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FAST-Bank™ Electronic Banking |
  
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FAST-Bank™ Electronic Banking |
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Introduction
The FAST-Bank™ utility permits an employee's wages and payments to be transferred directly form the employer's account to the employee's account(s) via your financial institution's banking program or website. i.e. Electronic funds transfer. This involves the production of an *.aba file. The name of the file depends if you are paying Weekly Fortnightly or Monthly or All pay periods.
For example: if you were doing weekly pays and you banked with the Commonwealth Bank (CBA) then your FAST-Bank™ file would be called cbaw.aba. If you were doing fortnightly it would be called cbaf.aba, and monthly would be called cbam.aba. If you select to produce the file for All pay periods the file would be called cbaa.aba.
e-PayDay®'s job is to produce this FAST-Bank™ file and then it's your responsibility to use your banking program/website to transfer this file to the bank.
A 3 step process is done in e-PayDay® just before finalising the payrun, which produces the FAST-Bank™ file. Then e-PayDay® can be minimised and you can enter your banking program/website and search for the file and then transfer the funds in one transaction. Once the funds have been successfully transferred, you can go back into e-PayDay® and finalise.
Setting up e-PayDay® for FAST-Bank™
1. The employer's account information needs to be entered in the 'Banking Information 4' TAB in the 'Company' setup Window, which is accesed by clicking on the Company picture button (see Banking Information), highlighting the company and then clicking on 'Edit', proceeding to the No. 4 tab.
2. Each employee's primary payment method needs to be set to "FAST-Bank™" in the 'Payrun 3' TAB of their employee details. Edit the employee's details, make your way to the 'Payrun 3' tab and then click on the 'Banking Details' button at the bottom of that window.
(see Banking Details button)
Producing the FAST-Bank™ file
Report Specific to FAST-Bank™
To produce a report which indicates what figures went into which accounts in your FAST-Bank™ file, click on the word 'PAYDAY' at the top of the main screen of e-PayDay®, then select 'FAST-Bank™' and then 'Print FAST-Bank™ Report'. This takes you to the report selection screen where the 'Pay Disbursements' report is highlighted with the 'Report By' option being 'FAST-Bank™ Disbursements'. Click on 'Preview' or 'Print'
The Where, What and How of FAST-Bank™
What's the name of the FAST-Bank™ file I am creating ?
Now that I know the name of the FAST-Bank™ file I have just created, where do I look for it ?
How do I transfer the FAST-Bank™ file to my bank ?
Unfortunately, e-PayDay® cannot know the answer to this question. Please call the internet banking department of your financial institution and ask them how to use their banking program/website.
The importance of the Payment Date in your payrun, with respect to FAST-Bank™
The date written to the FAST-Bank™ file will be the Payment Date of the payrun. The implications of this can be illustrated in the example where you have created two consecutive payruns with the same Payment Date. Both payruns will contribute to the FAST-Bank™ file when you probably only wanted the latter.