Direct Deposit is an easy way to save your time on QuickBooks Payroll. If you are a new user in QuickBooks Payroll and you don’t understand how to set up Direct Deposit in QuickBooks Payroll, Don’t worry. In this blog, I can explain to you everything about Direct Deposit in QuickBooks Payroll and if you want more information about QuickBooks Payroll you can contact our QuickBooks Payroll Support team.
What is Direct Deposit in QuickBooks Payroll?
QuickBooks Direct Deposit is the part of QuickBooks Payroll. QuickBooks assent you to use Direct Deposit for both employees and vendors. It helps you to manage all your track inventory which contains completed information in the form of statements. You can pay your employees without the hassle of writing or printing Checks. It’s very simple to set Up Direct Deposit in QuickBooks Payroll.
How to Set up Direct Deposit?
My all Steps are very easy and simple you can just follow us. If you want the instant solution you can join our QuickBooks Support team. Our Expert team solved all types of queries. Ok, let’s go to the steps.
Step 1: Enter Company Details
First, verify your company information, including legal name, address, EIN and, industry.
Step 2: Enter your bank information
Next, you have to enter your business bank information. Then select the bank account from which you want to pay employees. Indicate whether it is a checking or savings account and enter the legal name, routing number and, an account number associated with the bank account. Finally, agree to the terms and conditions at the bottom of the screen.
Step 3: Set security limits
As an additional security measure, QuickBooks will now enter you into three security checks. Use the drop-down menu and choose the most accurate option for the business.
Step 4: Activate your Direct Deposit
To verify your bank account, QuickBooks will charge you two small verification amounts. Once you see these charges on your banking records, you can officially activate your direct deposit amount.
Step 5: Verify direct deposit
Once you see two verification charges in your bank records, activate Employee> My Payroll Services> Direct Deposit. Input the two amounts and then click on Next to verify your bank account.
Step 6: Enter Employee Direct Deposit Details
Click Use Direct Deposit for this Employee box and enter the following details: bank name, account number, account type, and routing number. You can also choose whether to deposit the entire amount directly or divide the amount. When done, click OK and then click OK on the Employee screen to save the information correctly.
Step 7: Run your payroll
Now you are ready to run payroll using direct deposit. Then follow the instructions given first to run the payroll. When you arrive at the last screen, send it to your employees to pay via direct deposit.
Step 8: Enter Direct Deposit PIN
Direct deposit pins are helpful for security purposes. You will be provided with a direct deposit PIN which you will have to input to verify the transaction. this will make sure of the security breach.
Step 9: Print Pay Stubs
Now if you have paid to your employees using direct deposits, then you do not forget to print the payment stubs. To print pay stubs in QuickBooks payroll – go to File, then Print Forms and then Pay Stubs.
Benefits for Employers in QuickBooks.
- Cost savings and managing the cash flow.
- Low risk of check fraud because it will help you.
- More control over payroll and all kinds of payroll expenses.
- Timely payments of salary checks, even when employees are away.
- Reduced bookkeeping because of immediate payments into employee accounts.
- Online transaction reports will be available immediately
In this blog, I told you how to Set Up your Direct Deposit in QuickBooks Payroll. I hope this blog is helpful for your business and your queries. Stay connected with our QuickBooks Support phone number to get more information about QuickBooks Payroll and our support service.