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:
- Navigate to Maintain > Chart of Account Codes and create a new GL cash account that will be used with the new bank account.
- Navigate to Organization > Set Up Modules > Payroll and select this new cash account as your cash disbursing account.
- Navigate to Organization > Set Up Modules > Electronic Funds Transfer. Enter the routing number of the new bank account and other information.
- Click on Bank Holidays and Bank information tab and fill in the appropriate information.
- 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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