Understanding Bank Codes with 7shifts Payroll
Bank codes are used to categorize transactions and identify different types of payments/refunds that have been initiated.
In this article, you'll learn about the specific bank codes recognized by 7shifts Payroll (initiated by Check).
Bank Codes
For each approved payroll, we'll initiate one debit payment from the connected bank account. This payment includes employee pay (excluding manual payments), post-tax deductions, and all payroll taxes.
Bank codes will appear as a three-letter code. For example, the line item description for the transaction may appear as "7SHIFTS PCR ". Here are their meanings:
| Code | Payment Type |
|---|---|
| PCR | Cash requirements debited from employers to fund payrolls |
| PAY | Payments sent to employees for earnings |
| CON | Payments sent to contractors for earnings |
| PTD | Payments sent for post-tax deductions |
| TRM | Refunds sent to employers for termination of payroll services |
| TAX | Taxes collected from employers at Quarter-end when the amount owed is greater |
| TAX | Taxes refunded to employers at Quarter-end when the amount owed is lesser |
| MQC | Taxes collected from employers who switch payroll providers mid-year |
| AFR | Taxes refunded to employers when filings are not successful due to incomplete tax IDs |
| VPR | Taxes refunded to employers due to voided payrolls |
| RFD | Refunds sent to employers for overpayment |
| COL | Collection debited from employers for underpayment |
| PRENOTE | Prenote for validating bank account information |