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Banking Explained (Organisation)
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🎯 Banking is the second section within the Organisation (Legal Entity) and details the Organisation's Banking Details for paying wages via FAST-Bank.
 
🎯 Banking consists of Banking (see below) and Holding Accounts.
 

 

 

Payment Method allows you to select Cash, EFT or FAST-Bank.

 

👉 If EFT or FAST-Bank is selected, BSB allows you the enter the Bank, State, and Branch (BSB) Code for the required bank account.


👉 If EFT or FAST-Bank is selected, Account Number allows you the enter the Account Number for the required bank account.


👉 If EFT or FAST-Bank is selected, Account Name allows you the enter the Account Name for the required bank account.


👉 If FAST-Bank is selected, Name of Remitter allows you to enter the Name of Remitter, who is the person who will be uploading/approving the FAST-Bank File.


👉 If FAST-Bank is selected, APCA ID allows you to enter the unique six-digit number identifying your companies that are approved by financial institutions to use the system. This ID is obtained from your financial institution.


👉 If FAST-Bank is selected, Transaction Code allows your to enter the unique identifier issued by your financial institution to identify the transaction being made. By default, this is set to 53; however, it may be updated as your financial institution requires.


👉 If FAST-Bank is selected, Description allows you to update the Description displayed for your Bank Statement. By default, this is set to Payroll; however, it may be updated as you require.


👉 If FAST-Bank is selected, Self Balancing Transaction allows you to set whether the ABA File requires a Self Balancing Transaction Line. Please confirm this with your Financial Institution.


👉 If FAST-Bank is selected, Short File Name allows you to set whether a Sort File Name is required when uploading to your  Financial Institution. Please confirm this option with your Financial Institution.

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