This article states steps that are required to change the bank account from which QuickBooks Assisted Payroll deducts direct deposits, paychecks, direct deposits, fees and taxes. To know more you can call QuickBooks Support.
To change the bank account for your payroll service deductions you need to:
1. Collect the information you need for entering into your new account. The information includes the name and routing number of the financial institution, the account type (savings or checking), and the account number.
QuickBooks Assisted Payroll Service:
• Funds can be withdrawn from one bank account only.
• Funds cannot be withdrawn from a foreign bank account, a credit line or a credit card.
• Cannot Direct Deposit funds into an employee foreign bank account.
2. If there is no bank account in the QuickBooks Chart of Accounts ,a new bank account should be set up there.
To change the Assisted Bank Account from within QuickBooks:
• Click on Employees and select My Payroll Service.
• Now choose Billing/Bank Information, so you can get access to the Payroll Service Account Maintenance pages.
• Click Edit next to Bank Account under the Bank Account Information.
• The Bank Account Information Change window will appear on the screen. Keep I mind that if you are changing your bank account type, routing number or account number you will not be able to process payrolls or direct deposit payments against either of the two accounts (old or new) for 1 to 2 banking days. The software needs time to make two small one-time withdrawals from your new account and to verify those withdrawals for you to activate the new account. Click on Cancel and complete your processing against your old account if you want to process payrolls or direct deposits urgently. Click on OK if you want to continue to change your bank account.
NOTE: If the following message appears on the screen by paychecks pending window: “We’re unable to change your bank information because one or more paychecks haven’t been processed yet. Paycheck processing normally finishes the day before the paycheck date. Please try again after all outstanding paychecks have been processed. Be sure to change your banking info 1-2 business days before sending your next payroll.” You will not be able to complete your bank account change until the processing of pending paychecks get over. To close the message, select OK.
• Type in your payroll PIN and then click Continue.
• Enter the updated information in the following fields:
1. Bank Account Name
2. Bank Account Type
3. Bank Legal Name
4. Routing Number
5. Account Number
• Select Update.
• You will see a confirmation message stating that your bank account information has been successfully updated. Select Close.
To know more about how to change bank account for assisted payroll service deduction call QuickBooks Support.