QuickBooks dispels many accounting barriers while streamlining your businesses. QuickBooks is the most famous accounting software which is used by millions of accountants, CPAs and small businesses. There is no magic behind the popularity and huge user base of this accounting software as the developers at Intuit have worked very hard to satisfy the evolving and diverse accounting needs of various industries and business sizes.
There is no denying the fact that there are as many accounting software solutions out there but if you analyse all those accounting software solutions then you will find that QuickBooks premier hosting is one of the best solutions in terms of ease of use, accessibility, high uptime, functionality. But do you really think that you are aware of all the accounting features given in the cloud hosting services?
Among the various accounting tools available in QB, the direct deposit function is another great feature which makes your payment process a lot easier. You just have to choose your employee (with their working hours, vacation leaves and other details), schedule the deposit and choose a U.S bank account, that’s it. With such a simple process, you will be easily able to make payment without getting stuck to the intricate payment processes.
So let’s learn some of the basics of the direct deposit for employees in QuickBooks desktop so that you can use it in the best possible way.
How can employees receive this direct deposit?
All the employees who wish to receive direct deposit need to fill out a Direct Deposit Authorization form and then hand over a voided check from their bank account. But you don’t need to submit the voided check or the authorization form to QuickBooks as they are for your records only.
How to set up an employee for direct deposit?
- First of all, you will need to choose your Employees and then select the Employee Center for opening your employee list.
- Then, double click on the employee’s name.
- Choose the Payroll information tab.
- Choose the Direct Deposit button.
- Now, from the Direct Deposit window, you will have to choose the Use Direct Deposit for(employee’s name).
- You can decide whether to deposit the paycheck in one account or two accounts.
- You will also have to enter the financial institution information of the employee in the required fields.
- If you decide to give the paycheck in two accounts, then you will have to enter the percentage of paycheck, which goes into the first account in the field of Amount to Deposit. The remaining amount will be automatically deposited in the second account.
- Finally, click on Ok.
- And then enter the direct deposit pin when prompted.
After setting up the direct deposit for employees, all the paychecks created for them will get automatically marked for the direct deposit, but in case you have already created a paycheck and want it to use in the direct deposit then you will have to delete the current paycheck and then recreate it.
How to edit the information of an employee’s direct deposit details?
You can easily update the bank account information of an employee’s direct deposit by using the same page where you entered the details. One of the best things about QuickBooks hosting services is that it allows anybody to embrace the features of accounting.
Even if you don’t have any type of experience with the cloud accounting solution or if you have never used any accounting software even on the desktop installed solution Steel you can start using the power of the accounting software without any issue as 10 accounting software is known in the market for its ease of use.
But you have to keep this thing in mind that you will have to update the bank account of the employee before clicking on the send button of the paycheck, otherwise the paycheck will be sent to the previous bank account of the employee. And if you have made the mistake, then you will need to delete and then remake the paycheck before sending it to Intuit. Or, you can follow the below-mentioned steps:
- First of all, you will have to open the Paycheck and then move to the Paycheck Details window.
- Then uncheck the Use Direct Deposit option and click on Save and then on Save and Close.
- After that, you will have to open the Paycheck again and use the Use Direct Deposit option.
How to remove direct deposit for an employee forever?
- First, choose Employees and then select the Employee Center.
- Then double click on the profile of the employee who needs removal of direct deposit.
- Choose the Payroll Info tab.
- Choose the Direct Deposit button.
- Now, choose to clear the box Use Direct Deposit for: this employee.
Important things to remember before setting up the direct deposit of an employee
- While entering the bank account details for direct deposit, you should always choose a check as the main source instead of the deposit slip because deposit slips are not valid for direct deposit.
- All the accounting details which are used for the direct deposit should be of the U.S only because the Automated clearing house is different for different countries and that’s why they do not agree with QB desktop.
- In case of pay cards, you should get in touch with the card provider account number information and other details.
- In case of a savings account, the employee will need to get the account number from the bank itself.
Setting up and using the direct deposit feature of the QuickBooks desktop is great and it helps in saving you a lot of time, while minimizing the hassle of payments. You can also save a big amount by choosing the direct deposit feature as by choosing it, you will be able to $176 per employee per year. You have to pay just $1.75 on each paycheck and all the functions and benefits of this great tool will be yours.
If you are using the power of the accounting solution then you must be aware about all the basic functionality of the accounting software as this will allow you to make the most of your accounting software without any issue. But if you want to use the power of your accounting software on its 100% efficiency then you will have to start searching for the best cloud hosting provider out there and then shift your accounting software on the cloud without second thoughts.
All the features that you were using in the desktop install accounting software will be shifted to the cloud hosting solutions like in the case of direct deposit will be able to use this feature both on the text of installed accounting software in the cloud hosted software.
In addition to this you are also going to get the same you were that you have been using on the text of installed accounting software on the cloud. This is one of the main reasons why even small businesses with little experience of technology do not shy away from using the power of the cloud accounting solution as soon as they realize its potential and perks.
