Change Your Payroll Bank Account In QuickBooks: Collect, And Verify

Last Updated on December 23, 2020 by Editorial Team

Changing your Payroll bank account can be due to some of the security issues that occurred or may be due to the changing of the account details. So, if you want to change your account you can follow the steps which are given below.

Things to Remember

  • You can easily withdraw funds from only one of the United State bank accounts.
  • Here, you have to switch in plenty of the time for your next payroll so there will be no interruption as it takes 2 to 3 days minimum.

Procedure For Changing Payroll Bank Account

Here you are going to know about all the steps by which you can change your Payroll bank account in different payroll services like QuickBooks Online Payroll, Intuit Online Payroll, and QuickBooks Desktop Payroll.

Steps for Changing Bank Account in QuickBooks Online Payroll

If you want to change your payroll bank account in QuickBooks Online Payroll then follow the below steps which are mentioned and change your account easily:

Step 1: Collect your Bank Account Information and Address

  • First, you have to collect your bank information. Then you can easily use your online banking user Id and password and even you can use your beat number or account number on the check. But you have to take care you can’t use your beat number in the deposit slip.
  • Then, you will be asked for your principal officer’s physical address and remember that it can’t be a P.O. box. But for the licensed money transmitter, Intuit payments you should obey the legal requirements, applicable laws, and regulations.

Step 2: Set your Bank Account in the Chart of Accounts

This is very important for adding your bank account to the chart of accounts as your payroll transaction will post to the correct register in QuickBooks. So, the steps are given below:

  • First, you need to select the setting option and then you need to go to the chart of accounts.
  • Then, you have to select new for creating a new account.
  • Now, you have to go to the account type in the drop-down menu and then choose Bank.
  • In this step, you can see the detail type with the drop-down menu, there you have to select the type of bank account.
  • Here, you have to give your new account a name. Then you can use the information under your detail type for adding a name that fits.
  • If you want to add the description then you can add it is optional.
  • Now, if you are adding a sub-account then you need to select Is sub-account and then you need to enter the parent account.
  • If you want to track your finances from this account then you go to the QuickBooks drop-down list and then select a period. Even you can select the learn more about the opening balance:
    • If your account is new as you have made it today then you have to select Toady for tracking. Then in the account balance field, you need to enter the amount as of today.
    • But if you have started your account on any other date then you need to select another. Then you can see the select a date field, then you need to enter the date which you want to start tracking transactions in the QuickBooks. Now in the account balance field, you have to enter the balance of the account for the date you will choose.
  • At last, when you have done all the steps you need to click on the save and then close.

Step 3: Check for the Pending Tax Payments and Payroll transaction

Here you need to verify that you should not be having any pending tax payments or payroll transactions. You have to keep a check on your bank account change is successful and if the payroll funds have been withdrawn from the correct account.

Steps for Pending Tax Payments
  • Here from the left menu, you need to select taxes and then select payroll tax.
    • Now if there are any payments dated for today date or earlier then they will be taken from the current bank account.
    • But if there is any payment dated after today’s date then you need to contact QuickBooks for the assistant for handling these payments.
Steps for Pending Payroll Transactions
  • Here from the left menu, you need to select workers, and then you need to select the employees. After this, you need to select the paycheck list which is below the run Payroll option.
    • If, suppose there is any paycheck date on one business day or sooner from today date then the funds will be taken from the current bank account.
    • But if there are any paychecks that show a date two business days or later than today’s date then you need to delete them. Then select the box available next to each paycheck and now select the delete above the paycheck. Then you will be back later at the end of step 6.

Step 4: Change your Account with QuickBooks Payroll Service

Now, here you can change your bank account by the payroll service as steps are mentioned below:

  • First, you have to select settings and then you need to choose the Payroll setting.
  • In this step, you have to see the section titled bank accounts. If you can see this section then you can go to further steps but if not then you need to contact QuickBooks, then they can help you in changing your account.
  • Now, you have to give the name to your bank account and then you can select the edit option and then select the update option.
  • After this, click on the create a bank account option.
  • Here, if your bank name is in the list of the 8 banks then you just click on it and enter your online banking user ID and password but if your bank is not present then search for your bank and enter bank information manually. Then enter the routing and account number and then click on the save option.
  • At last, you just have to click submit.

