Vantagepoint to direct deposit portions of a paycheck to multiple accounts:

1. In the Navigation pane, select Hubs > Employee > Employees.
2. On the Employees form, open the employee record.
3. Click the Accounting tab.
4. In the Direct Deposit grid under the Banking Information section, enter information in the Bank, Account Number, and Account Type fields.
5. In the Status field, select Add.
6. Insert additional rows in the grid and specify direct deposit information for each bank account.
   Choose the Payroll Method and enter the Amount/Percentage value. The total amount/percentage for all of the banks that you enter on the form does not have to equal the total amount of the employee’s paycheck.

   When you process the initial direct deposit for this employee, the Status changes to Wait. When you receive verification from the bank that the employee's account information is valid, you must change the status to Active before you process the next payroll run.

   When you process payroll, Vantagepoint prints a void check that you can give to the employee.
   Vantagepoint automatically saves the changes that you make in the grid.

Next Step: After you configure Vantagepoint to deposit the employee's check, you must perform an initial test direct deposit. After a successful test, you can process a direct deposit for the employee.