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When you change the bank for payroll, it takes 2-3 business days to verify the account. Make sure to make the switch before the next pay run to avoid interruption.
There are a few tasks you’ll have to do before changing the account to successfully update the account. These are the following:
Collect the bank account info and principal officer's address.
Set up the new account in your chart of accounts.
Check for pending tax payments and payroll transactions (direct deposits or paychecks)
Edit the bank in your QuickBooks Online Payroll service.
Verify your bank account and enter the test transactions.
Update the Accounting Preferences setup.
Let me share the steps on how to add the new account information. The process is a breeze and I'm here to guide you.
Go to the Accounting menu on the left panel and pick Chart of Accounts.
Hit the New button in the upper right to open the Account window.
From there, click the Account Type drop-down to choose Bank and select the correct category in the Detail Type drop-down.
Enter the financial institution’s info in the Name field.
Fill in the remaining fields.
Click Save and Close.
Next, verify if you pending have any pending tax payments or payroll transactions. This is to ensure we’re able to successfully make the changes and the payroll fund is taken out from the correct account.
For detailed instructions, perform Steps 3-6 in this article and click the QuickBooks Online Payroll link to view the complete information: Change your payroll bank account.