QuickBooks provides highly efficient automation capabilities for all payroll activities related to a business. Apart from reducing time and manual effort considerably, the QuickBooks payroll module ensures timely payroll compliance too. If you have QuickBooks by your side, you should not worry at all about handling the payroll activities of your business. In this blog, we are going to provide feasible answers to one very common query often sent to us by QuickBooks users. Many of the users have informed that they would like to Change payroll bank account in QuickBooks but are not aware of ways to do so. In this blog, we will try to address these queries. If you are having similar queries, please go through this blog till the end.
⟴ First things first! Before proceeding to Change payroll bank account in QuickBooks, please keep the following in mind.
➡ Get your bank details (bank name, account number and routing number) for ready reference
➡ Note down the Payroll PIN used for sending payroll to Intuit
➡ You may need the physical address of your principal officer. Intuit Payments may need this to comply with the statutory regulations
Procedure to Change Payroll Bank Account in QuickBooks Desktop
Please follow the step-by-step procedure mentioned below-
Total Time: 36 minutes
Obtain your Bank Account Number and other Information
➡ Obtain your bank details for ready reference. You will find your bank name, account number and routing number on a check.
➡ You may also require the physical address of your principal officer. This may be required by Intuit Payments to comply with the legal regulations
➡ Keep the Payroll PIN used for sending payroll to Intuit.
Add your Bank Account to Your Chart of Accounts (CoA)
⟴ This is to ensure that your payroll transactions get posted to the correct QuickBooks register.
➡ Go to Lists
➡ Click on the Chart of Accounts tab
➡ Select Accounts
➡ Then click New.
➡ Select Bank
➡ Click Continue to proceed
➡ Fill in your bank account details
➡ Click on the Save and Close tab for your changes to take effect
Check if you Have any Pending Payroll Transactions and Tax Payments
A. To Check Payroll Transactions
➡ Select Employees
➡ Click on Payroll Center.
➡ Choose Payroll to view if you have any pending payroll transactions
B. To Check Pending Payroll Tax Payments
You can view this only in QuickBooks Desktop Payroll Enhanced.
➡ Click on Employees
➡ Navigate to the Payroll Center
➡ Click on the Pay Liabilities tab.
➡ Choose the E-Payments tab
➡ Pending tax payments, if any, will appear on your screen
Change your Bank Account
A. In QuickBooks Desktop Payroll Basic, Enhanced & Standard
➡ Click on Employees
➡ Go to My Payroll Service
➡ Click on Accounts/Billing Information.
➡ Log in to your Intuit Account
➡ Navigate to Payroll Info
➡ Go to Direct Deposit Bank Account
➡ Click on Edit.
➡ Provide your payroll PIN
➡ Click Continue to proceed
➡ Fill in your new bank account details
➡ Click on the Update tab
➡ After you receive a confirmation message, click Close.
B. In QB Desktop Payroll Assisted
➡ Click on Employees
➡ Navigate to My Payroll Service
➡ Click on the Billing/Bank Information tab to view the Payroll Service Account Maintenance page.
➡ Now go to the Bank Account Information section
➡ Click on the Edit tab next to Bank Account.
➡ Provide your payroll PIN
➡ Select Continue.
➡ Fill in your new bank account details
➡ Click on Update.
➡ After you receive a confirmation message, click Close.
Verify your New Bank Account
⟴ QuickBooks will verify your new account within 2 to 3 business days. It will make two test transactions with nominal amounts. You will need to check if these appear on your new account and submit a verification statement.
⟴ Here is how to do this-
A. In QuickBooks Desktop Payroll Basic, Enhanced & Standard
➡ Click on Employees
➡ Navigate to My Payroll Service
➡ Click on the Billing/Bank Information tab
➡ Log in to your Intuit Account
➡ Navigate to Payroll Info
➡ Go to Direct Deposit Bank Account
➡ Click on the Verify tab
➡ Enter your correct payroll PIN.
➡ Click Submit.
➡ You will receive a message like ‘Your bank account is verified’
➡ Click the tab named Return to QuickBooks.
B. In QuickBooks Desktop Payroll Assisted
➡ Click on Employees
➡ Navigate to My Payroll Service
➡ Click on the Billing/Bank Information tab
➡ Go to the Bank Account Information section
➡ Click on Verify to open the Verify Bank screen
➡ Fill in the amounts of the two test transactions from the bank statement, in the space provided.
➡ Enter your correct payroll PIN.
➡ Click Submit.
➡ You will receive a message like ‘Your bank account is verified’
➡ Click the tab named Return to QuickBooks.
Change the Default Bank Account in Default Preferences
➡ Select Employees
➡ Click on Send Payroll Data.
➡ Go to the Send/Receive Data window
➡ Click on the Preferences tab
➡ Go to Account Preferences
➡ Choose the new bank account from the dropdown box
➡ Click OK.
➡ Close the Send/Receive Data window.
You should also change the default bank account for the QuickBooks Payroll Service liability check.
⟴ Here are the steps to follow-
➡ Select Employees
➡ Click on Send Payroll Data.
➡ Select Preferences
➡ The Payroll Service Accounts window will open up
➡ Choose your new bank account from the drop down box in Pay Payroll Liabilities
➡ Select OK.
➡ Select Send
➡ Provide your Payroll PIN.
💠Frequently Asked Questions 💠
What is the Procedure to Export the QuickBooks Payroll Report to Excel?
⟴ Please follow the steps below-
➡ Click on Report
➡ From the dropdown menu, select Excel.
➡ Click on the Create New Worksheet tab.
➡ Now select the option named Update Existing Worksheet.
➡ Click on the Browse tab to select the particular worksheet to export.
➡ Select the Advanced option.
➡ If the checkbox for the columns is empty, make sure to clear it.
➡ Press the Ok button to proceed.
➡ Finally, select Export.
How to Mark a QuickBooks Payroll Report as Favorite?
⟴ Please follow the steps below-
➡ Go to Reports
➡ Click on Standard.
➡ Now scroll down to the section named Payroll.
➡ Go to the report name
➡ Choose Favorites
