Impound overview

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For live payroll processing only

In Accounting CS, you can set up impound accounts in which you deposit funds collected from your client's bank account for the purpose of making payments on their behalf. When the client's payments are due, your firm makes the payments using the funds in this holding account. You can use impounding for payroll, tax payments, payroll deduction payments, and fee collection.

See also: Live payroll processing workflow with impounding

Before you can use the impound feature, there are a number of setup and processing steps that you must complete. We recommend that you complete them in the order listed below.

Setup procedures

Firm setup

Setting up banks for the firm

Setting up firm impound bank accounts

Client setup

Setting up client-level impound information

Setting up client bank accounts

Processing procedures

Funding payroll transactions

Funding tax agent or payroll agent transactions

Funding firm vendor transactions

Reconciling impound bank accounts

Related topics

Processing billing impound ACH files using Kotapay

Disclaimer: Kotapay (formerly InterceptEFT) is an unaffiliated third party that some of our customers have engaged to provide direct deposit, tax payments, ACH processing, or credit card merchant services.

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