Changing a company's bank details involves updating the account information used for financial transactions, such as payroll and vendor payments.
Whenever the company changes its banking arrangements, whether switching banks or updating account information, make sure to follow the appropriate steps to update the details.
📌Note: If you use Portal, follow these steps.
To change a company's bank details, follow the steps below.
Click CorePaythen click Reference.
Click Payroll Parameters.
In the Company Code field, enter the company code.
Under the Banking Details section, update the relevant fields.
Click the save
icon.
📌Note: If you get a message advising 'Location must be entered', you need to go to page 3 and complete details within Employer NI Codes & Employer Pension Codes - Cost Centre, Location, and Expense are mandatory fields.