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




 

Was this article helpful?
0 out of 0 found this helpful