Simplify Payroll Processing with QuickBooks Direct Deposit Form
One of the significant yet complicated tasks for most organizations is payroll management. Earlier enterprises availed of the expertise of accountants to manage it. But today, it has become surprisingly simple with accounting solutions such as QuickBooks. Setting up QuickBooks Direct Deposit Form makes payroll processing way more efficient and resource-saving.
The direct deposit form allows employers to gather crucial employee data such as bank details. But many users of QuickBooks still get confused when attempting to use the Quickbooks employee direct deposit form. So, in this post, we’ll explain how to set up this form, its benefits, and the process of writing a direct deposit.
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Points to Note Before Setting QB Direct Deposit Form
You need to take note of some things before configuring direct deposit. Here are the things you should have when setting it up.
- The name and routing number of the financial institution.
- Your account number.
- The names of the banks of your employees.
- The account numbers of your employees.
- Your workers’ bank routing numbers.
Setting up QuickBooks Direct Deposit
Before setting up direct deposit, ensure to set up payroll with QB Online. Make sure that you have your full business company data with you. Your tax information should also be fully accurate. QuickBooks will inform you if you are on the right track. You will see green checkmarks against these options in QuickBooks Online. Now, you can begin the process of turning on direct deposit.
- Go to QB Online and choose ‘Start.’
- After that, choose ‘Connect your bank.’
- Now tap ‘Get Started.’
- In the window, you can verify the data you have inputted.
- If you are the only company owner, you are the principal officer of the company. You need to provide the principal offer of your company to QuickBooks Online.
- After that, locate your bank below ‘Add a new bank.’
- Then key in the routing and account number manually.
- After that, input a personal identification number to safeguard your account.
- Now QB Online will dispatch a small deposit of less than $1 for verification to your account.
- Then you’ll get a verification email where you’ll confirm this deposit amount.
- After that, your account verification will be complete.
- Now, you need to enter your employee data.
- Print the free QuickBooks payroll direct deposit form and hand it to your employee.
- In order to print, you need to access the authorization for direct deposit form.
- For it, click ‘Taxes and forms‘ in QuickBooks Online.
- Next, choose ‘Employee and contractor set up.’
- After that, choose ‘Authorization for direct deposit.’
- Pick ‘Bank verification‘ followed by ‘View.’
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Steps to Fill QuickBooks Direct Deposit Form
With the aid of this form, your employee can make their pay go to either one or two bank accounts. Here are the steps to filling this form by employees.
- In account 1, you are asked about the type of account. (Checking or savings account).
- Next, you’ll need to enter the bank routing number or the ABN number.
- Moving on, you will need to input your bank account number present on the right part of the ABN number. In addition, the form asks you about the percentage of the salary amount you want to deposit into the specific account.
- In account 2, which is the next part of the Direct Deposit QuickBooks form, you are again asked for bank account data.
- However, you won’t need to enter percentages as the overall salary amount not accounted for in the prior account will get deposited into account 2.
- After that, you will see a space for a single or more voided checks for the bank account you entered in the prior parts of this form.
- In the end, there’s a field for the employee ID number and spaces for the name of the employee to be printed.
- Further, there’s space for the employee to put their signature and date.
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Steps to Take After Filling QuickBooks Direct Deposit Form
Now you know how to set up this form and have your employees fill it out. Here are the steps you should take after your employee information has been correctly entered.
1. Input the data into payroll in QB.
After collecting the details, you can put them in the payroll management app. Here’s the procedure to follow.
- In the ‘Workers’ menu, tap ‘Employees.’
- Tap the ‘Name‘ of the employees for whom you want to input the data.
- Tap the ‘Add new contact/Employee‘ option while configuring the deposit for a new employee. It will make a new entry.
- After that, tap ‘Edit.’
- Now choose the right option from the following in the drop-down menu.
- ‘Direct Deposit’
- If your employee has inputted two account details, choose ‘Direct Deposit to Two Accounts.’
- ‘Direct Deposit with Balance as a Check.’
- Input the bank account data from the QuickBooks payroll direct deposit form that your employee submitted to you.
- Now, review all the data and tap ‘Done.’
2. Always have a copy of the Direct Deposit Form.
It’s highly suggested that you have a copy of the direct deposit form on your computer. It proves useful if any financial disputes arise at a later date.
3. Incorporate QuickBooks with a payment processor.
You are required to process payments via an online method to make payroll deposit for your employees. Use a payment processor for the purpose of processing payroll into the bank accounts of your employees.
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What Is the Significance of QuickBooks Direct Deposit Form
There are various benefits of setting up direct deposit in QuickBooks form. Unlike other payroll software solutions, you can send same and next-day deposits. Moreover, there is no additional QuickBooks direct deposit cost. You only need to submit payroll not before 7 PM on payday. Here are some other benefits.
- You can control the payroll management and your expenses.
- Through direct deposit, your employees receive payments promptly.
- It minimizes the risk of suspicious activities or checks thefts.
Now you can easily set up QuickBooks Direct Deposit Form. It is advantageous for both business owners and employees. You only need to have your and your employee’s bank account details. If you need any additional guidance or face any issues in this process, connect with QuickBooks technical support service.