This subsystem of the Payroll system provides the ability to create payroll period account credits directly to an employee’s bank checking or savings account. These electronic fund transfers (EFT) are done on a per payroll basis through a bank industry-standard ACH file.
Each payroll record to be credited by EFT is tagged with the employee’s bank account number and amount to be deposited. All proper account validity and current balances are controlled by the system to properly account for correct account numbers and deposit processing. The system prints a standard payroll check stub and a voided non-negotiable check for distribution to the employee.
Some important system features include: automatically maintained bank deposit data; complete updating to General Ledger system for postings; full reporting and displaying of an employee’s EFT history; and full control over pre-note processing.