to select, the bank ID for the bank account to receive this direct deposit payment. The bank ID must already exist (you create the bank IDs on the Configure Bank Routings screen).Use this subtask to view and modify the current active accounts of an employee.
From the drop-down list, select the number (1 to 10) that indicates the priority order in which an account receives funds.
Rank 1 is the highest priority
Rank 10 is the lowest priority.
A rank number of 1 indicates that the line has first priority; Costpoint processes this line first when calculating the deduction from the employee's net pay. This process continues until all accounts are processed.
Enter, or click to select, the bank ID for the bank account to receive this direct deposit payment. The bank ID must already exist (you create the bank IDs on the Configure Bank Routings screen).
This non-editable field displays the name of the bank specified in the Bank field.
Use this field to assign the employee's bank account number for the associated bank. Enter the employee's bank account number, using a maximum of 17 digits. Hyphens are permitted. Check with your bank to verify its required format for the bank account number. This is a required field.
In this required field, assign the ACH (Automated Clearing House) transfer code, which determines the type of account and transaction to be made. From the drop-down list, select one of the following ACH transfer codes:
Checking Credit
Checking Prenote
Savings Credit
Savings Prenote
Before printing checks, Costpoint checks to see if participating direct deposit employees are stored on this screen. If Costpoint locates a "live" employee (transfer code 22 or 32, with Active selected), Costpoint does not print a paycheck. You can, however, print a voided check for the employee. When creating the Direct Deposit ACH File, Costpoint places check amounts for "live" employees in the ACH Transmission File. Prenotification employees are included in the file with no check amount (they receive printed checks while on prenotification status).
From the drop-down list, select the method for the active account. This determines the method by which the Percent or Amount field is calculated.
Percentage — This method specifies that a percentage of the net pay amount is deducted and deposited to the account specified. Enter the percentage amount in the Percent or Amount field. Costpoint calculates the percent on the total net pay amount and does not consider any previously deducted amounts. Costpoint does prevent you from entering total percentages over 100%. However, if there are not enough funds remaining to cover the percentage specified, the remaining funds are the amount of the deposit.
Fixed Amount — This method specifies that a fixed amount is deducted and deposited to the account. Enter the amount in the Percent or Amount field. Costpoint deducts this amount from the net pay and deposits it. However, if not enough funds remain to cover the fixed amount, the remaining funds are the amount of the deposit.
Residual — This method specifies that any funds remaining after prior deductions are deposited to this account. The Residual method must be the lowest ranked account (with 1 being highest and 5 being lowest). You cannot save any account ranked lower than the Residual method. Only one account can have a Residual method.
No Amount — This method specifies that no amount is deducted for this account. This method turns off any previously set up deposit amount. When you enter a No Amount method, Costpoint zeroes out the Percent or Amount field. To turn off a single account, enter a No Amount method on the appropriate line.
This required field is used in conjunction with the Method field:
If the method is Percentage, enter the percentage of net pay to be deducted in this field. For example, if 10.5% of net pay should be deducted, enter 10.50 in this field. If all the accounts (except the residual account) have a Percentage method, the percentage amount does not have to total 100%. The Residual account receives the remaining percentage.
If the method Fixed Amount, enter the amount to be deducted from net pay in this field.
If the method is Residual, Costpoint sets this field to 0 and you cannot change it.
If the method is No Amount, Costpoint sets this field to 0 and you cannot change it.
Hints:
Print the Print Employee Bank Information Report before computing payroll and compare that report with the Direct Deposit Prenotification Change Report.
The Manage Employee Bank Information screen is key to the proper functioning of the Direct Deposit system. Therefore, exercise extreme care when maintaining this table.
Negative net pay amounts are not processed for Direct Deposit.
If you use a mixture of percents and fixed amounts, make sure the total percents do not exceed 100%.