The Electronics
Funds Transfer module (EFT) works in tandem with GrandMaster
Suite's Payroll module.
The EFT module converts your payroll data into the
correct format required by your bank. Although each
bank has developed their own specific format, all
chartered banks, credit unions and near banks are
accommodated by this module.
When you are ready
to transfer the electronic funds file, simply use
the software supplied by your bank or a standard
hyperterminal. It’s that easy!
Power-Packed
Features
The EFT module
is part of an integrated set of applications for
all payroll and human resources requirements. Here
are some of its Power-Packed Features:
- Transfer
to Employee Accounts
The multiple
employee accounts feature (available in the Payroll module)
allows you to apportion an employee’s pay
and electronically distribute it to multiple
bank accounts (e.g. their savings, mortgage account
and chequing accounts). The EFT module will assemble
all pertinent payroll information into one file
and electronically transfer it to your organization's
bank. The bank will then automatically forward
the necessary deposit amounts to the appropriate
accounts of each employee at their respective
financial institutions. Because the transfer
to your bank can be made between 3 and 15 days
prior to settlement (pay day) date, you can accommodate
multiple pay runs at one time. Pay just a one-time
bank transfer fee for multiple pay runs; not
multiple bank transfer fees.
- Receiver
General Remittances
The EFT module
has the ability to transfer on due dates, remittance
to the Receiver General (although presently not
allowed by Revenue Canada).
Authorized
deductions for Canada Savings Bonds, RRSP, home
insurance and life insurance can be accommodated
accurately and easily. Transfers can be even
set up to be performed automatically.
To learn more,
view the full GrandMaster
Electronic Fund Transfer Feature Sheet (PDF file).
To
speak with a Workforce Representative, call 604.395.6322,
or send
e-mail for more information.
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