Direct Deposit

Topics brought up by the TimeTrex open source community.
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Vic
Posts: 3
Joined: Tue Oct 18, 2022 1:29 pm

Direct Deposit

Post by Vic »

I want to set up a direct deposit for one person - myself. The
money is to be moving from my TD business chequing account to my CIBC
personal chequing account. However, people in TD told me that their
software isn't able to implement such a transaction. If I get a TimeTrex
account with a cloud hosted community-edition version of your software
and set up these direct deposits as payroll, will the payroll EFT file
generated by TimeTrex be enough to make these transactions possible or
will something else still be needed?
shaunw
Posts: 7839
Joined: Tue Sep 19, 2006 2:22 pm

Re: Direct Deposit

Post by shaunw »

If TD bank allows you to upload EFT files for direct deposit purposes, there should be no problem sending money from it to your CIBC bank account (or any others). However said EFT service from banks usually requires speaking to their Cash Management department and can often cost hundreds of dollars per month and often several hundred dollars to setup initially.
Vic
Posts: 3
Joined: Tue Oct 18, 2022 1:29 pm

Re: Direct Deposit

Post by Vic »

Thank you for your answer shaunw. It seems I have just created confusion by bringing up EFT files. I don't know who, in the process, should generate them and transmit to whom so lets put that aside.
I have shown your post to my TD branch manager and he said I should ask TimeTrex the following:
"With your TD customers, is TimeTrex able to complete a payroll direct deposit originating from a TD business account to employees bank account in CIBC WITHOUT involving TD cash management services or any additional set ups. Ie: Can TimeTrex complete a direct deposit end to end with no additional bank service set ups?"
shaunw
Posts: 7839
Joined: Tue Sep 19, 2006 2:22 pm

Re: Direct Deposit

Post by shaunw »

Yes, TimeTrex can handle direct deposit without your bank being involved from a cash management perspective, or having to upload EFT/ACH files.

However, it is not functionality that is available in the Community Edition and unfortunately not a service currently offered to single employee companies.
Vic
Posts: 3
Joined: Tue Oct 18, 2022 1:29 pm

Re: Direct Deposit

Post by Vic »

In that case, the information on your website is deliberately misleading since no such limitations are mentioned:
1. The section on community editions: https://www.timetrex.com/community-edition lists payroll as available - same as in other TimeTrex versions and
2. The link to "Payroll" from the community section leads to a page on payroll https://www.timetrex.com/payroll which lists Direct Deposit as available again without differentiating between versions.
A most disappointing situation that cost me A LOT of time!
shaunw
Posts: 7839
Joined: Tue Sep 19, 2006 2:22 pm

Re: Direct Deposit

Post by shaunw »

The Community Edition does offer payroll functionality, and that includes direct deposit functionality by way of exporting EFT/ACH files that can be sent to your bank for processing. However there are many ways to handle direct deposit, and the method you are looking for specifically, unfortunately isn't that method.

Either way, we will look into making our website more clear for the future.
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