Sidebar
payroll:tables:bankcodes:eft
Electronic Funds Transfer - HRS2600
Payroll > Tables > Bank Codes > EFT
This 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 |
Type the nine-digit Federal Reserve routing number used to identify the receiving point. This number is provided by the individual bank.
The field length is ten digits, since some banks require a leading space before the nine-digit routing number. If you type the nine-digit routing number and later need to add a space before the number, you must do the following:
Only follows these steps when you need to add a space before a number that was previously saved. |
| Company ID Type 5 | 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. |
| Originating DFI ID Code | Type the eight-digit code used to identify the originating depository financial institution. This is the LEA's bank's routing number without the last digit. |
| Company ID Type 8 | 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. |
| Employer Offset Account | 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. |
| Immediate Origin | 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. |
| Originator Status Code |
Type the one-digit code used to identify the originator of the EFT tape. Valid codes for this field include the following:
|
| Bank Code | Click  to select the locally assigned code of the district's bank. |
| ACH Service Class Code |
Click |
❏ Click Save.
Other functions and features:
| Retrieve |
The Retrieve button is also used to retrieve information from the last save. If you click Retrieve, any unsaved changes are lost. |
|---|---|
|
Click to print bank table data. The following Bank Table options are displayed:
Current Tab Page - prints only the tab page currently open.
Bank Code Table
All Code Tables - prints all the Bank Code tab pages. Select an option and click OK to view a copy of the report. Otherwise, click Cancel to return to the tab. |
payroll/tables/bankcodes/eft.txt · Last modified: 2020/10/14 16:08 by emoreno