Embedded Files
FAST-Bank
STEP 5 - FAST-Bank
STEP 5 - FAST-Bank
Create the payment file to be uploaded to your Financial institution for all Payees included in STEP 3 (Process).
Include Payees displays all Payees included in the Pay Run with FAST-Bank set as their Payment Method. The Payees that are selected is based on the option chosen in Cost Centre (below) in addition to the Payees Paid By (FAST-Bank) setting. Include Payees enables you to manually select the Payees that must be included in the FAST-Bank file.
Payment / Disbursement Date allows you to change the specific date of payment.
Cost Centre allows you to select the specific Cost Centre for which the FAST-Bank file needs to be created. Selecting Organisation will use the Banking Details specified within the Organisation, whereas choosing a Cost Centre will use the Banking Details specified in the Cost Centre.
Total Number of Payees Paid details the number of Payees included in the FAST-Bank File.
Total Number of Payee Disbursements details the number of unique Payee disbursements (e.g., 1 Payee may disburse their Pay into three (3) separate Bank Accounts).
Total of ALL Net Wages details the total dollar value of the net wages for all Payees.
Holding Accounts
Total PAYGW details the PAYGW component of all the payees' pay if the PAYGW Holding Account is set up.
Total Superannuation details the Superannuation component of all the payees' pay if the Superannuation Holding Account is set up.
Total of ALL Disbursements details the total dollar value of the net wages for all Payees, plus the total PAYGW and Superannuation amounts.
Create and Download .ABA File allows you to create and download the FAST-Bank File.
🎯 If all bank accounts have a set dollar amount and the TOTAL NET is LESS than what is defined in Banking, payments will be disbursed in order, ignoring any accounts that cannot be used.
Example - The Payee's Net Pay is $500.00, and three (3) Bank Accounts are set up. The First Account is $400.00, the second is $300.00, and the third is for the balance.
As $400.00 is paid to the first account, only $100.00 of the Net Pay remains.
As ONLY $100.00 remains, this is transferred into the second account, and the third account is ignored.
🎯 If all bank accounts have a set dollar amount and the TOTAL NET is MORE than what is defined in Banking, payments will be disbursed in order, with the additional amount being paid into the last account.
Example - The Payee's Net Pay is $1,000.00, and two (2) Bank Accounts are set up. The First Account is set to $400.00, and the second account is set to $300.00.
As $400.00 is paid to the first account, $600.00 of the Net Pay remains.
As $600.00 remains, this is paid into the second account., rather than $300.00 as defined; otherwise, the payee would be underpaid.
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