How to Change Payroll Bank Account in QuickBooks Desktop
Managing payroll is an essential task for any business, and QuickBooks Desktop makes it easy to handle all aspects of payroll, including changing your payroll bank account. Whether you have switched banks or simply want to update your payroll bank account information, QuickBooks Desktop allows you to make this change quickly and efficiently. In this article, we will guide you through the process of changing your payroll bank account in QuickBooks Desktop, and address some common questions regarding this topic.
Step-by-Step Guide to Change Payroll Bank Account in QuickBooks Desktop:
1. Open QuickBooks Desktop and navigate to the “Employees” tab.
2. Select “My Payroll Service” and click on “Account/Billing Information.”
3. Sign in to your Intuit account using your login credentials.
4. In the “Service Information” section, click on “Edit” next to the “Bank Account” field.
5. Enter the new bank account information, including the account number and routing number.
6. Click on “Next” and review the changes you have made.
7. If everything looks correct, click on “Submit” to save the changes.
8. QuickBooks Desktop will verify the new bank account information and update it accordingly.
9. Once the changes are processed, you will receive a confirmation email from Intuit.
10. It is important to inform your employees about the change in the payroll bank account to avoid any confusion.
Common Questions and Answers:
1. Can I change my payroll bank account in QuickBooks Desktop without any downtime?
– Yes, you can change your payroll bank account without experiencing any downtime. However, it is important to inform your employees and any concerned parties about the change to ensure a smooth transition.
2. What happens to my previous payroll transactions after changing the bank account?
– Your previous payroll transactions will remain intact and will be associated with the old bank account. The change in the payroll bank account will only affect future transactions.
3. Do I need to update my direct deposit information for my employees after changing the bank account?
– Yes, you will need to update the direct deposit information for your employees after changing the bank account. This ensures that their pay is deposited into the correct account.
4. Can I change my payroll bank account multiple times?
– Yes, you can change your payroll bank account multiple times if needed. However, it is important to inform all relevant parties and update the necessary information to avoid any discrepancies.
5. How long does it take for the changes to be processed?
– The processing time may vary, but it usually takes a few business days for the changes to be processed and updated in QuickBooks Desktop.
6. Will the change in the payroll bank account affect my tax filings?
– No, the change in the payroll bank account will not affect your tax filings. However, it is important to ensure that the new bank account information is updated with the appropriate tax authorities.
7. Can I set up multiple payroll bank accounts in QuickBooks Desktop?
– Yes, you can set up multiple payroll bank accounts in QuickBooks Desktop. This is useful if you have different accounts for different payrolls or if you want to switch between accounts for any reason.
8. What if I make a mistake while entering the new bank account information?
– If you make a mistake while entering the new bank account information, you can go back and edit the details before submitting the changes. Double-check the information to ensure its accuracy.
9. Do I need to contact my bank to change the payroll bank account in QuickBooks Desktop?
– No, you do not need to contact your bank to change the payroll bank account in QuickBooks Desktop. You can update the information directly within the software.
10. Is there a fee associated with changing the payroll bank account in QuickBooks Desktop?
– There may be a fee associated with changing the payroll bank account in QuickBooks Desktop, depending on your subscription plan. Check with Intuit or your service provider for more information.
11. Can I revert to my previous payroll bank account after changing it in QuickBooks Desktop?
– Yes, you can revert to your previous payroll bank account if needed. Simply follow the same steps mentioned earlier and enter the old bank account information.
In conclusion, changing your payroll bank account in QuickBooks Desktop is a straightforward process that can be done without any downtime. It is essential to follow the step-by-step guide and inform your employees about this change to ensure a smooth transition. Additionally, addressing common questions and concerns will help you navigate through the process with ease.