Direct deposit is an electronic fund transfer that is directly deposited into the employee’s bank account on their payment. It is one of the most convenient and easiest modes that is used by organizations to pay their workers. You can also SetUp QuickBooks Payroll Direct Deposit so that you can pay your employees timely without any further delays. If you are looking for the accurate procedure to set up payroll direct deposit then you must go through the entire blog.
Are you struggling with how to setup QuickBooks Payroll Direct Deposit and need instant help? Well, don’t worry and consult with one of our highly-certified experts by dialing the toll-free number +1(855)-856-0053.
What should you do to set up QuickBooks Payroll Direct Deposit?
The process to set up QB payroll direct deposit consists of three steps, i.e. initial setup of Direct deposit, verifying a test transaction, and setup each employee on direct deposit. To know about these steps in detail, follow the instructions listed below.
Step 1: Initial Setup Of Direct Deposit
- Go to the Settings icon and then tap on the Payroll Settings option.
- Soon after this, choose the Direct Deposit option beneath the Payroll option.
- Review the requirements for setting up a direct deposit and select Yes! Let’s get this party started.
- Complete the essential fields for the Employer Bank Account and the Principal Officer of the Account. Further, choose the Continue option.
- Finally, you’ll receive an email from email@example.com asking you to confirm your details. You’ll get another email confirming your pre-authorized debits once your information has been validated.
Step 2: Verifying a Test Transaction Direct Deposit
You must verify a direct deposit test transaction after you have completed the initial setup. As a test, a minor debt of less than $1.00 (CAD) will be deducted from your account in 2-3 business days. To double-check the amount, perform the following instructions carefully:
- In the first step, click on the Settings icon and then select Payroll Settings.
- Following that, tap on Direct Deposit.
- Soon after this, hover your cursor over the Verify Test Transaction option. (Note: You will not get this option until the test amount has been debited.)
- Add the test transaction amount within the required boxes (less than $1.00). Ensure that you have entered the pennies only and without a dollar sign. (i.e. .47)
- Further, click Ok and move towards the next step.
- Finally, you are now able to set up employees after successful verification.
You may take action to re-trigger the test transaction if you don’t see it within three business days after adding direct deposit information into your Payroll Settings. To do so, follow these steps:
- Go to the Settings, then Payroll Settings.
- After this, choose the Direct Deposit option.
- Now, tap on Yes! Let’s get started.
- Click on the Edit button behind the Bank Account field.
- Further, you need to enter the following number sequence into the bank account field: 123456789.
- Then, click Save and close.
- Return to your Payroll Settings and select Direct Deposit from the Gear icon right away.
- Next to the Bank Account field, click the Edit button.
- Replace the incorrect bank account number with the right one and save the changes.
- This should cause QuickBooks Online to transmit the test transaction to your bank once again. Please allow three business days for the transaction to show up in your account.
Step 3: Setup Each Employee on Direct Deposit
Once your direct deposit test transaction has been verified successfully, you are ready to set up each employee on direct deposit.
- To initiate the process, make sure that the employee has filled the Direct Deposit Authorization Form accurately.
- After completing the initial setup of direct deposit, choose the Set Up beside the desired employee.
- Following this, select the Direct Deposit option from the drop-down arrow of “What Do you Use To Pay Employees?”.
- Take the help from the employee’s authorization form to fill in the fields.
- Click Ok and with this the setup process is completed and now you use direct deposit to pay your employees on time.
Hopefully, we assure you that this blog will have helped you to setup QuickBooks Payroll Direct Deposit. If you are facing any issue while performing the steps listed above, then feel free to consult with our experts by placing a call at the helpline number +1(855)-856-0053.