Step 5: Verify your Added Bank Account

Your new account will be verified within 2 to 3 business days with the test transaction. Here, you should know some points about the transaction so they are below:

  • As you have changed your bank account information, now there will be a test transaction in your bank account within 2 to 3 days.
  • The amount will be credit and debit from your account which will be less than $1 from the Intuit Payroll service.
  • Even you can easily call your bank or check your bank statement online to verify the amount transaction.
  • You have to make sure that the test transaction is cleared on your bank statement before proceeding or not, because if not then bank verification will fail.
Steps for Verifying the Bank Account
  • When you have the cleared test transaction in your bank statement then you need to open the QuickBooks Online and then sign into it.
  • Now, in the left menu, you have to select the workers and then select the overview.
  • Then a To-Do list will show you where you need to find the check your bank account item then select edit.
  • After this select the verified amount.
  • In this step, you need to enter the amount of the test transaction which is in the Debit amount field, and then re-enter it in the confirm debit amount field.
  • At last, select the verified option.

Step 6: Change Bank Account in Accounting Preferences

By all the above steps, the account is verified and now ready to use with the payroll service, now only one step is left that is changing your bank account in accounting preferences. By this step, your payroll transaction and tax payments will be posted from the correct account.

  • First, you have to select settings and then you need to click on the Payroll settings.
  • After this, you need to go to the section titled accounting which is at the bottom of the page, and then click on the edit option.
  • In the next step, you need to go to the paycheck and payroll tax payment option then you have to click on the edit option.
  • Then from the bank account, you need to select the account you set up in Step 2.
  • At last, you have to click on the continue option and then click on done and done.

If your bank account has been updated then you can recreate any paycheck which you have deleted in Step 3.

Note: Here, if you need to change your bank account immediately because any suspicious things are happening in your account or you already closed your existing bank account then you need to contact Intuit for your help with expediting your bank account change.

Steps for Changing Bank Account in Intuit Online Payroll

If you want to change your payroll bank account in Intuit Online Payroll then follow the below steps which are mentioned and change your account easily:

Step 1: Collect your Bank Account Information and Address

  • First, you have to collect your bank information. Then you can easily find your bank name, routing number, and account number on a check. But you don’t have to use the chase number on the direct deposit slips.
  • Then, you will ask for your principal officer’s physical address and remember that it can’t be a P.O. box. But for the licensed money transmitter, Intuit payments you should obey the legal requirements, applicable laws, and regulations.

Step 2: Check for the Pending Tax Payments and Payroll transaction

Here you need to verify that you should not be having any pending tax payments or payroll transactions. You have to keep a check on your bank account change is successful and if the payroll funds have been withdrawn from the correct account.

Steps for Pending Tax Payments
  • First, you need to go to taxes and form a tab, and then from there, you have to select view tax payments that you have made. Then you have to look at whether there are any pending tax payments.
  • Now, if it is applicable you can delete the pending tax payments. But if there is no option for deleting the tax payment then you need to contact QuickBooks for the option.
Steps for Pending Payroll Transactions
  • First, you have to go to the Payday option and then you need to select the Paycheck list.
    • If, suppose there is any paycheck dated on one business day or sooner from today date then the funds will be taken from the current bank account.
    • But if there are any paychecks date two business days or later than today’s date then you have to delete them. Then select the box available next to each paycheck and now select the delete above the paycheck. Then you will be back later at the end of step 4.

Step 3: Change your Bank Account with Intuit Online Payroll Service

By the steps below you can change your bank account with the help of your payroll service.

  • First, you have to go to the setup option and then you need to select direct deposit.
  • Then, you have to click on the edit option and now enter the new bank account information and the principal officer’s physical address.
  • At last, you can click on continue and then just click on the confirm option.

