iPayroll Payment Methods
Payment Methods
As part of your setup you will need to decide how you will manage the payments in iPayroll.
Setup > Organisation > Details > Payment Details > Payment Method
Same Day Direct Debit by iPayroll
Bank account is debited on the same payment date and confirmation times as stated on Payroll > Open.
All payments including Take Home (Nett) pay for employees handled by iPayroll.
Criteria
Payroll with a pay period value under $20,000 - Letter of Credit (LOC) to be completed and held on file.
Payroll with a pay period value over $20,000 - Letter of Credit (LOC) submitted to your bank for approval (terms and conditions vary).
Two Day Direct Debit by iPayroll
Bank account is debited 2 days prior to the payment date and confirmation times as stated on Payroll > Open
All payments including Take Home (Nett) pay for employees handled by iPayroll.
Criteria
Payroll must be confirmed 2 days prior to payment date
No Letter of Credit (LOC) required
Nett Payments - Managed by Yourself
Bank account is debited for Tax and fees only on the same payment date and confirmation times as stated on Payroll > Open.
Bank file for Take Home (Nett) pay for employees available once payroll is confirmed. Uploaded and managed by yourself.
Criteria
Procedures must be in place for upload and approval of the bank file by you.
No Letter of Credit (LOC) required
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