Purpose: The Company Bank tab is where your company bank account information is stored. Bank information is entered when you sign up for TRAXPayroll. This guide will teach you what information is stored and how to make updates when needed.
Bank Account Setup
When you first sign up for TRAXPayroll, you will enter your bank account information used for payroll processing. Multiple bank accounts can be used for different Pay Groups if needed. Additionally, we have the option to wire money instead of direct debit if that works best for your company.
A voided check or bank letter is required in order for our financial institution to verify the account before running your first payroll. Debits to fund payroll occur one business day prior to the pay date.
Once your bank account information has been added, you will need to contact our Customer Service team if you need to make any changes or add another bank account. We will verify the new account information to make sure the payments are verified before your next payroll run.
Bank Account Fields
The following fields are required when adding your bank account information:
- Pay Group
- Account Type
- Bank Name
- ABA Transit
- Account Number