Main Page → Bank Reconciliation → Documentation → More Answers → Change of Bank or Bank Account - Tips and Suggestions


  • The following tips and suggestions should be reviewed if your organization is changing Banks or Bank Accounts that checks, electronic transfers and direct deposits will be drafted from and/or deposits made into. Some or all may apply. We recommend that you review each module's tips and suggestions to determine what applies to your organization.


Contents

 
  • 1 Bank Reconciliation
  • 2 Financial Management
    • 2.1 Receipts
  • 3 Payroll:
  • 4 Payroll Vendor Withholding:
  • 5 Vendor Payments:

Bank Reconciliation


  • If a new Bank is necessary, this should be setup in the Bank Reconciliation module.


[Follow steps below to do this]


  • Finance → Bank Reconciliation → Bank Accounts


  1. Click on the Add button [Lower Left].
  2. Enter a Unique 15 character Bank Identification.
  3. Set Active flag to TRUE.
  4. Set Style: Will this Bank be used in all or multiple funds? If Yes – set to Multiple Funds / Bank. If No – set to 1 Fund / Bank.
  5. Set Cash Code: Select appropriate cash code that should be associated with the new bank. If you need to create a new cash code this should be done in Financial Management.
  6. Account Number, Bank Name & Remarks are all optional fields.


Financial Management


Receipts


  • If you have your Receipt Journal IDs setup to Default Bank ID, you should update the appropriate Journal IDs with the new Bank Identification. Or, if you need to setup new Receipt Journal IDs you may do that here as well.


Payroll:


  • If the new Bank Identification will be used for Payroll Checks and Direct Deposits the following changes should be made:


  1. Change Default Bank ID Settings:
    • HR → Payroll → Setup → Setup Variables → Generic Setup Variables
  2. Change Default Bank ID [on top right of screen]
  3. Check Default Bank ID on the following screens found on the Task Bar [These should default to the new Bank ID set in Generic Setup Variables. If they do not, you should delete screen defaults personal & site on that particular screen]:
    • Pay Jobs in Mass
    • Pay Jobs Individually
    • Set Check Numbers
    • Set Direct Deposit Numbers
    • Print Payroll Checks
    • Print Direct Deposits
    • Archive Pay Checks
    • Archive Direct Deposits
  4. Update Direct Deposit ACH File Screen:
    • HR → Payroll → Task Bar Continue Tab → Direct Deposit ACH File
    • Update Bank ID, Routing Number, Immediate Origin ID, Trace Number, Organization Account Number & Receiving Point Name as specified by your Bank. Once changes have been made, save defaults in SITE.


Payroll Vendor Withholding:


  • If the new Bank Identification will be used for Vendor Withholding Checks, and Vendor Withholding Electronic Transfers the following changes should be made:


  • Change Default Bank ID Settings:
    • HR → Payroll Vendor Withholding → Setup → Setup Variables → Generic Setup Variables
    • Change Default Bank ID for V/W & Save
    • Scroll down on Generic Setup Variables → Select V/W Tab → Change V/W Bank ID


  • Check Default Bank ID on the following screens found on the Task Bar [These should default to the new Bank ID set in Generic Setup Variables. If they do not you should delete screen defaults personal & site on that particular screen] :
    • Add V/W Vouchers in Mass
    • Add V/W Vouchers Individually
    • Set Check Numbers
    • Set EFT Numbers
    • Print V/W Checks
    • Archive Checks


  • Update Vendor ACH File Screen:
    • HR → Payroll Vendor Withholding → Task Bar Checks/EFTs Tab → Vendor ACH File
    • Update Bank ID, Routing Number, Immediate Origin ID, Trace Number, Organization Account Number & Receiving Point Name as specified by your Bank. Once changes have been made, save defaults in SITE.


Vendor Payments:


  • If the new Bank Identification will be used for Vendor Checks, and Vendor Electronic Transfers the following changes should be made:
    • Change Default Bank ID Settings:
    • Procurement → Vendor Payments → Setup → Basic → Generic Setup Variables
    • Change Default Clearing Bank ID & Save


  • Check Default Bank ID on the following screens found on the Task Bar [These should default to the new Bank ID set in Generic Setup Variables. If they do not, you should delete screen defaults personal & site on that particular screen] :
    • Add Direct Vouchers
    • Assign Check Numbers
    • Print Checks
    • Archive Checks
    • Assign EFT Numbers
    • Print Transmittals
    • Archive Transmittals


  • Update Direct Deposit ACH File Screen:
    • Procurement → Vendor Payments → Task Bar EFT Tab → Direct Deposit ACH File
    • Update Bank ID, Routing Number, Immediate Origin ID, Trace Number, Organization Account Number & Receiving Point Name as specified by your Bank. Once changes have been made, save defaults in SITE.