QuickBooks' direct deposit feature is one of the most crucial features, as provided by Intuit. It allows employers to transfer funds to their employees directly and thus makes the payment process more straightforward. In this blog, we will see the steps taken to set up the company QuickBooks payroll for direct deposit. When the user cannot set this direct deposit feature, an error occurs called QuickBooks Error 40001. So, read the blog completely before performing.
Are you tired of setting up the company payroll for direct deposit? This blog is a complete guide to how it can be set up on your computer. If you need any professional assistance, contact our support team at 1-855-542-9309 .
What steps are used to set up company payroll for direct deposit
Step 1: Gathering business, bank, and principal officer information
Collect Business name, address, and EIN.
Social Security number, birth date, and home address of Principal officer
Online bank credentials or your company’s bank routing and account numbers.
Employees’ or contractors’ bank account info.
Step 2: Connecting bank account
Sign up for the QuickBooks software using username and password.
In the first step, move to Employees> My Payroll Service> Activate Direct Deposit.
Choose Get Started.
Select Start in the business tab. Fill in all the details asked. Click Next.
Again, fill in the details. Choose Next.
Click on Add new bank account.
Type the name of your bank and your online bank credentials.
Generate a PIN. Confirm your PIN twice, then Choose Submit.
Click Next, then click Accept and Submit.
If asked to confirm the Principal officer’s full Social Security number. Choose Submit.
You’ll see one of the following messages:
Your bank account is connected. It says you are ready to pay your employees.
Thank you for signing up for QuickBooks Direct Deposit. You need to perform more steps.
Step 3: Verifying bank account (if you couldn’t connect instantly)
Look for the test transaction amount
First, you need to check the transaction process by sending less amount and see how long it takes to get transferred.
Enter the test transaction amount.
You must log in to the QuickBooks payroll as master or primary admin and test your transaction. Enter the transaction amount without adding a decimal to it. That user who holds access can activate direct deposit.
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Step 4: Setting up employees’ direct deposit
Setting up your company payroll for direct deposit
This step has already been discussed in the above sections. Go and read the blog completely to fix your issue.
Get a direct deposit authorization form.
Get an invalid check only for storing specific info such as your employee's bank account and routing number directly. This is only for the records, and it doesn’t need to be submitted.
Add direct deposit to your employees.
To open the employee list, you need to click Employees and then select Employee Center.
Choose the Employee’s name.
Now, click the Payroll Info tab.
Click the Direct Deposit button.
Move to the Direct Deposit window and select Use Direct Deposit for [employee's name].
You need to ensure whether to transfer to one or two accounts.
Fill out the employee's financial institution information field (Bank Name, Routing No., Account No., and Account Type).
Later, you need to enter the amount to deposit to the first account; the rest of the money goes to the second account in the Amount to Deposit field.
Finally, you need to click OK, and your information will be displayed.
Last, Enter the direct deposit team PIN.
Conclusion
In this blog, steps have been discussed to set up the company QuickBooks payroll for direct deposit and how employers can transfer money to employees directly using the direct deposit feature of QuickBooks Payroll. You read the blog completely and follow every step carefully. For any kind of help, contact our customer support team by dialing 1-855-542-9309.
You may also read: QuickBooks payroll error 557: A complete guide
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