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For live payroll processing only

Use the Impound Bank Accounts screen to set up impound accounts for your firm. You can deposit funds collected from your client's account into these accounts, and then use those funds to make payments on your client's behalf.

To set up impound bank accounts for the firm, follow these steps.

1. Choose Setup > Firm Information > Impound Bank Accounts.
2. In the Impound Bank Accounts screen, click the Add button.
3. In the Main tab, enter the description for the impound bank account in the Description field and select the bank from the Bank drop-down list. The list contains all banks that have been set up in the Setup > Firm Information > Banks screen.
4. In the Account type field, select Checking, Savings, or Credit card from the drop-down list, as appropriate, and then enter the account number and the account holder name. This can be an individual or company name.
5. In the References section, enter the next check number to be used. If appropriate, also mark the Zero amount net checks checkbox and enter the beginning reference in the text field to specify the reference to use for zero-amount net checks, such as payments via direct deposit, EFTPS, and electronic or internet files.
6. In the Funding section, mark the checkboxes for transaction types that should be funded using this account. The options available are Payroll (and the options to fund all payroll transactions, only the direct deposit portion of payroll checks, or only the net check portion of payroll checks), Payroll agents, Firm vendor, and Tax agents.
7. If you mark the Tax agents checkbox, the Form adjustment write-off threshold field becomes available. Use this field to specify the threshold amount to be used when processing tax form adjustments to determine if the adjustment should be marked as a write-off by default. If the adjustment is less than the threshold amount, the application marks it as a write-off by default. If the adjustment is marked as a write-off, it will still be paid or deposited by the impound bank account, but the fund will not be available to process from the Funding dialog. It will be treated by the firm as a write-off.
8. To limit funding to printed checks or paid liabilities only, mark the appropriate checkboxes in the Limit fund processing to printed checks only section. If you mark the Payroll checks checkbox, the application will not display payroll checks in the Funding dialog until they have been printed. For payroll agents or tax agents, the application will not display unprinted checks or open liabilities in the Funding dialog until the checks have been printed or the liabilities paid.
9. In the General Ledger section, enter the appropriate, unique GL accounts to be used with this bank account and then enter the reconciliation journal entry reference to be used for transactions in this account.

   Note:

   • If you need to enter a GL account, it must be unique for each of the client's bank accounts. Do not enter an undistributed account number, such as 999.
   • For the impound feature, the GL account must be unique across bank accounts and impound bank accounts within the Firm client.
10. If you are registered with your bank to use Positive Pay, use the Positive Pay section to select the file format in which to create Positive Pay files and specify the start date on which you want to include transactions in Positive Pay files.
11. Click the Layouts tab. Select the applicable check layouts, specify MICR information for checks, and upload images for signatures and logos.
12. Click the Direct Deposit tab. Enter the direct deposit information for this impound account.
13. Click the Enter button to save the impound bank information.

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