Building Society Accounts 

Use

Despite the trend in the United Kingdom for building societies to convert to public companies and become banks in their own right, there are still building societies that use a clearing account with a major UK clearing bank. You can therefore still make payments to suppliers or employees who have their main bank account with a UK building society.

Prerequisities

To make a payment to a vendor or an employee on the payroll who has a bank account with a UK building society, you have to enter the name of the building society in the data carrier to facilitate the identification of the bank key and account number and thus ensure that the transaction is carried out within two days. To do this, in Customizing for Financial Accounting, choose Bank Accounting ® Bank Accounts ® Enter Name of Building Society.

For BACS payments, you also have to enter the building society roll number in the vendor master data or the employee’s personnel master record.