Did you know you could save anywhere from $1.00 to $2.50 per payment by using direct deposit instead of paper checks? In addition to substantial cost savings, there are other benefits:
- Direct deposit eliminates manual check preparation and mailing.
- Direct deposit payments never get lost or stolen.
- Direct deposit adds one more incentive to competitively attract reporters.
ACH (Automated Clearing House) is the electronic funds transfer system used to transmit funds such as direct deposits and other monetary transactions from one bank account to another. The ACH system is governed by the rules of the National Automated Clearing House Association (NACHA). This system provides for the inter-bank clearing of electronic entries for participating financial institutions.
Once you sign up for direct deposit with your bank, all you have to do is send a NACHA-formatted file (exported from RB8) to your bank. Funds are automatically deposited into your resources’ accounts, so they never have to wait for a check in the mail, then go to the bank to deposit it. Plus, many banks waive monthly fees for customers with direct deposit, so your resources save money in addition to enjoying the convenience and security of direct deposit.
- In Payables > Print Checks, select the current pay date (that was just closed).
- Click Search. RB8 lists all the resources being paid for the current payroll along with their check amounts.
- Right-click on the grid, then choose Export > NACHA.
- Enter the effective date (as described in the dialog box) and click OK. The default is two days from today’s date.
- In the Save As window, type a file name in the File Name field, then click Save.
Before using direct deposit, you must enter the required NACHA settings in Tools > System Preferences.