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I changed bank accounts in payroll settings but they came out of the old account register. Will they be withdrawn from the correct account?

 
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QuickBooks Team
QuickBooks Team

I changed bank accounts in payroll settings but they came out of the old account register. Will they be withdrawn from the correct account?

Let me provide some information about updating your bank account, kandyshack05.

 

When updating your bank account in the Payroll Settings, we need also to update your bank account in the Export Preferences page in your Intuit Online Payroll account. This ensures the paychecks processed through the new bank account are posted in the correct check register.

 

bank account01.PNG

 

For more details about updating your bank information on your payroll account, please refer to this article: Change bank account information.

 

On the other hand, funds will still be taken out from your actual bank account that was enrolled for Direct Deposit. If the transaction is still pending, you can void the transaction and recreate it. Then, send it again with the correct bank account in the Pay From field. 

 

However, the option to edit the transactions once the payment is already processed is unavailable. We need to create a journal entry to transfer it from the incorrect bank account to the correct one. 

 

To learn more about exporting payroll data into QuickBooks Online, you can check out this article: Setup export of IOP data to QuickBooks Online (QBO).

 

I have a link here that provides you with articles about managing payroll: https://quickbooks.intuit.com/learn-support/en-us/payroll-and-workers/07?product=QuickBooks%20Online.

 

Fill me in if you need a hand with running payroll reports or any QBO related. I'll be here to help.

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