Employee Bank Details

Owned by Mark Holland (Unlicensed)
Last updated: Jan 31, 2018

Description

Use this page to modify employee bank detail information.

Contents

Usage

Key Fields

Example

Usage

This screen is used to set up bank accounts for employees to allow payment by BACS, and to determine the proportion of salaries to be paid into different accounts.

Users are required to set up the primary account first. This account will have both the amount and percentage blank. This account will be where the remaining pay is put after all other accounts have been dealt with. Most employees will have just this one account. However if there is more than one account then the primary account should have the lowest priority (highest number).

Key Fields

  • Account Number: This is number of the account where you want some or all of your salary paid. It is 8 digits.
  • Account Name: This is the name of the account
  • Amount: This is the amount you want paid into this account from your salary. This should be blank for the Primary account. You may not enter both amount and percentage for an account.
  • Percent: This is the percentage of pay you want paid into this account. This should be blank for the Primary account. You may not enter both amount and percentage for an account.
  • Priority: This is the priority order you want the accounts dealt with. Priority 1 is the first account processed. The primary account must be the lowest priority (highest number).
  • Sort Code: This is the bank sort code of the establishment where your account is handled. It is important that this is correct or the payment may not go to the correct account.
  • Roll Number: Building society roll number (optional).

Example

You have 3 accounts.

  • Account A has priority 1 and an amount of £500.
  • Account B has a priority 2 and a percentage of 10%
  • Account C has a priority of 3 and no amount or percentage set. This is the primary account

If you earn £1500 this period,

  1. £500 would pe paid into account A. This leaves £1000.
  2. £100 would be paid into account B. i.e. 10% of £1000
  3. £900 would go into account C.

As soon as the remaining amount goes to zero, no further accounts are funded. So with the accounts set up as in the example, if the employee only received £500 pay this would all go into account A and the other accounts would receive nothing.