In this article you will learn how to change the bank account for QuickBooks Assisted Payroll. Also, how to make changes in taxes, direct deposits (including direct deposit transactions for vendors), and fees.
Step 1: Preparing the info you’ll need to enter the new account.
Including the name and routing number of the financial institution, account number, and the account type (whether it’s a checking or savings account) gather all the necessary details required.
In QuickBooks Assisted Payroll service
- You cannot withdraw funds from only one single bank account
- You cannot withdraw from a foreign bank account, line of credit, or credit card
- You cannot transfer direct deposit funds to an employee’s foreign bank account
Step 2: Setting up a new bank account in the QuickBooks Chart of Accounts
You must log in to your company file as admin and be in single-user mode when making these changes.
If you need help in adding a new bank account to the Chart of Accounts in QuickBooks refer to Understand QuickBooks Chart of Accounts or contact us.
Step 3: From within QuickBooks, make changes in the assisted bank account
- Please Note: If you have pending payroll transactions you can’t change your bank account in QuickBooks.
- For 1-2 banking days after the change you can’t process payrolls or direct deposit payments from your old or new accounts.
- From your new account we will make two small one-time withdrawals which will be refunded back to your bank account in 7-10 business days.
- To activate the new account in QuickBooks you must verify those withdrawals. (Refer to the steps given below)
- To process the change you must have your payroll PIN. You may need to change your PIN if it has less than 8 characters.
- To access the Payroll Service Account Maintenance pages, Choose Employees > My Payroll Service > Billing/Bank Information.
- Under Bank Account Information, Click Edit next to Bank Account under the Bank Account Information.
- After which the Bank Account Information Change window will open.
- Type your payroll PIN and then click on Continue.
In the following fields, enter the updated information :
- Bank Account Name
- Bank Legal Type
- Account Number
- Bank Account Type
- Routing Number
- Select Update.
- Stating your bank account information has been updated successfully, a confirmation message will appear. Select Close.
- In 1-2 business days, locate your two small debits by checking your bank account/statement. To enter the debits into QuickBooks and verify your bank account, follow the steps given below.
- If you’ve submitted your bank account change in QuickBooks, activate your bank account.
- Follow the steps given below to activate your bank account in QuickBooks after you have submitted your bank account change
- Click on Employees
- Select My Payroll Service and then select Billing/Bank Information to the Payroll Service Account Information pages.
- Click Verify, under Bank Account Information. The Verify Bank screen will appear on screen.
- From your bank statement , enter the 2 small charges without decimals into Amount 1 and Amount 2 fields.
- Now, you need to enter and confirm your payroll PIN.
- Click on Submit.
The Bank Account is Verified this message will appear on the screen. Select Return to QuickBooks.
- As normal, create and send your payroll.
- For payroll checks, change your default bank account
- Select Edit and then click on Preferences.
- Select Checking on the left navigation bar.
- Select Company Preferences tab.
- Select Open the Create Paychecks in the Select Default Accounts to Use section in the Select Default Accounts to Use section,.
- Click on the drop-down arrow and then select the correct bank account. For paychecks in the future, this will set the correct bank account as the default.
- Change the bank account in which your Assisted Payroll liability check has been recorded in
- Select Employees in QuickBooks
- Click on Send Payroll Data.
- To open the Payroll Service Accounts window, click on the Preferences button and then using the drop-down arrow choose the appropriate choice.
- Click on OK.
- Select Send and then enter the PIN.
- For urgent changes in your bank account
- If your bank account is already closed or if you need to change your bank account immediately due to suspicious activity use this option.
- Fill in the QuickBooks Assisted Bank Account Change form.
- Please Note: The above mentioned form will open in Adobe Reader.
- Before you upload your duly accomplished and signed packet, complete all the necessary details here. To be guided accordingly, follow the on-screen instructions.
- Make sure that you fill out the form completely and also make sure that the primary principal or payroll admin’s (on file) signature is there on the form. In 4 hours, we will work on your Bank Account Change request. Any request for bank account change sent after the 3 PM will be processed the next day as the bank account change cut-off is 3 PM PT.
On the form, fill in the QuickBooks Bank Register name. The liability check will post to the old register, if this information is not updated.
Make sure that the principal or payroll administrator has signed the form.
Make sure that you select the new account in QuickBooks in the Select Employees to pay window when you create the first payroll to be deducted from the new account.
To know more on how to change the bank account for QuickBooks Assisted Payroll in QuickBooks desktop, call on our QuickBooks Support USA number. You can also write to us at firstname.lastname@example.org . For more information visit – www.quickbooksupport.net.