How to set up an employee's financial information
To set up direct deposit for an employee:
1. Navigate to the employee's payroll profile. For more information, check out our article on How do I access an employee file.
2. Click on the Financial tab.
3. Under Payment Delivery Method, click Edit.
4. Enter the employee's bank account information. For a tutorial on how to read cheques for bank account information, see the But how do I know what their banking information is? section below.
5. Click Save.
Setting up a secondary or tertiary account
Once the primary bank account has been set up, you can specify a second or second and third account. Each additional account will allow you to portion off a dollar value or percentage of the pay into the additional account, and any remaining amounts after the calculations are complete will go to the primary account.
1. Select the option Distribute the payment amount to additional accounts. This will only be available after you save the primary account information.
2. Click Add Deposit Information.
3. Add the secondary bank account information, and choose between Money or Percentage. Enter the dollar value that should deposit here, or the percentage of total Net Pay. Click Save.
4. This employee now has a secondary account. Click Add Deposit Instruction again if you want a tertiary account.
But how do I know what their banking information is?
The bottom of a cheque always has all of the information we need to enter an employee's bank account information into Rise. Below, we outline what the long string of numbers represents.
Cheque Number
Look to the top right to find the Cheque Number. This number will also be at the start of the string of numbers at the bottom of the cheque. For our purposes, this is irrelevant information - you can cross it out or just keep this in mind.
Transit Number
The second portion of this string will be the Transit Number. This represents the branch this bank account is located at. It will be five digits. After entering this number into the Rise software, you can verify that the branch information we list matches the branch information on the cheque.
Route Number
The third portion of this string will be the Route Number. This represents the bank this account is with and it will always be three digits. After entering this number into the Rise software, you can verify that the branch information we list matches the branch information on the cheque.
Account Number
The final piece of information that we require for payroll is the Account Number. The account number varies in length. In general, if it isn't part of the cheque number, route number, or transit number, it is the account number. Some banks (e.g. TD Canada Trust) include part of the transit number in the account number again - include all of the information as it appears when entering it into Rise.
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