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Bank Transfers

posted Oct 5, 2013, 11:26 AM by Surendra Dhanpaul   [ updated Oct 31, 2015, 8:09 AM ]
In today's payroll process, bank transfers are more dynamic than ever. An employee may have:
Multiple banks.
Multiple accounts at multiple banks.

Consider this. An employee has:
A savings account with Republic Bank.
A mortgage with Scotia Bank.
A loan on a can with Scotia Bank.

The company has accounts at both these banks. The employee requests that a fixed amount be transferred to the:
Mortgage Account
The Car Loan Account
And the difference to the Savings Account.

With Acupay system, you can setup these payments as per the request and each month send letters to the bank with instructions to debit the company's account and credit the employee's account. 

But what if the amount the employee worked for this week is not enough to pay the mortgage and loan?

Well, before you print the letters, you run a report showing this information. From here, you have two options:
Give the employee a loan to make up the amounts.
Adjust the loan or mortgage amounts to net off.

Bottom line is: The system is this flexible.