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:

  1. Open the Payment Methods (CA2040PL) form and click New Record on the form toolbar.
  2. 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
  3. On the Allowed Cash Accounts tab, add a row with the following settings:
    • Cash Account: 10200WH
    • Use in PR: Selected
    • AP/PR Default: Selected
  4. On the Settings for Use in PR tab, specify the following settings:
    1. Create Batch Payments: Selected
    2. Export Scenario: Export PR Payment to ACH
  5. 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}$
  6. 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:

  1. Open the Cash Accounts (CA2020PL) form and click the 10200WH cash account.
  2. 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
  3. On the form toolbar, click Save.