QuickBooks is known to offer incredible accounting management features to small and mid-sized businesses. QuickBooks Desktop Payroll is also a crucial service in the program that helps employers to set up and manage the employee’s payroll processes and make payments based on payable hours. To do so, you need to set up the correct payroll account with the QuickBooks software if you need to change the bank information in QuickBooks. But if you are not sure how to do it, this post has got you covered. Read this post until the end to learn how to change your bank information in QuickBooks. Let’s start!
Things You Need To Consider Before Changing Your Bank Account?
- Before you change your bank account in QuickBooks, you need to adhere to a few important considerations. Check below:
- In the first place, you need to keep your bank account information and head office address handy with you so that you can provide them instantly when required.
- Thereafter, you need to set up your bank account on the QuickBooks Charts of Accounts in order to ensure that the payroll transactions are posted to the correct QuickBooks register.
- Also, make sure that there are no pending tax payments or payroll transactions; otherwise, it can obstruct the successful back account setup.
- Furthermore, change your bank account with QuickBooks Online Payroll service and get it verified.
Once these points are assured, you can proceed further and move to the main task.
How To Change The QuickBooks Payroll Bank Account?
Below are the steps that can guide your way to changing your payroll bank account:
Step 1: Gather All The Required Information Related To Your Bank
In the first place, you need to collect all your crucial bank information, such as bank account info, payroll PIN, and various others.
You can find your bank name, routing number, and account number on a cheque. Avoid using routing numbers from deposit slips.
You may also be asked to provide your principal officer’s physical address.
Also, keep the payroll PIN you use to send your payroll to Intuit.
Step 2: Set Up Your Bank Account In Your Chart Of Accounts
The next step is to add your bank account to your chart of accounts. It is a crucial step as it ensures that the payroll transactions will be posted to the correct register in QuickBooks.
- First thing first, select List and then Charts of Accounts.
- Thereafter, select Accounts and then New.
- Moving ahead, select the bank and then click Continue.
- Now enter your bank account information.
- Click Save and Close, and it will save the changes you have made.
Step 3: Make Sure That No Tax Payments or Payroll Transactions Are Pending
In the next step, you need to verify that there are no pending tax payments or payroll transactions. If not, you may not be able to complete the intended task successfully.
- In the first place, select Employees >> Payroll Center >> Pay Liabilities.
- Next, select the E-Payments tab, wherein you can see if there are any pending tax payments or not.
- Now select Employees >> Payroll Center.
- Moving ahead, you need to select the Payroll tab to check if there are any pending payroll transactions.
After confirming that there are no pending tax payments or payroll transactions, you can move to the next and most crucial step.
Step 4: Change Your Bank Account With QuickBooks Desktop Payroll Service
After setting up your bank account, you can track it in QuickBooks. Thereafter, we will update the bank information in QuickBooks Payroll Account. Below are the steps:
4.1: Steps For QuickBooks Desktop Payroll Basic, Standard, Enhanced
- First thing first, select Employees >> My Payroll Service >> Accounts/Billing Information.
- Thereafter, sign in to your Intuit account using the accurate login credentials.
- Moving ahead, go to the Payroll Info section and select Edit, located underneath the Direct Deposit Bank Account.
- Here, you need to enter your payroll PIN to move ahead in the procedure. Click Continue.
- Now provide your new bank account information and then select Update. Once done, you will receive a confirmation message for the same. Now select “Close.”
4.2: Steps for QuickBooks Desktop Payroll Assisted
- First of all, select Employees >> My Payroll Service >> Billing/Bank information.
- Here, you can access the Payroll Service Account Maintenance pages.
- Now select Edit next to the bank account, which is located underneath the bank account information.
- Provide your correct payroll PIN and then hit Continue.
- Next, provide your bank account information and then select Update. On getting the confirmation message, select Close.
Step 5: Verify Your Bank Account Once Added
After updating your bank information in QuickBooks Payroll, your account will be verified with two test transactions within 2-3 business days. Below is what you need to know about these test transactions:
- The amount should be less than $1 from Intuit.
