Direct Deposit Overview

 

This function allows authorized users to add/edit/delete employee direct deposit records, previously accessible only from Vault’s Employee Direct Deposit Master.  

Note

1. This new Direct Deposit function is available only to current users of Valiant’s Vault payroll application.

2. Vault must be properly configured for ACH processing.

3. Access to Direct Deposit is controlled by the Company Administrator using the Roles Management and User Assignments functions in the Security menu.

 

The Direct Deposit function, accessible from the Employee Master, allows authorized users to add/edit/delete employee direct deposit accounts.

 

 

Clicking on the Direct Deposit icon displays the Employee Direct Deposit page.

 

After Division Selection, select the Employee.  The system displays a list of bank deposit accounts (if any) associated with the employee.  On this page you may edit/delete employee accounts.  You may also add an account to the Employee if the account already exists in Vault’s Bank Master.

 

Normal Vault Direct Deposit processing procedures should be followed when adding a new account:

1. When an employee notifies you that they would like to participate in direct deposit, they should be given a form (full-service clients may contact their representative for an authorization form; a sample is provided in Appendix J of the Vault User Manual) which lists the basic employee information, including:

The employee authorizing credit to the elected accounts (and debit should an error occur) must sign the form.

2. You should obtain from the employee a void check, deposit ticket or other bank-supplied document that has the account number and banking routing code on it.

3. Next verify that the employee’s Bank Name exists in the Bank Master of the Vault system.  If it does not, contact your payroll representative or Valiant Customer Support and ask that the bank be added.

4. Once you have verified the bank information from the documents attached to the form in Step 2 above, you can add the information to the Employee Direct Deposit Master directly or use the Direct Deposit function described in this release.  The system will set the direct deposit Status to PRENOTE upon creation.

The next time a payroll is run, the employee will receive cash or a check and a Prenote transaction will be created and placed on the ACH file.  The ACH file will be sent through the banking system and the employee’s account number and routing code will be verified.