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humanresources:tables:bankcodes:eft
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Electronic Funds Transfer - HRS2600
Human Resources > Tables > Bank Codes > EFT
The Electronic Funds Transfer (EFT) tab is used to create the record for direct deposit of employee payroll checks to their financial institutions. This function is accomplished by creating an EFT file during a payroll run. This file is then given to the employer's financial institution to be transmitted to an automatic clearinghouse. The automatic clearinghouse is normally a centralized federal reserve bank that transmits necessary data for direct depositing to the employee's participating depository financial institution (DFI). The difference between EFT direct deposit and the normal direct depositing option is that EFT depositing requires the employer to deliver the file to the financial institution.
A check stub is produced for each employee with the actual check portion of the payroll check voided. Employees participating in EFT will have an asterisk (*) printed next to the check number on the payroll journal and the check register.
The EFT tab is completed only for the LEA's bank and not for each code in the bank table. If any of these fields are left blank, the EFT file is not generated. The information used to complete these fields may be obtained from the LEA's depository financial institution.
Set up EFT codes:
| Field | Description |
|---|---|
| Immediate Destination |
2. In the Company ID Type 5 field, type the ten-digit code used to identify the employer. This is either the employer identification number with a 0 added on the end of the number or a leading 1, depending on the client's financial institution.
3. In the Originating DFI ID Code field, type the eight-digit code used to identify the originating depository financial institution. This is the district bank's routing number without the last digit.
4. In the Company ID Type 8 field, type the ten-digit code used to identify the employer. This is either the employer identification number with a 0 added on the end of the number or a leading 1, depending on the client's financial institution.
5. In the Employer Offset Account field, type the offset account number used to debit the employer's bank account. This number is the district's payroll bank account number, and will be included in the EFT file. Leave blank to exclude debits from the EFT file.
6. In the Immediate Origin field, type the ten-digit code used to identify the EFT sending point. There is a leading space plus the routing number for the district bank.
7. In the Originator Status Code field, type the one-digit code used to identify the originator of the EFT tape. Valid codes for this field include the following:
● 1 - Originator is an ACH association member or originating DFI, subject to ACH rules
● 2 - Originator is a federal government entity or agency not subject to ACH rules
● 3 - Originator is not an ACH member or originating DFI, but subject to ACH rules
8. In the Bank Code field, click to select the locally assigned code of the district's bank.
9. In the ACH Service Class Code field, click to select one of the following codes:
Note: The field is set to 200 by default.
● 200 - Mixed debits and credits
The EFT file includes 5200 and 8200 records indicating that the file could contain debit and credit amounts.
● 220 - Credits only
The EFT file includes 5220 and 8220 records indicating that the file only contains credit amounts.
10. Click Save to save the changes. Click Save.
**NOTE:
Other functions and features:
humanresources/tables/bankcodes/eft.1508957350.txt.gz · Last modified: 2017/10/25 13:49 (external edit)