Understanding the Banking Process
The following is a brief summary of the direct deposit banking process that is used for net payments to employees in Japan. Subsequent sections provide more details about these steps:
Set up bank accounts and schedule disbursements.
Run payroll.
Run the Banking process.
Run the Japan EFT process, which automatically generates the EFT file and Structured Query Report (SQR).
The following terms are used in discussing the banking process:
Term |
Definition |
|---|---|
Source bank |
The bank that pays out the funds. |
Transfer bank |
The bank that receives the funds. |
For direct deposit, the source bank is the company's bank and the transfer bank is the employee's bank.
The PeopleSoft system delivers a query that you can run to view the names of all delivered elements designed for Japan. Instructions for running the query are provided in the PeopleSoft Global Payroll.