Answer

Question:  I am setting up a new/additional bank account for use in direct deposit in the payroll module. How do I do that?

 

Solution:

  1. Navigate to Maintain > Chart of Account Codes and create a new GL cash account that will be used with the new bank account.

  1. Navigate to Organization > Set Up Modules > Payroll and select this new cash account as your cash disbursing account.

  1. Navigate to Organization > Set Up Modules > Electronic Funds Transfer. Enter the routing number of the new bank account and other information.

  1. Click on Bank Holidays and Bank information tab and fill in the appropriate information.

  1. When payroll is processed the entries will be booked to the new cash account and EFT will be transferred to the new bank account.
Additional Information

NOTE: Changing bank accounts usually results in direct deposit employees getting a check on their next payroll and the system creating a test file (pre-note). If you want to skip this then check the disable pre-note on the bank information tab.

Article Type
Product Info
Product Line
MIP Fund Accounting
Product Module/Feature
Direct Deposit
Product Version
2022.1
2021.2.1
2021.2.0.1
2021.2
2021.1.2
2021.1.1
2021.1.0
2020.3.3.0
2020.3.1.0
2020.3.0.1
2020.3
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