User's Manual - Drake Software

Preparing to Offer Bank Products
Drake Software User’s Manual
Banking Options
Application statuses are listed below.
• A = Accepted
• B = Accepted, post-acceptance changes rejected
• C = Accepted, post-acceptance changes pending
• D = Declined (Call the selected bank to resolve any issues.)
• E = Accepted, awaiting bank account information
• G = Approved pending state registration
• I = Incomplete
• N = Needs compliance training
• P = Pending
• R = Rejected (available for correction and resubmission)
• S = Suspended; contact the bank
• W = Withdrawn
Most status updates are available within hours of submitting the application. Once
your application has been approved, contact the bank to order check stock and complete
any additional agreements.
Once you have chosen your banking solution, activate your selection in Drake data
entry so the correct screens are accessible from the General tab.
Setting Up
Banking
Options
1. From the Home window, select Setup > Firm(s).
2. Double-click the firm (or select a row and click Edit Firm).
3. Under Banking Information, select your chosen banking option and enter additional
information as necessary. Options are described in Table 7-4.Click Save.
Table 7-4: Options under Banking Information in Setup > Firm(s)
Item in Setup
Retrieve banking information
Additional Fee (Add-on)
Add-On Fee Recipient
Description
Import banking information from your completed bank
application in the EOM into Firm Setup.
These fees are deducted from the taxpayer’s refund
and held for you by Drake in a separate bank
account. The balance of this account will be distributed
directly back to you on a monthly basis during
tax season, and in mid-November for after-season
balances.
Use this field to have a name other than your firm’s
name printed on the Bank Information Sheet line
labeled “Additional Fee withheld on behalf of”
218 Tax Year 2012