Error adding Bank Code in Employee Deductions - Invalid Bank Code Specified

When trying to add a bank code to an Employee direct deposit deduction, the bank code is missing in the help browse screen and when I type it in it shows an error:

Invalid bank code specified. 

• Munis

• Payroll

• Employee Deductions

• Payroll Setup

• Bank Codes

The bank code was added in Financials>Cash Management>Bank Codes instead of Payroll>Payroll Setup>Bank Codes

The Bank Code will need to exist in the Payroll Bank Codes program. 

1. Go to Bank Codes (Payroll>Payroll Setup>Bank Codes)

2. Click Add. Define all applicable/mandatory fields. Click Accept. 

3. Bank Code will now show in Employee Deductions.