With this article, QuickBooks payroll support team will guide you how you can change the bank account for your assisted payroll service deductions. Bank account deductions usually include paychecks, taxes, direct deposits (including DD transaction for vendors), and fees. Following the steps recommended, you can easily change your bank account for all those deductions.
In order to change the bank account for your payroll service deduction, you must:
Have all the information about your new account which you want to add. The account information will include name, the routing number of the financial institution, account type, and the account number.
The account can be either of checking type or savings. It is recommended not to use a saving account as the funded payroll account since your bank may place a limit on the transaction amount that can occur in a given time period. This is one major drawback of adding a saving account. You may be charged with fine or transaction rejection if you use a saving account, so it’s better to go with a checking account.
You may know, with QuickBooks Assisted Payroll Service:
- Funds can be withdrawn only from one bank account.
- Funds cannot be withdrawn from a foreign bank account, credit card, or a line of credit.
- Direct Deposition of funds into an employee foreign bank account cannot be done.
- If the account is not added, you must log in as the administrator in single-user mode, and set up the new bank account in the QuickBooks chart of accounts.
- You can change your bank account in any of the two ways provided:
- Submitting the Assisted Bank Account Change form
- Completely fill the QuickBooks Assisted Bank Account Change form.
- You need to create a case. Upload the completely filled and signed packet to intuit. You may follow the screen instructions to complete the procedure. Or you can reach our Quickbooks payroll support team.
Points to be taken care of:
- Do fill the QuickBooks Bank Register name on the form otherwise; the liability check will post to the old register.
- The form must be signed by the principal or the payroll administrator.
- Ensure to select the new account in QuickBooks when you create the first payroll in the Select Employees to pay window.
- For changing the bank account for an already sent payroll, the request must be sent two days before your payroll is processed.
- Changing the bank account from within QuickBooks
Keep the following things in mind if you opt to change the bank account from within QuickBooks:
- The bank account in QuickBooks cannot be changed for pending payroll transactions.
- For 1 to 2 banking days, you will not be able to process payroll or DD payments from your old account to your new account.
- Two small transactions for less than 1.00$ will be made by intuit from your new account, which will be refunded to your bank in 7-10 business days.
- The withdrawals must be verified by the admin user in order to activate the account in QuickBooks.
- The change will require your payroll PIN. Make sure to keep your PIN 8 characters long.
Follow the steps to change the Assisted Bank Account from within QuickBooks:
- Go to Employees > My Payroll Service > Billing/Bank Information in order to access the Payroll Service Account Maintenance pages.
- Select Edit Bank Account, Under Bank Account Information.
- Once the Bank Account Information Change window will open, change all the bank account details. Enter all the details for your new account including bank account type, routing number or account number.
Once you put all the details, it will take 1- 2 banking days to change the bank account. In case, you have any pending payroll or direct deposits, you can cancel the process and complete your processing against your old account.
Or if you wish to continue to change your bank accounts click OK.
- In the required field, put your payroll PIN and click Continue.
- Fill all the fields with updated information:
- Bank Account Name
- Bank Account Type
- Bank Legal Name
- Routing Number
- Account Number
- To save the changed information, click on update.
- Once you receive the confirmation message on the screen stating your bank account information has been updated successfully. Click Close.
- Your bank account will be changed in 1-2 business days.
You can check your bank statement to locate two small one-time withdrawals less than $1.00 from your new account.
- You need to activate your bank account if you opted for bank account change in QuickBooks. Or if you have used the bank account change form, proceed to step 5.
Your bank account will be changed, 1-2 days after you have submitted your bank account change request. Follow the steps to activate your new bank account.
- Open QuickBooks. Go to Employees > My Payroll Service > Billing/Bank Information.
- Once you see Bank Account Information click on Verify. The Verify Bank screen will open.
- In the Amount 1 and Amount 2 fields, enter the 2 small deductions from your bank statement without decimals.
- Enter and confirm your payroll PIN in the required field.
- Click on Submit.
- Once the “Bank Account Verified “message appears on the screen. Click on Return to QuickBooks.
- Now you are ready to Create and send your payroll as normal.
Steps to Change Your Default Bank Account for Payroll Checks.
- Click Edit and go to Preferences.
- Select Checking from the left navigation bar
- Select the Company Preferences tab.
- Select Open the Create Paychecks, In the Select Default Accounts to Use section.
From the drop-down that appears, choose the new bank account that you added .this will set your new bank account as default for paychecks in the future.
- Change the bank account for Assisted Payroll liability check:
- Open QuickBooks, select Employees and click Send Payroll Data.
- Open the Payroll Service Accounts window by clicking on preferences and select the appropriate bank account using the drop-down arrow.
- Click OK.
- Click on Send and enter the required PIN.
Important: you need to set up the new bank account as default payroll bank account, which you have created in your chart of accounts otherwise your QuickBooks liability check will always post to your old bank account register. To reconcile all the transactions with your bank statement, you will have to edit each liability check and move it from the old bank register to the new one.
For more information and queries, reach our QuickBooks Support team.