Bacs
Hi there everyone,
BACS, is this a FI term or a HR, is this a standard term sused or if it something which is used for HR?
for example, our HR department requires BACS setup, must I find a HR person or a FICO person?
thanks
hey
bacs is a term used in the UK (at least) to describe the means of generating a report of payments to be made electronically for example this may include employee wages and salaries and also payments to vendors from a finance point of view.
All the BACS file is is a report of payments to be paid, it is then passed outside of SAP to another program (usually supplied by the bank) which is used to actually send the file to the bank for processing.
Therefore it is possible for it to either be the responsibility of the HR or FI people, at the end of the day though the information regarding the set up of the house banks and the management of the money, so it cant really be done without some FI input.
Good luck,
Greg
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www.newhithr.co.uk