Purpose: Bank account information for direct deposit is added on the Employee Bank tab. Employees can be set up to receive paper checks and/or direct deposits to multiple accounts if needed. This help guide will show you how to add this payment information for employees.
If you are using the BambooHR integration, direct deposit information will be added to the Pay Info tab on the Employee profile. This help guide will show you how.
If you are using Remote Link, you will need to approve the changes under the Remote Link tab before they will sync over to Payroll.
Updating Bank Information Directly in TRAXPayroll
If you are using a Third Party Vendor for HRIS, please make sure you are updating this information in the correct system of record.
Bank account information can be added for checking and savings accounts, as well as a paper check. To add new bank information, click “Add Bank” on the Employee Bank tab.
- Account Type: Select one of the following account types: Checking, Savings, or Paper Check. If a paper check is selected, the next three number fields will be grayed out.
- Routing Number
- Account Number
- Confirm Account Number
- Start Date: This defaults to today’s date but can be changed. The start date must be active as of the employee’s pay date in order to be in effect.
- Calculation Type: If you are using multiple accounts, you can select to put a specific dollar or percentage of the payment in each account. If you are only using one account, select balance to put the entire balance in one account. All employees must have one bank record set to “Balance.”
Amount: If dollar or percent is selected in “Calculation Type”, then you can enter the amount here. For example, I can set up one account for 50% of my payment and another account for $500 of my payment. Then I can set up a third bank record with the remaining balance.
- When running payroll, you have the option to override the current bank selection and send the payment to only one account. Or, you can send the employee the total amount in a paper check if needed.
Click “Save” at the top of the page to add the new bank record.
To edit a bank record, click the “Action” button next to the record in the list. The following options are available:
- End - as of today (today’s date)
- End - on specific date
- Add New/End Existing - on specific date: Update the data and save your new bank record. Use this option if you are changing a paper check to a direct deposit.
- Void - created by mistake but has history: This creates an end date on the record one day prior to the start date.
- Remove - created by mistake: Use this option if the record was added in error and should be completely removed.
If an employee's direct deposit fails for one reason or another, the bank will notify TRAXPayroll within 1-2 business days of your applicable pay date.The notice will notify us of either a Deposit Return or a Bank Correction, which we will then email you about.
Deposit Returns happen when the bank is unable to locate the correct bank account. TRAXPayroll will send the account administrators an email letting them know that the deposit was returned.
If you would like it re-deposited the next business day, you will need to reply to our email before 11:30 am Pacific Time that day informing us that you've added the correct bank information into the system. Otherwise, the funds will be returned to your company’s bank account and you will need to cut the employee a paper check.
The bank will notify us that the employee’s account should be changed and we will include the information provided by the bank. Typically, it will not delay the direct deposit. Either way, we will inform you via email and you will need to verify the information and update the information in the system of record.