This activity is used to register payment methods which are used for transferring payments to employees. 'Bank' and 'Petty cash' are examples of methods common to most companies. The methods are date controlled, which means you can change, e.g., the company bank account number used, from one date to the other.
You can specify the property codes that will fetch the employee's relevant bank account and the bank identifier code specified for the employee's bank. You can also specify the company bank account which should be used for the transaction and the bank identifier code for the company bank.
EMPAYACC and BIC are system defined property codes that are used to register employee's bank account and the bank identifier code. If employee has multiple account numbers, they will be registered with user defined property codes such as EMPAYACC1 or EMPAYACC2 and their bank identifier codes will be registered with the corresponding BIC1 and BIC2 property codes. That is, when you specify the property codes from which the employee bank account and the bank identifier code should be fetched for a payment method, the property codes that correspond to each other are required to be entered.
Note: If SEPA payment format is used as a payment method, the bank account numbers and the bank identifier codes are required to be validated for IBAN standards which are specified in the IBAN Validation Information and the Bank Identifier Codes respectively.
You can enter several methods if you want to use different company bank accounts for different purposes. You may also want to enter several methods pointing to different employee bank accounts. In this case you also need to enter a supplementary employee property code that points to this bank account.
Use Employee Payment Methods to perform this activity. If the Payment method is Cash leave the Get Employee Bank Account From field empty. If you need to make the payment default use the Default option. When entering the file format is must be match to the format used by the Payment Institution. The files saved in the location mentioned in the Output File Path field. Output file location needs to be specified for the transfer.