Money Movement Test
Conduct a money movement test to validate payroll transactions without affecting financial liabilities.
Overview
Steps to complete the money movement test, which aims to ensure that all financial transactions behave correctly and accurately.
In order to validate the proper functioning of debits and credits when a company submits a payroll through Check, live-money payroll testing can be conducted. This test run is designed to have no impact on tax payments, liabilities, or other financial aspects. Any funds debited from a specific bank account during the testing process can be refunded to the initiating account, ensuring the integrity of the payroll testing procedure. Through this approach, the system's reliability and accuracy can be thoroughly assessed, providing confidence in performance.
Steps
- Notify Check of your Interest: Notify your program manager that you are interested in running a money movement test. This exercise will require enablement from Check to ensure the test company is approved for money movement, and we will coordinate on timing and execution
- Create a company: Partner uses API to create a “fake” company in Check for money-transfer testing. Required attributes for the account:
- You must include “Money Movement Test” somewhere in the legal name & trade name
- Complete company onboarding: Enter all applicable tax and banking information. The tax information can be fabricated for this exercise, but the bank account information must be valid.
- Any value accepted by our FEIN field can be used - we recommend not using a real/your company's FEIN as this can have legal/compliance/tax implications
- Create an employee: Create an employee object and assign a workplace. In onboarding, any information can be fabricated with the exception of the banking information which must match the company banking information used in step 2
- Alert Check: Notify your program manager that setup has been completed - Check will review the test account to verify all information has been provided as expected
- Create & Run a Payroll: Add a payroll to your test company (using the employee and workplace that were created) that has the following attributes:
- A payday at least 4 business days in the future
- Add payment in the form of reimbursements
- This test does not support employee or contractor earnings
- Enter an amount greater than $100
The Outcome
During the process, funds will be debited from the company's account and subsequently deposited into the employee's account. As the same bank information is utilized for both transactions, it will appear as a debit and credit in the transaction records. Check will verify that these operations do not result in any tax returns being generated and that no tax deposits are remitted.
Last updated on September 30, 2024