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Step 5 - FAST-Bank Explained (Pay Day)
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ūüéĮ¬†The¬†FAST-Bank Page¬†is the fifth step of the¬†Pay Run Procedure¬†and is used to create the payment file to be uploaded to your Financial Institution for all Payees included in¬†Step 3 - Process.

 

 

 

Pay Location / Department allows you to select the specific Pay Location or Department for which the FAST-Bank file needs to be created.

 

Exclude Payees allows you to select the specific Payees that must be excluded from the FAST-Bank file.

 

Payment / Disbursement Date allows you to change the specific date of payment.

 

Total Number of Payees Paid details the number of Payees included in the FAST-Bank File.

 

Total Number of Payee Disbursements details the number of unique Payee disbursements (eg. 1 Payee may disburse their Pay into three (3) separate Bank Accounts.

 

Total of ALL Net Wages details the total dollar value of the net wages for all Payees.

 

Total PAYGW details the PAYGW component of all the payees' pay if the PAYGW Holding Account is set up.

 

Total Superannuation details the Superannuation component of all the payees' pay if the Superannuation Holding Account is set up.

 

Total of ALL Disbursements details the total dollar value of the net wages for all Payees, plus the total PAYGW and Superannuation amounts.

 

Create and Download .ABA File allows you to create and download the FAST-Bank File.

 

ūüéĮ If all bank accounts have a set dollar amount¬†and the TOTAL NET is¬†LESS than what is¬†defined in Banking, payments will be disbursed in order,¬†ignoring any accounts that cannot be used.
Example - The Payee's Net Pay is $500.00, and three (3) Bank Accounts are set up. The First Account is $400.00, the second is $300.00, and the third is for the balance.

As $400.00 is paid to the first account, only $100.00 of the Net Pay remains.
As ONLY $100.00 remains, this is transferred into the second account, and the third account is ignored.

 

ūüéĮ If all bank accounts have a set dollar amount¬†and the TOTAL NET is¬†MORE than what is defined in Banking,¬†payments will be disbursed¬†in order, with the additional amount being paid into the last account.
Example - The Payee's Net Pay is $1,000.00, and two (2) Bank Accounts are set up. The First Account is set to $400.00, and the second account is set to $300.00.

As $400.00 is paid to the first account, $600.00 of the Net Pay remains.

As $600.00 remains, this is paid into the second account., rather than $300.00 as defined; otherwise, the payee would be underpaid.

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