Additional Employee Direct Deposit Information

Adding banking information to the Employee Profile of an employee has many benefits, such as:

Employee payments can be deposited using direct-deposit.
An employee using direct deposit can have some portion of their pay deposited into another account.

For example

An employee might want to have a portion of their pay deposited into an additional bank account on the last pay period of the month to pay for housing expenses such as rent, mortgage, or insurance.

To accomplish this two accounts will be setup:

The first account will be the default account for the employee, and it will receive the total portion of the employee pay left-over after the additional bank account deposit has been made
The second additional account will be used for paying the employees housing expenses, and will receive a fixed amount deposit on the last pay period of the month.

Table of Contents

1. Employee Profile Payment Method
- 1.1. Setup Default Bank Account
- 1.2. Setup Additional Bank Account

1. Employee Profile Payment Method

First, open the Canadian Payroll > Employee Profile > Employee Profile.
Select the Employee to add banking information for.
Open the Payment Method tab.
Figure 1. An employee must be selected before Payment Method data will appear.

1.1. Setup Default Bank Account

The first Bank list in Deposit Information is the default bank for that employee. Deposits will always be made to the default bank, unless overridden by an additional bank account entered below the default one.

Select one of the deposit Payment Options.
Caution:
Banking Information cannot be entered without selecting a deposit Payment Option:
Deposit And Stub
Deposit And Statement
Deposit And Email Statement
Select the default Bank (Institution Number) and Transit numbers
Enter the Account number and enter an optional identifier for the account in the Type field.

Select Every Pay Period for the Frequency.

Important:

The percent (%) and Amount for the default bank are both left at 0.00 because all deposits will go into the default account unless there are additional bank accounts below the default one (If that is the case all amounts left-over after deposits to the additional accounts will be deposited into the default bank account).

Notes:

Type: The Type is an optional user-defined label for identifying the account.
Frequency: This controls how frequently this account will be used for making payment deposits. When an account is not used, the default account will be used instead.

Save the default banking information now by pressing Apply.

1.2. Setup Additional Bank Account

The process to add additional bank accounts is the same as adding the default account, except that you must also select a Frequency option and enter either a percent (%) or Amount value to determine how much money will be deposited into the account.

For each additional bank account

The bank account can be setup to receive either a fixed amount or a percentage of the total payment.
How often each account will be used for deposits can be set for each account individually using the Frequency option.

Up to four additional bank accounts can be defined in the Payment Method tab of each employee.

Enter the account information—Bank, Transit, and Account numbers.
Select how frequently the additional account will be used for deposits from the Frequency drop-down.

Enter how much money will be deposited into the additional account. If you want to deposit a percentage of the total payment use the percent (%) field, otherwise use the Amount field to enter a fixed amount to deposit.

Available Amount

When a fixed amount is entered, the deposit will only be made into the additional account when at least that amount is available after all previous deposits have been made

Deposits into additional accounts are made in descending order, with the default account deposited into last.
When the available amount is less than the specified fixed-amount for deposit, the available amount will go into the default account instead.

Frequency Note:

During the pay-periods when the additional account is not used for deposits, the default account will be used instead.

Save the additional account information by pressing Apply.