- If you want to verify the amount, calling your bank or checking your bank statement online can help.
- You will get this amount refunded to your account in 3-5 business days.
Procedure For QuickBooks Desktop Basic, Standard, Enhanced Payroll
- Launch QuickBooks Desktop software and select employees.
- Next, you need to select My Payroll Service >> Account/Billing Information.
- Moving ahead, sign in to your Intuit Account by entering your login credentials.
- Now, in the Payroll Info section, select Verify under Direct Deposit Bank Account.
- Hit Enter and confirm your Payroll PIN.
- In the end, select Submit and return to QuickBooks after receiving the confirmation message.
Procedure For QuickBooks Desktop Assisted Payroll
- Open QuickBooks Desktop and select Employees.
- Now select My Payroll Service and then Billing/Bank Information, which will help you to access the Payroll Service Account Information pages.
- Now from under the Bank Account Information, select Verify, and it will open the Verify Bank screen.
- Enter 2 test transaction amounts from your bank statement that should not contain decimals into the fields labelled as Amount 1 and Amount 2. The sequence of entering the amount doesn’t matter.
- Enter and verify your payroll PIN.
- If correct, select Submit, and thereafter, you will get a confirmation message for the same.
- In the end, you need to select the Return to QuickBooks option.
Step 6: Change Default Bank Account In Your Preferences
After verifying your bank account, you are all set to use it with the Payroll service. In the end, you need to change your bank account in your default accounting and payroll preferences. It will make sure that your payroll transactions and tax payments post to the correct account in your books.
- Firstly, select Employees and then make Send Payroll Data your next selection.
- When in the Send/Receive Data window, select Preferences.
- In the Account Preferences section, select the new bank account using the drop-down list.
- Select OK, and your changes will be saved.
- Now, from within the Send/Receive Data window, select Close.
Steps to change the default bank account for your Payroll Service liability check in QuickBooks:
- From within QuickBooks, select Employees and then select Send Payroll Data.
- Now select Preferences, and it will open the Payroll Service Accounts window.
- Here, you need to select your new bank account from the Payroll Liabilities using the given drop-down list.
- Select OK and then send.
- Enter your Payroll PIN to get the task accomplished.
These are the steps that can help you change your bank information in QuickBooks Payroll. However, if you are having trouble changing your bank account, our experts can help you get the job done. Once you are connected with the QuickBooks experts via chat or email, they will guide you based on your queries.
Read Also: How Do I Upgrade QuickBooks Desktop Premier
1: What is the way to change the bank account for direct deposit in QuickBooks Payroll?
To do so, you need to click on Payroll Info in the first place. Next, click on Edit, located underneath the Direct Deposit section. Moving ahead, enter your payroll pin and click Continue. Now provide the information related to the new bank account and click Update. Following these steps accurately will help you to get the job done.
2: How do I change the Charts of Accounts in QuickBooks?
From within the QuickBooks, click on Lists and then Chart of Accounts. Thereafter, you need to right-click on the account you want to edit. Make the required changes and hit the Save button to finish the procedure.
3: What are the steps to change the bank name in QuickBooks?
If you want to change the bank name in QuickBooks, click Settings from within the program. After that, click on Charts of Accounts. Click Edit next to the Bank Register for which you want to change the name. Here, you can provide the new name and click Save, and then Close to conclude the procedure.
4: How to change the default bank account in QuickBooks Desktop?
If you are wondering how I can change the default bank account in QuickBooks Desktop, then the below-given steps can help:
- Click the Edit menu and then Preferences.
- Now check the left panel and then the company preference tab.
- Thereafter, choose the correct account on open/create paychecks, which is located underneath the Default account section.
- Hit OK to finish.
5: How to get QuickBooks Desktop Payroll assistance?
Not all QuickBooks users are tech-savvy and able to resolve their QuickBooks issues on their own. In such a case, professional help comes into play. In such a case, you can connect with us using our chat or email options or make a visit to our website to get relevant help.