Banks will often need to know whether your ACH transactions are for business/corporate entities or individuals/consumers. This identification is the 'SEC Code' on an ACH file.
The most common SEC Codes are CCD and PPD.
If paying business vendors, you will want to identify those entities as 'CCD'.
If paying direct deposits for payroll, those individuals (who use Social Security numbers) will be 'PPD'.
If you are storing the Profiles in QuickBooks, in the CHK/SAV field, you can enter
- PPD - for PPD Checking
- CCD - for CCD Checking
In addition, you can enter:
PPDC - for PPD Checking
PPDS - for PPD Savings
CCDC - for CCD Checking
CCDS - for CCD Savings
Note: If you are storing profiles within ACH Universal (not in QuickBooks), see profiles.