Related resources
Replies (6)
Please login or register to join the discussion.
Classification of Pay RTI
RTI Moneysoft payroll requires to declare method of payment to Staff
We pay by Faster Payment Service (online or by telephone banking). As I understand FPS is not BACS, do I use the option "Other"?
Options are:
BACS
BACS + HASH
CASH
CHEQUE
OTHER
Be grateful for your opinion
Or am I misunderstanding the situation?
Thanks
Moneysoft payment methods
RTI Moneysoft payroll requires to declare method of payment to Staff
We pay by Faster Payment Service (online or by telephone banking). As I understand FPS is not BACS, do I use the option "Other"?
Options are:
BACS
BACS + HASH
CASH
CHEQUE
OTHER
Be grateful for your opinion
Or am I misunderstanding the situation?
Thanks
Ah. The original question is about Moneysoft rather than about RTI per se.
Technically you aren't paying by BACS, but colloquially you are, so I'd select "BACS" in your situation as otherwise there is no point in Moneysoft even offering that option. Someone who pays using "real" BACS should always pick the BACS+HASH option.
As the other respondant pointed out only the BACS+HASH response has any RTI effect, which is to add the Hash Code to the FPS filing (and presumably to any payment files generated by Moneysoft). All the other options would produce an FPS that looked the same as each other.
As I understand it, the only one on the list that affects RTI is the one entitled "BACS (with hash code)". The others (I think) are for reporting for your own use and have no bearing on RTI submissions.
I use the BACS option for both BACS and FPS payments.
I hope someone will correct me if this is wrong.
The payment method doesn't seem to feature on the list of items that need to be submitted under RTI.
Barclays BACS
Thanks very much I will follow your advice
For another client on Moneysoft, they do use Barclays BACS but its a standard form that we complete and fax over to Barclays every pay day. They then process the payments on the list. I am assuming this is BACS (and not BACS HASH)?
Is this correct?
No Service User Number
Yes, use BACS as long as the client doesn't have their own BACS Service User Number. If they have one then you may have to change your procedures to send Barclays the 4 character RTI Random tag too.