How You Split Personal Payment Methods

You can enter bank account details for existing banks and branches on the Personal Payment Methods page. But you can't create any banks and branches details. Payroll Managers, Payroll Administrators, and Payroll Coordinators can only enter account details for the employees they handle.

Note:

• To enable the create option for any of these roles, add the Bank and Branch Management duty role to the relevant role.

• You can't edit bank and branch details on the Personal Payment Methods page.

• Use the Set Up Bank, Branches, and Accounts task list to edit existing banks and branches.

These scenarios illustrate multiple ways to split up payment methods.

Use Fixed Amount Payments

Barbara Franklin wants to save 600 before the next holiday season and wants the money transferred electronically as part of her regular payroll payment processing. She is paid semimonthly and can afford to put aside 100 each payroll period.

At the time when Barbara wants the transfers to start, she adds an electronic funds transfer (EFT) payment method for her savings account and sets the amount to 100 . Because Barbara's net payment amount is approximately 1,000 each payroll period, the remaining amount of approximately 900 would be paid using her default payment method, which transfers her payroll payment to her checking account. Before the holiday season, when Barbara decides to stop the transfers to her savings account, she deletes the payment method.

Use Percentage Payments

Terry Smith has a college fund set up for his children and wants to contribute to it each payroll period. Because Terry frequently receives bonuses and sales commissions, his net payment amount is always changing. So, he decides to add a payment method that allocates four percent of his pay to the fund. By using a percentage rather than a fixed amount, Terry can contribute to the fund at the same rate that he earns.