Step 4: Verify your Added Bank Account

Your new account will be verified within 2 to 3 business days with the test transaction. Here, you should know some points about the transaction so they are below:

  • As you have changed your bank account information, now there will be a test transaction in your bank account within 2 to 3 days.
  • The amount will be credit and debit from your account which will be less than $1 from the Intuit Payroll service.
  • Even you can easily call your bank or check your bank statement online to verify the amount transaction.
  • You have to make sure that the test transaction is cleared on your bank statement before proceeding or not, because if not then bank verification will fail.
Steps for Verifying the Bank Account
  • When you have the cleared test transaction in your bank statement then you need to open the QuickBooks Online and then sign in to your Intuit Online Payroll or Intuit Online Payroll Full Service account.
  • After this, you have to go to the To-Do option and then select the confirm your test deposit from there.
  • Now, enter the test transaction amount both the deposit amount and then confirm the deposit amount field.
  • At last, click or select ok.

After these steps, if your bank account is updated, now you can recreate any paycheck that you have deleted in Step 3.

Steps for Changing Bank Account in QuickBooks Desktop Payroll

If you want to change your payroll bank account in QuickBooks Online Payroll then follow the below steps which are mentioned and change your account easily:

Step 1: Collect your Bank Account Information and Address

  • First, you have to collect your bank information. Then you can easily use your online banking user Id and password and even you can use your beat number or account number on the check. But you have to take care you can’t use your beat number in the deposit slip.
  • Then, you will be asked for your principal officer’s physical address and remember that it can’t be a P.O. box. But for the licensed money transmitter, Intuit payments you should obey the legal requirements, applicable laws, and regulations.
  • At last, you will be receiving your Payroll PIN which you used for sending your payroll to Intuit.

Step 2: Set your Bank Account in the Chart of Accounts

This is very important for adding your bank account to the chart of accounts as your payroll transaction will post to the correct register in QuickBooks. So, the steps are mentioned below:

  • First, you have to select the list and then you have to go to the chart of accounts.
  • In this step, you have to select the accounts and then click on new.
  • Then, you have to select the bank and then click on continue.
  • After this, you have to enter your bank account information which is being asked.
  • At last, you have to select the save and close option to save all the changes you have made.

Step 3: Check for the Pending Tax Payments and Payroll transaction

Here you need to verify that you should not be having any pending tax payments or payroll transactions. You have to keep a check on your bank account change is successful and if the payroll funds have been withdrawn from the correct account.

Steps for Pending Tax Payments for QuickBooks Desktop Payroll Enhanced only
  • First, you have to select the employees and then you can click on the payroll center and then select the pay liabilities option.
  • At last, you have to select the E-payments option for viewing any of the pending tax payments.
Steps for Pending Payroll Transactions
  • First, you have to select the employees and then you can click on the payroll center.
  • At last, you have to select the payroll option for viewing any of the pending payroll transactions. 

Step 4: Change your Bank Account with QuickBooks Desktop Payroll Service

After setting up your bank you can track it in QuickBooks Desktop and now it is the time to update the information in your QuickBooks Payroll Account Management portal.

Steps for Changing Bank Account in QuickBooks Desktop Basic, Standard, Enhanced
  • First, you have to select the employees, my payroll service and then you have to click on the account/billing information.
  • After this, you have to sign in using your Intuit account login id and password.
  • In this step, you need to go to the payroll information section, and there under the direct deposit bank account option you have to click on the edit option.
  • Then, you need to enter the payroll PIN and then you need to select the continue option.
  • At last, you have to enter your new bank account information and then select the update option for updating your info. Then you will be receiving the confirmation message and then select the close option.
Steps for Changing Bank Account in QuickBooks Desktop Payroll Assisted
  • First, you have to select the employees, my payroll service and then you have to click on billing/bank information for accessing the payroll service account maintenance pages.
  • Then you can see under the bank account information you can select the edit option which is there next to the bank account.
  • Now, you can enter your payroll Pin and then click on continue.
  • At last, you need to enter your new bank account info and then select the update option for updating and then you will be receiving the confirmation message and then select close.

