This integration allows you to efficiently manage your payroll and superannuation details, ensuring smooth transactions and accurate accounting. To ensure a seamless process, it is essential to follow specific guidelines while configuring the account percentages. In this article, we will explain the reasons for setting the first account as 100% and the second and third accounts as fixed amounts.
Reasons for Account Pairing Configuration
HiBob's Percentage Verification Limitation: The pairing of HiBob and Keypay can involve managing percentages across the first, second, and third accounts. However, HiBob cannot verify the total percentages across these accounts, which can lead to discrepancies and errors in payroll sync between the two platforms.
Fixed Amounts Ensure Precision: To avoid any potential synchronisation inaccuracies, it is recommended to set the second and third accounts as fixed amounts. By doing this, the system will process these fixed amounts first, and then the remaining balance will be treated as 100% and directed into the first account.
Step-by-Step Guide for Account Pairing Configuration
Follow these steps to set up the bank and superannuation account pairing correctly:
- Log in to HiBob (app.hibob.com):
- Navigate to Financial / Bank / Superannuation fields for employees
- Allow employee to be able to edit the first account allocation percentage as 100%
- For the first account, ensure that you set it as 100% to guarantee that the remaining funds will be allocated accordingly after processing fixed amounts.
- Allows updates for Second and Third Accounts as Fixed Amounts:
- For the second and third accounts, allow employees to enter the desired fixed amounts. This will ensure that these amounts are directly transferred to the specified accounts. Additionally, we suggest adding some of the following descriptions for the tool tip fields in:
- Bank Account 1 / Superannuation Percentage Allocation
- This is for the first bank/super account, and should always be setup as 100. As it is a number and payroll sees it as percentage, there is no need to enter the '%' sign.
- Bank Account 2/3 Fixed Allocation / Superannuation Account 2/3 Fixed Allocation
- This is for the 2nd / 3rd bank /super account. Using a fixed dollar / $ amount here, ensures no error in sync errors, smooth payroll processing. It takes these fixed amounts first, and then the remaining amount is provided to bank account 1 as the 100% reamining amount.
- Jump to SyncEzy Integration Portal and setup the pairing for the bank / super allocation amounts
Here's an example scenario to illustrate the suggested account pairing configuration:
Employee Salary: $4000
Desired Amount for Account 2: $1000
To achieve this, the employee should set up the accounts as follows:
Account 1: 100%
Account 2: $1000 (Fixed Amount)
Account 3: $0 (or any other desired fixed amount)
The system will then process $1000 to Account 2, and the remaining $3000 will be treated as 100% and deposited into the primary account.
If you encounter any issues or have further questions, please don't hesitate to reach out to our support team for assistance. Happy payroll management!