With the new enhancements done on the InstaCash DAT file, you may have a few questions at the top of your head. No worries, we've got you covered! Keep on reading our FAQ to know more.
1. What has changed with the InstaCash Repayment DAT File?
Previously, there were two options to generate an InstaCash Repayment DAT File: via the InstaCash DAT File option and Payroll + InstaCash DAT File option. Now, only the Payroll + InstaCash DAT File option will be available.
Also, when the admins click on the Payroll + InstaCash DAT File option, aside from generating the two DAT Files, the system will also generate the InstaCash Loans Report which includes the list of employees with InstaCash deductions on the specific payroll period.
2. Why did we change the InstaCash Repayment DAT File?
With the unified option to generate Payroll and InstaCash DAT Files, our goal is to ensure the seamless processing of your payroll and the timely repayments of your employees’ salary advances.
3. As a payroll administrator, how will I know if we are able to use this new feature?
- For you to use this new feature, your company must be:
- InstaCash Subscribers
- Using 1 bank: Either BDO, BPI, or Unionbank for ALL Employees
4. Our company is already subscribed to InstaCash and we are using one of the three eligible banks (BDO, BPI, or Unionbank), but why can’t we see the Payroll + InstaCash DAT File option?
There must be at least one InstaCash deduction during a specific payroll period AND the payroll run must be approved. If these are not met, you will see the Payroll DAT File option to process your employees’ payroll only.
5. How will I know if the payroll run with InstaCash deductions is not yet approved?
When the payroll run with InstaCash deductions is not yet approved, a banner on the Payroll page will appear prompting you to approve the unapproved payroll run. The unapproved payroll runs will also be highlighted and a warning icon will appear beside the SUMMARY link, when hovered, a tooltip will show stating that an unapproved payroll run is detected.
6. Our company has subscribed to InstaCash but we are not using any of the eligible banks (BDO, BPI, and Unionbank). How should we pay our InstaCash dues?
Your company can remit the InstaCash repayments using one of the following options: online transfer, bank deposit, or check deposit. The bank details of InstaCash’s lending partner, such as account name and account number, are included in the Statement of Account (SOA) sent out to your company.
7. Is InstaCash DAT file going to be available for other banks?
Yes, we’re working on making repayments as convenient as possible for other banks as well. Stay tuned for future updates!
8. What is the purpose of the InstaCash Loan Report?
The InstaCash Loan Report is generated alongside the Payroll and InstaCash DAT Files which list down all the employees with InstaCash deductions during the payroll run. This will help our admins identify which employees have been deducted with InstaCash during the payroll run and reconcile any amounts, if necessary.
9. What records are included in the InstaCash Loan Report?
Only automatic InstaCash deductions and one-time, manual, negative loan adjustments are included in the report. Here are the identifiers for the included records:
- Adjustment Type: External Loan
- Adjustment Name: Sprout Loans Advance
- Adjustment Code: loansadv
- Should be a one-time adjustment (not recurring)
Comments
0 comments
Article is closed for comments.