Step 5: Verify your Added Bank Account

Your new account will be verified within 2 to 3 business days with the test transaction. Here, you should know some points about the transaction so they are below:

  • As you have changed your bank account information, now there will be a test transaction in your bank account within 2 to 3 days.
  • The amount will be credit and debit from your account which will be less than $1 from the Intuit Payroll service.
  • Even you can easily call your bank or check your bank statement online to verify the amount transaction.
  • Here you will be receiving a refund account information for these amounts within 3 to 5 business days.
Steps for Verifying the Bank Account for QuickBooks Desktop Basic, Standard, Enhanced
  • First, you need to open the QuickBooks Desktop.
  • Then, you have to click on employees and then go to my payroll service option, and finally the click on the account/billing information.
  • Now, you have to sign in to the Intuit account login by using id and password.
  • After this, you have to go to the payroll info section which is under the direct deposit bank account option, and then select the verify.
  • In this step, you need to enter and then confirm your payroll PIN.
  • At last, you need to select and then submit. Then you will be receiving a message that your bank account is verified then you can click on the return to QuickBooks tab.
Steps for Verifying the Bank Account for QuickBooks Desktop Payroll Assisted
  • First, you need to open the QuickBooks Desktop.
  • Then, you have to select the employees and then my payroll service option and then click on the billing/bank information for accessing the payroll service account information page.
  • Now, if you see the bank account information option and under this, you need to click on verify. After this, the verified bank screen will open.
  • After this, you need to enter the 2 test transaction amounts from your bank statement without having any decimals into Account 1 and the Account 2 field. (But it does not matter the way you enter the amount or in which order you enter the amount.)
  • In this step, you need to enter and then confirm your Payroll PIN.
  • At last, you need to click on the submit option and then you will receive a message that your bank account is verified then you need to click on return to QuickBooks.

Step 6: Change Bank Account in Accounting preferences

By all the above steps, the account is verified and now ready to use with the payroll service, now only one step is left that is changing your bank account in accounting preferences. By this step, your payroll transaction and tax payments will be posted from the correct account.

  • First, you have to click on an employee and then you need to click on the send Payroll data.
  • After this, you will be able to see the send/receive data window, where you have to select preferences.
  • In this step, you have to click on the account preferences and then select the new bank account from the drop-down menu present.
  • Then select ok for saving all the changes you have made.
  • At last, just click on Close on the send/receive data window.
Changing the Default Bank Account for QuickBooks Payroll Service liability check
  • First, you need to open QuickBooks.
  • Then you have to select the employees and then choose to send payroll data.
  • After this, you have to select the preferences for opening the payroll service account window. Then select your new bank account from the pay payroll liabilities from the drop-down list.
  • Now, simply click on ok and after this, you can select send and enter your payroll pin.

Note: Here, if you need to change your bank account immediately because any suspicious things are happening in your account or you already closed your existing bank account then you need to follow the steps which are mentioned below:

  • For the QuickBooks Desktop Payroll Basic, Enhanced, Standard you have to download the direct deposit bank account change form and you can email it to intuit.
  • For the QuickBooks Desktop Payroll assisted
    • First, you need to complete the QuickBooks assisted bank change form.
    • Then you have to upload your complete bank account change form. Then the request will be processed on the same day or on the next business day.

Winding Up

Now we end this blog here, hope the information which is provided by Pedily is helpful to you. Here we have discussed how to change your Payroll bank account in QuickBooks (QuickBooks Online Payroll, Intuit Online Payroll, QuickBooks Desktop Payroll). If in case you face any problem then you can contact and take help from QuickBooks ProAdvisor and can get rid of your issues.

Didn't find your solution?

Don't get stressed out? We are here for help. Find a QuickBooks ProAdvisor or CPAs who can help you get rid of your problem. Dial our toll-free number.

Call us: +1-888-461-1545

unable-to-resolve-problem.jpg

Leave a Reply

Your email address will not be published. Required fields are marked *