What is the procedure for generating EFT files in payroll?
The first step is to setup the appropriate accounts and access with the bank. Once this has been established, setup the company and employee banking information. Under Payroll Setup, open the EFT Options icon and select the bank the EFT funds will be coming out of. Enter the appropriate bank account information and Save. Go to Payroll Employees / Employees and open the EFT tab. Check the option for 'Direct Deposit' and enter the bank(s) information for the employee in the detail grid. Note that it is possible to have an employee's pay divided between 2 or more bank accounts. The next step is to process payroll as per usual. Enter timecards and then Calculate Payroll ensuring that the checkbox for 'Generate EFT Cheques' is selected. Print the pre-cheque register to confirm the payroll has calculated as expected. Check that the EFT field for the employees with direct deposit says 'yes'. Use the Print Payroll Cheques function to print advices for direct deposit employees and cheques for those requiring a physical cheque. Post the payroll. Print the payroll register and note that the EFT field for the individual employees is 'Yes' but the EFT Generated field is 'No'. Now is the time to generate the EFT file using the 'Generate EFT File' icon. Fill in the necessary criteria. Note that it is possible to rerun an already generated EFT file by selected 'Replacement' in the EFT File Type field. However, normally this field will be set to 'Original'. Once the file has been generated, upload this file to your bank using the banking software. When the Payroll Register is run now, the EFT field for the employee is 'Yes' and the EFT Generated field is also 'Yes'.