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This article is for Drake Accounting 2018. To view this article for Drake Accounting 2019, click here

Enter direct deposit information for the employee on the Direct Deposit tab.

Be sure that each field with a  icon is completed, as these are required entries. 

See "Direct Deposit Overview" for more information about setting up and transmitting direct deposit. 

Kotapay (formerly InterceptEFT) is Drake’s agent for direct deposit.

You must call them (866) 431-9926 and establish your account prior to using the Direct Deposit feature.

Drake has established a special fee schedule with Kotapay for our clients.

It’s important that you identify yourself as a Drake client whenever you communicate with Kotapay.


Direct Deposit Information

Direct Deposit Payroll Checks

    • Select the check box if payroll checks are to be deposited directly into the employee’s bank account. 
    • The Account Type and Checking Numbers fields activate.

Account Type

    • Specify whether to deposit the pay into a Checking or Savings account, or both. 
    • Directly deposit payroll checks in up to two accounts for each employee. 
    • Checks can be split between any combination of checking and savings accounts including two checking or two savings accounts or one of each. 
    • These accounts can be at two different banks.
      • Enter Amount to Apply to Savings
        • Enter the dollar amount or a percent of the net pay amount to deposit into the second Direct Deposit account when the deposit is being split between two accounts. 
        • This amount can be edited for each pay check. 
        • If both Checking and Savings are selected as the Account Type, an entry in the Apply to Savings field is required. 
        • Then use the drop list to specify whether the amount to apply to savings is a flat dollars and cents amount or a percentage of the net pay amount.

Checking Numbers

  • Checking Routing Number
    • Enter the routing number for the employee’s bank account. 
    • Find this number on the bottom of the employee’s personal checks to the left of the account number. 
    • Reenter the routing number in the Retype Bank Routing Number field.
  • Checking Account Number
    • Enter the employee’s checking account number for the direct deposit. 
    • If the deposit is to be split between two savings accounts, enter the first savings account information here. 
    • Reenter the account number in the Retype Checking Account Number field.

 If the direct deposit will be split between two accounts at the same bank, enter the bank routing number select the Use Same Routing Number check box.

The Checking Routing Number will be automatically entered into the Savings Routing Number field.


Savings Numbers

  • Savings Routing Number

    • Enter the routing number for the bank where the employee’s savings account (or second checking account) is located. 

    • Reenter the routing number in the Retype Bank Routing Number field. 

      • If this account is at the same bank as the checking account used above, select Use Same Routing Number to fill the Savings Routing Number field with the same routing number used for the checking account.

  • Savings Account Number

    • Enter the employee’s savings account number for the direct deposit. 

    • If the deposit is to be split between two checking accounts, enter the second checking account information here. 

    • Reenter the account number in the Retype Savings Account Number field.

 


Connect With Us!

  Visit our Drake Accounting website

  Visit the Drake Software website


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