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I tried to change the bank account for payroll direct deposits. QB shows my payroll came out of one bank account, but it actually came out of another. What do I do?

 
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Best answer May 07, 2020

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QuickBooks Team
QuickBooks Team

I tried to change the bank account for payroll direct deposits. QB shows my payroll came out of one bank account, but it actually came out of another. What do I do?

Let me help you post the Direct Deposit into your new bank account, TPDZ.

 

When updating your account for Direct Deposit, we need to update it also in the Payroll settings. This ensures the paychecks to be processed through the new bank account and properly listed in the correct check register.

 

Let me show you how:

 

  1. Go to the Gear icon on the top menu.
  2. Choose Payroll settings.
  3. Tick Preferences.
  4. Select Accounting Preferences.
  5. In the Checking Account drop-down arrow, choose the new bank account.
  6. Press OK

For more details about changing bank account, check out this article: Change bank account information.

 

If you have existing paychecks that are posted to the old bank account, we can enter them as a journal entry. This way, you can use them to reconcile the account.

 

You can either combine all of the employees' paycheck totals into one journal entry or create a separate entry for each employee. To make sure the amounts are accurate, you can run a payroll report for reference. 

 

Also, I'd suggest consulting your accountant on what posting accounts you need to apply when creating a journal entry.

 

For more details about entering the debits and credits for wages and taxes, as well as a sample paycheck, check out this article: Manually enter payroll paychecks in QuickBooks Online.

 

I have a link here that provides you with articles about managing your 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 reconciling your accounts or any QBO related. I'll be here to ensure your success. Keep safe and healthy. 

View solution in original post

3 Comments 3
Highlighted
QuickBooks Team
QuickBooks Team

I tried to change the bank account for payroll direct deposits. QB shows my payroll came out of one bank account, but it actually came out of another. What do I do?

Let me help you post the Direct Deposit into your new bank account, TPDZ.

 

When updating your account for Direct Deposit, we need to update it also in the Payroll settings. This ensures the paychecks to be processed through the new bank account and properly listed in the correct check register.

 

Let me show you how:

 

  1. Go to the Gear icon on the top menu.
  2. Choose Payroll settings.
  3. Tick Preferences.
  4. Select Accounting Preferences.
  5. In the Checking Account drop-down arrow, choose the new bank account.
  6. Press OK

For more details about changing bank account, check out this article: Change bank account information.

 

If you have existing paychecks that are posted to the old bank account, we can enter them as a journal entry. This way, you can use them to reconcile the account.

 

You can either combine all of the employees' paycheck totals into one journal entry or create a separate entry for each employee. To make sure the amounts are accurate, you can run a payroll report for reference. 

 

Also, I'd suggest consulting your accountant on what posting accounts you need to apply when creating a journal entry.

 

For more details about entering the debits and credits for wages and taxes, as well as a sample paycheck, check out this article: Manually enter payroll paychecks in QuickBooks Online.

 

I have a link here that provides you with articles about managing your 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 reconciling your accounts or any QBO related. I'll be here to ensure your success. Keep safe and healthy. 

View solution in original post

Highlighted
Level 1

I tried to change the bank account for payroll direct deposits. QB shows my payroll came out of one bank account, but it actually came out of another. What do I do?

Since the payroll checks are shown in QB as being in " Bank Acct A" when in reality they were withdrawn from "Bank Acct B", how do I reconcile them?

Highlighted
QuickBooks Team

I tried to change the bank account for payroll direct deposits. QB shows my payroll came out of one bank account, but it actually came out of another. What do I do?

Hello, TPDZ. 

 

I'm happy to show you the steps you need to take to reconcile your payroll checks from "Bank account A" to "Bank account B." Follow along down below. 

 

Here's How:

  1. In QuickBooks Online, select Settings ⚙ and then select Reconcile. If you're reconciling for the first time, select Get Started first and then Let's do it.
  2. From the Account ▼ drop-down menu, select the account you want to reconcile. Make sure it's the same one on your statement.
  3. Check the Last statement ending date. Make sure your bank statement starts the day after your last reconciliation.
  4. Review the Beginning balance. Make sure the beginning balance in QuickBooks matches the one on your bank statement. Here’s what to do if they don't match.
  5. Enter the Ending balance and Ending date as they're written on your bank statement. Some banks call the ending balance a "new balance."
  6. When you're ready to start, select Start reconciling.

I'm also including a few helpful articles. The first highlights the steps above, as well as breaking down the process in more detail. I highly recommend checking it out. The second article explains what a reconciliation is, with a instructional video. 

 

- Reconcile an account in QuickBooks Online

 

- What's a reconciliation?

 

If you need further assistance with anything, feel free to post down below. 

 

 

 

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