NACHA - Multiple Bank Accounts

This enhancement will enable Direct Deposit - NACHA to break up the amounts into multiple bank accounts per employee. This will be catered on Employee form > Direct Deposit tab.

Distribution Types

1.Fixed Amount – A fixed amount that will be deposited to the employee’s bank account.

2.Percent of Net Pay – A percentage of the net pay that will be deposited to the employee’s bank account.

Order of Accounts

The Order of Accounts indicates which of the bank account will receive the portion of the net pay.

1.0 – Inactive Accounts. Inactive accounts are ignored in the generation of the Direct Deposit file.

2.1 – Primary Account. The primary account is the first bank account that will receive the first portion of the net pay.

3.2, 3 … - Secondary Account. The secondary accounts will receive the remaining portion of the net pay.

Multiple accounts should be specified on Direct Deposit grid to set aside a certain amount or percentage of a paycheck on separate accounts.

The distribution of Net pay during the generation of the Direct Deposit will be based on the setup on Employee form > Direct Deposit tab.

Scenario 1: Primary Account is lower than the Net pay

Using the employee setup above, Net pay amount, $895.86, is higher than the primary account so his paycheck will be distributed as follows:

Primary Account: = $700

Secondary Account = $195.86

Scenario 2: Primary Account is equal or higher than the Net pay.

Using the employee setup above, Net pay amount, $618.44, is lower than primary account so his paycheck will be distributed as follows:

Primary Account = $618.44

Scenario 3: Net Pay is greater than the amounts indicated in the setup.

Using the Employee setup above, Net pay amount, $1,032.60, is higher than the amounts indicated in the setup. The Primary account will then receive the portion of the net pay that the secondary account can’t receive. Thus, his paycheck will be distributed as follows:

Primary Account = $832.60

Secondary Account = $200

Note: All scenarios above is also applied when Distribution type is set to Percentage. In any event that there will be a rounding problem, the discrepancy is deposited to the primary account. In absence of the primary account, the discrepancy is deposited to the next secondary account.

Task: 3759