How do I change my bank account in QuickBooks Desktop
QuickBooks is a robust accounting programme that allows users to manage their payroll correctly. If you have a current payroll service subscription with the QuickBooks Desktop application, you can use the Direct Deposit functionality to pay your employees. To utilise this functionality, you must first set up a direct deposit for your employees.
You may need to update the direct deposit bank account in QuickBooks at some point. Don’t worry if you don’t know how to modify your QuickBooks direct deposit bank account. We’ll show you how to alter the direct deposit bank account in QuickBooks in this blog.
Step 1: Gather information about your bank account and the primary officer’s address.
- Obtain your bank account information. You can use your online banking user ID and password, or you can write a check with your routing number and account number. (However, do not utilise the routing number printed on deposit slips.)
- You may be requested the physical address of your primary officer. This isn’t a post office box. payIntuit Payments must pay the state to follow all legal requirements, rules, and regulations as a licenced money transmitter.
Step 2: Create a chart of accounts for your bank account.
- Let’s get your bank account entered into your accounting system. This is necessary so that your payroll transactions are recorded in the relevant QuickBooks register.
- Select Chart of Accounts from the drop-down menu under Settings.
- To make a new account, click New.
- Choose Bank from the Account Type dropdown option.
- Select the type of bank account from the Detail Type menu.
- Make a name for your new account. You can add a name that fits using the information under the detail type.
- Add a description if needed.
- Select Is sub-account and then enter the parent account if you’re adding a sub-account. Learn more about parent accounts and subaccounts if you need assistance.
- Select a time when you want to start tracking your finances from this account in the QuickBooks option. Alternatively, go to the following link to learn more about opening balances:
- If the account you’re tracking is entirely new as of today, choose Today. Fill in the account balance as of today in the Account Balance section.
- Select Other if you began your account on a different date. Enter the date you wish to start tracking transactions in QuickBooks in the Select a date section. Enter the account balance for the date you chose in the Account Balance section.
- Select Save and Close when you’re done.
Step 3: Review your tax payments and payroll transactions to see whether any are owed to you (direct deposits or paychecks)
The next step is to make sure you don’t have any outstanding tax or payroll payments. This is necessary to ensure that your bank account change is completed successfully and that payroll money is deposited into the correct account.
Payments owed to the IRS: Select Taxes, then Payroll Tax from the left menu. Select the Payments or Tax Payments tab from the drop-down menu.
- If any payments are due today or earlier, they will be deducted from the current bank account.
- If you have any payments due after today’s date, please contact us for assistance in processing them.
Payroll transactions that are still pending: Select Payroll, then Employees from the drop-down menu. Then, beneath the Run Payroll button, select Paycheck list.
- If any paychecks are due within one business day of today’s date, the money will be deducted from the current bank account.
- You may erase any paychecks that are dated two business days or later (and are received before 6:00 p.m. PT). Select the checkboxes next to each paycheck and then the Delete button above them.
Step 4: Use the QuickBooks Online Payroll feature to change your bank account.
We must perform your bank account switch on your behalf.
- Fill out the form to change your bank account in QuickBooks. Note: Adobe Reader is required to view this form. Make careful to fill out the entire form and have a business officer sign it.
- Fill up and submit the bank account change form. If you make your request to us by 3:00 p.m. PT, it should be completed the same day. Any inquiries received after that will be processed the following working day.
Step 5: Double-check your bank account.
We’ll verify your new account with a test transaction within 2-3 business days. Before you begin, there are a few things you should know about test transactions:
- A test transaction should display on your bank statement in 2-3 business days after altering your bank account details.
- This amount should be less than $1.00 in debit and credit from Intuit Payroll Service.
- To double-check the amount, call your bank or go online and look at your bank statement.
- Before proceeding, double-check that the test transaction is cleared (not pending) on your bank statement; otherwise, the bank verification will fail.
To confirm your new bank account, follow these steps:
- Open QuickBooks Online and sign in after you see the cleared test transaction on your bank statement.
- Select Payroll and then Overview from the drop-down menu.
- Locate the item. Check your bank account on the TO-DO list, then select Edit.
- Select Verify Amount from the drop-down menu.
- In both fields, enter the amount of the test transaction (no decimals).
- Verify is the option to choose.
Step 6: In your accounting settings, change your bank account.
The final step is to alter your bank account in your accounting settings now that your bank account has been validated and is ready to utilise with your payroll service. This will ensure that your payroll and tax payments are recorded in the relevant account in your books.
- Select Payroll settings from the drop-down menu under Settings.
- Select Edit in the Accounting section at the bottom of the page.
- Select Edit in the Paycheck and payroll tax payments section. Select the account you set up in “Step 2: Set up your bank account in your chart of accounts” from the Bank account menu.
- Continue, then Done, and finally Done.
To conclude, QuickBooks Desktop is accounting software that will help you manage the accounting of a particular organisation. The whole idea of this blog is to help you understand how you can change the bank account in QuickBooks Desktop. I hope that this blogs proves to be helpful and was worth your time,