Enter Company Direct Deposit Information
Use the Direct Deposit window to set up direct deposit information for your company and send a pre-note for approval by your company's financial institution.
- From the Maintain Menu, select Company Information.
- In the Maintain Company Information window, select a payroll option with direct deposit.
- Click the Direct Deposit Settings link.
- If you plan to use Direct Deposit, select the Active check box.
- Choose which company bank account you want to debit to make direct deposits. Select either Checking or Savings.
- Enter the transit/routing number of the account you will use.
- Enter the number of the company bank account you want to use for direct deposit.
- In the Cash Account field, use the Lookup button to locate and select the company cash account that will be debited for each employee direct deposit check and for any direct deposit fees.
- In the Fee Expense Account field, use the Lookup button to locate and select the company cash account that will be debited for the direct deposit fee as reflected in a general journal entry that Sage 50 will make.
- When finished, select Save and then Close.
A message appears saying that a pre-note has been created for approval of direct deposit for your company. You get approval by syncing the pre-note through the WebSync wizard. Approval can take up to six banking business days. During that time, the pre-note status field will indicate that approval is pending. Once the note is approved, the field will read "Approved." Tell me more about syncing company pre-notes.
Note: To ensure the accuracy of the information you will be syncing, you should always print the Direct Deposit Pre-Sync report before you sync either pre-notes or direct deposit payroll transactions.
When your company pre-note has been approved, a Reset button appears on the Direct Deposit window. The Reset option lets you change company direct deposit account information.
Important! If you reset account information, approval of the change will take six full banking business days after you sync the change of account information. During the approval process, you will not be able to create and sync a direct deposit payroll. The only possible way to speed the process is to contact the Treasury and ask if they can intervene to get approval moving faster. Failing that, you will have to wait the full six days.
Therefore, if you must change your company direct deposit account information, we recommend that you change it after you have synced a direct deposit payroll. This way, the wait for change approval will be less likely to make your next direct deposit payroll late.