User's Manual - Drake Software

Drake Software User’s Manual
Preparing to Offer Bank Products
Table 7-4: Options under Banking Information in Setup > Firm(s)
Item in Setup
Waive add-on fee (e-Collect only)
e-Collect Basic (e-Collect only)
e-Collect Basic Plus (e-Collect
only)
e-Collect Deluxe (e-Collect only)
e-Collect Elite (e-Collect only)
Description
Mark this box to waive the add-on fees for customers
choosing the E1 card as their disbursement method.
For information on waving fees in restricted states, go
to Setup > Options > Administrative Options tab
and click Program Help.
Mark this box if offering direct deposit disbursement
only)
Mark this box if offering E1 card and direct deposit
disbursements
Mark this box if offering paper check and direct
deposit disbursements
Mark this box if offering the E1 Card, paper check,
and direct deposit disbursements
NOTE
Check with your bank for limitations on fees before setting up a new
firm. Once an amount is set and a bank application has been created,
the amount should never be changed. The banks closely monitor the
amounts charged for application fees.
Viewing in
Data Entry
Once a banking option is selected and saved, you can access it from data entry. In the
Electronic Filing and Banking section of the General tab, click the bank’s name
(Figure 7-3).
Taxpayer Application
Check and Card Stock
Figure 7-3: Electronic Filing and Banking section of General tab in data entry
Complete an application/agreement for every taxpayer applying for one of the banking
options available (see “Taxpayer Requirements” on page 212). Some banks
require original applications to be mailed on a weekly basis. Consult your bank for
requirements.
Obtain all check and card stock from your bank. All stock must be verified and
secured upon receipt. Read and retain all information included with the checks or
cards.
Tax Year 2012 219