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Learn How to Change Payroll Bank Account in QuickBooks

    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

    ➧ Step 1: 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.

    ➧ Step 2: 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

    ➧ Step 3: 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

    ➧ Step 4: 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.

    ➧ Step 5: 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.

    ➧ Step 6: 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

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