Bank Account Setup

This crucial step ensures that your company is ready to efficiently process payroll, pay taxes, and handle other related financial transactions. Setting up your bank account is straightforward, requiring just a few key pieces of information about your company’s banking details. By following the guidance provided here, you'll have everything you need to securely and seamlessly manage the financial side of your operations, paving the way for a smooth payroll process. Let’s prepare your business for success by getting your bank account linked today!

Why set up your Bank Account?

We require you to provide your bank account information to withdraw funds for paying wages, taxes, and related payments. This setup is an essential step in ensuring an adequate payroll run.

Where to set it up in the app

There is a widget for the bank account setup feature on your dashboard, but you can hide them at anytime.

However, you can also access the feature from the Company section of the app. You can set it up in two different tabs, but you will perform the same actions. They are:

• Payroll tab

• Bank and Verification tab

How do you set up your bank account?

You complete three main steps to set up your company's bank account. The steps include the following:

• Bank Account Details
• Company Details
• Sign Company Authorization Agreement

Bank Account Details

This modal, which opens when you click Start Bank Setup, is the first step in setting up your company's bank information. Here, you provide the following required company's bank account information:

• Legal name on the account: You input the registered legal name with your company's bank.

• Account number: You input your company's account number here with your bank.

• Routing number: The routing number is usually a 9-digit numeric character that the system usually validates against banks' database to identify your company's bank. The system has a Whisperer feature that suggests a routing number to you as you type, with the bank's name next to the number.

• Account Type: You select your company's account type from the drop-down box. The type could either be Savings or Checkings account.

  

Click on the NEXT button to proceed to the following step.

Company Details

In this step, you complete the following required fields:

• Products/Services (NAICS Code): Describe your company's main products or services to its customers using the correct NAICS code in this field. Your input has to be the NAICS code with six maximum characters.
• First Pay Date: Put the date you will make your first employee payments here.

If your company does any of the following, check the corresponding box as seen in the modal window:

• Involved in Marijuana-related activity
• Involved in CBD (Cannabidiol) related activity. If you check this box, an additional checkbox appears for you to attest that you conform to the FDA's regulatory requirements.
• Involved in Hemp-related activity. If you check this box, an additional checkbox will appear to attest that you conform to applicable state and USDA requirements.

Click on the NEXT button when completed.

Sign Company Authorization Agreement

In this window, you do two things. You sign and preview your authorization agreement with our banking partner. You type in your Job Title, which is required, in the appropriate field and also sign your full name, which is also required.

Check the agreement box to indicate that you agree to sign the document electronically. When you have completed all of these, click on the FINISH button to complete your part of the bank account setup.

The system then reviews your authorization agreement to ensure correctness and validity. At this stage, your verification shows Pending. This status will change when the verification is complete, at which stage you have successfully set up your bank account.

After successfully setting up your company's bank account information, your admin can now process payroll. The next section provides detailed guidance on how to add or edit your company's administrators.

NOTE

After successfully creating your bank account, you cannot edit this detail except by [Contacting Support].