Direct Deposit 2012
Direct Deposit
What is Direct Deposit? Direct Deposit is an application that automates the creation of the file that must be submitted to the bank in order to accomplish direct deposit of payroll.
How does the automation function? To create the file Direct Deposit goes into Peachtree or QuickBooks and extracts the needed relevant payroll data for the time period for which payroll is being made. It then reformats that data to comply with requirements of the National Automated Clearing House protocol for transfer of funds from one bank account to another and creates the file ready for submission by the employer to its bank. Those employees who also bank with the employer’s bank receive an immediate deposit to the account(s) they have designated. Funds are wire transferred to the designated accounts of the respective employees who bank with other banks.
What is required of the Direct Deposit user? The user must make certain that all required payroll data has been properly entered in the accounting program so it can be extracted. The user must also upload the file to the bank.
How does one learn how to properly use Direct Deposit? The application itself is accompanied by extensive documentation that guides the user through all of the steps necessary to produce the NACHA file for transmission to the bank. Telephone technical support if also available.
Additional notes:
- Prior to the first real file transmission the bank will require a preliminary file, known as a “prenote”, that will give the bank all of the relevant employee information so the bank can set up all required deposits to employees who are also customers and set up all interbank wire transmissions.
- It should be noted that Direct Deposit is not a pay per use service. It is a standalone application that is only purchased one time thus eliminating all non-bank fees every time a direct deposit is made.
Additional questions? Just e-mail support@ibraininc.com or call 800-322-4650.
Product Highlights:
- A given employee’s payroll sum may be split among an unlimited number of bank and savings accounts
- Employee deposits may be split by dollar amount or by percentage
- Selective payroll date retrieval
- Ability to skip an employee desiring to receive a payroll check but not withdraw from participation
- Security lines at startup file
- Payroll is performed in Peachtree as usual and after printing checks (participating employees on blank paper), Direct Deposit Wizard extracts necessary payroll data of employees participating in direct deposit and reformats that data to meet the NACHA requirements. A transfer file is then created for submission as required by the bank, typically by modem
- There is no requirement for all employees to participate in the direct deposit program and in the event a participating employee is not included in a given payroll, the program automatically skips that employee
- Employee account information can be imported from versions 3 through 6
- Company bank information can be imported from versions 4 through 6
- Easily handles voided checks
- Employee information is entered only once unless there are changes or additions
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