Payment Methods: To Define a Direct Deposit Payment Method
In the following implementation activity, you will learn how to define a direct deposit payment method.
Story
Suppose that some of the organization's employees should receive direct deposits. Acting as the system administrator, you need to define a new payment method that will be used in payroll for direct deposit payments.
Configuration Overview
In the U100 Payroll snapshot, for the purposes of this activity, the 10200WH cash account has been created on the Cash Accounts (CA202000) form.
Process Overview
You define a new payment method on the Payment Methods (CA204000) form.
System Preparation
Before you start defining a new payment method, you should launch the MYOB Acumatica website and sign in as a system administrator by using the following credentials:
- Username: gibbs
- Password: 123
As a prerequisite activity, in the company to which you are signed in, be sure you have completed the Payment Methods: To Set Up a Payment Method for Use in Payroll.
Step 1: Defining a Direct Deposit Payment Method
To define a direct deposit payment method, do the following:
- Open the Payment Methods (CA2040PL) form and click New Record on the form toolbar.
- In the Summary area of the Payment Methods (CA204000) form,
which opens, specify the following information:
- Payment Method ID: DIRDEPOSIT
- Active: Selected
- Means of Payment: Direct Deposit
- Description: Direct deposits
- Use in AP: Cleared
- Use in AR: Cleared
- Use in PR: Selected
- Require Remittance Information for Cash Account: Selected
- On the Allowed Cash Accounts tab, add a row with the
following settings:
- Cash Account: 10200WH
- Use in PR: Selected
- AP/PR Default: Selected
- On the Settings for Use in PR tab, specify the following
settings:
- Create Batch Payments: Selected
- Export Scenario: Export PR Payment to ACH
- On the Remittance Settings tab, insert rows with the
information from the following table.Tip:The regular expressions in the Validation Reg. Exp. column must contain no spaces.
ID Description Required Entry Mask Validation Reg. Exp. 1 Beneficiary Account No: Selected ^\d{1,17}$
2 Beneficiary Name: Selected ^([\w]|\s){0,22}$
3 Bank Routing Number (ABA): Selected 000000000 ^\d{9,9}$
4 Bank Name: Selected ^([\w]|\s){0,22}$
5 Company ID Selected ^([\w]|\s){0,9}$
6 Company ID Type Selected 0 ^\d{1,1}$
- On the form toolbar, click Save.
Step 2: Updating Remittance Settings of the Cash Account
To enable a cash account for use in the payroll functional area, do the following:
- Open the Cash Accounts (CA2020PL) form and click the 10200WH cash account.
- On the Remittance Settings tab of the Cash Accounts (CA202000) form, which opens, for the
DIRDEPOSIT payment method, specify the following information in the
Remittance Details table:
- Beneficiary Account No: 1234567890
- Beneficiary Name: SweetLife
- Bank Routing Number (ABA): 026009593
- Bank Name: Bank of America
- Company ID: SweetLife
- Company ID Type: 1
- On the form toolbar, click Save.