Payroll: Set Up Banks

Banks track pay that's been earned but not yet paid to crew members. You might have a vacation bank, a sick day bank, and an overtime bank. Each one is a separate container for a different type of accrued pay. When you configure a payroll rule that pays crew a portion of their earnings and banks the rest, you must define a specific bank for that rule.

You can set up three types of banks in Helm CONNECT, each suited to a different way of tracking and paying out balances. The bank type determines what you can configure and how withdrawals work, and you can't change it after the bank is saved.

Set Up an Average Dollars Bank

You can set up an Average Dollars bank from the Setup > Payroll > Banks tab. These banks track both quantities and amounts. When you withdraw, the rate is calculated from the average of all records in the bank, so it fluctuates as you accrue at different rates.

To set up an Average Dollars bank

1. Go to the Setup > Payroll > Banks tab, then click New Bank.
2. In the Name field, enter a name for the bank.
3. From the Bank Type list, select Average Dollars.
4. (Optional) Use the Accounting Code field to enter the accounting code that should always be applied to records in this bank.
5. (Optional) Use the Withdrawal Accounting Code field to enter the accounting code that should be applied when a record is a withdrawal.
6. Click Save Changes.

Set Up a Dollars Only Bank

You can set up a Dollars Only bank from the Setup > Payroll > Banks tab. These banks track amounts only, with no quantities. You accrue a balance and can withdraw any amount from it, similar to a typical financial bank.

To set up a Dollars Only bank

1. Go to the Setup > Payroll > Banks tab, then click New Bank.
2. In the Name field, enter a name for the bank.
3. From the Bank Type list, select Dollars Only.
4. (Optional) Use the Min field to enter a minimum amount for the bank. When you enter a value, the Min Mode list appears, fixed at Amount. Consider whether you want crew to be able to go negative (into overdraft) in this bank:
   • If you don't want crew to go negative, leave the Min field blank.
   • If you want crew to go negative to a specific limit, enter that limit as a negative amount.
5. (Optional) Use the Max field to enter a maximum amount for the bank. When you enter a value, the Max Mode list appears, fixed at Amount.
6. (Optional) Use the Accounting Code field to enter the accounting code that should always be applied to records in this bank.
7. (Optional) Use the Withdrawal Accounting Code field to enter the accounting code that should be applied when a record is a withdrawal.
8. Click Save Changes.

Set Up a First In First Out Bank

You can set up a First In First Out bank from the Setup > Payroll > Banks tab. These banks track both quantities and amounts. When you withdraw, the oldest records are paid out first at their original rate.

To set up a First In First Out bank

1. Go to the Setup > Payroll > Banks tab, then click New Bank.
2. In the Name field, enter a name for the bank.
3. From the Bank Type list, select First In First Out.
4. (Optional) Use the Min field to enter a minimum for the bank. When you enter a value, the Min Mode list appears. Select Amount or Quantity from the list. Consider whether you want crew to be able to go negative (into overdraft) in this bank:
   • If you don't want crew to go negative, set the minimum to 0.
   • If you want crew to go infinitely negative, leave the Min field blank.
   • If you want crew to go negative to a specific limit, enter that limit as a negative number.

   Example 1If your crew can go negative in their Accumulated Time Off bank by up to 14 days' worth of pay, enter -14 in the Min field and select Quantity from the Min Mode list.

   Example 2If your crew can go negative in their Accumulated Time Off bank by up to $3000, enter -3000 in the Min field and select Amount from the Min Mode list.

5. (Optional) Use the Max field to enter a maximum for the bank. When you enter a value, the Max Mode list appears. Select Amount or Quantity from the list.
6. (Optional) Use the Accounting Code field to enter the accounting code that should always be applied to records in this bank.
7. If you allowed crew to go negative in this bank, use the Overdraft Earning Code list to select the earning code they'll be paid out at. This code is required for the withdrawals to be calculated.
8. (Optional) Use the Withdrawal Accounting Code field to enter the accounting code that should be applied when a record is a withdrawal.
9. (Optional) Use the Rerate Accounting Code field to enter the accounting code that should be applied when a re-rate or adjustment record is created. This can happen when you're repaying borrowed money from a bank that allows negative balances.
10. Click Save Changes.