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Doug_
Level 2

Payroll bank account update.

I updated a new payroll direct debit bank account number but missed the setting where the payroll expense is written to.  After two cycles, I realized the transactions were written to the 'old' account.  The question is how to reverse these to the actual account, if necessary, so I can successfully close the original account?

2 Comments 2
FishingForAnswers
Level 10

Payroll bank account update.

@Doug_  Well, the simplest solution would be to transfer the relevant amounts from the new account to the old account in QB.

 

This will lower the balance of the new account and raise the balance of the old, allowing for bank account reconciliations.

GenmarieM
QuickBooks Team

Payroll bank account update.

You can reverse the transactions from your old account to your newly added account by creating a journal entry, Doug_. Let's explore the details further below.

 

If payroll was posted to the wrong bank account, you have the option to create a journal entry to transfer the funds from your old bank account to the correct one other than delete and recreate the paycheck or taxes in QBO. I suggest consulting with your accountant to ensure the accuracy of your financial records. 

 

To create a journal entry:

 

  1. Select + New.
  2. Select Journal entry
  3. Fill out the fields to create your journal entry.
  4. Select Save and close.

 

Moving forward, if you want to change your bank account for payroll, ensure to change your payroll settings by checking out this article: Change your payroll bank account.

 

You can also refer to this article as your future reference in paying and filing your local tax withholding in QuickBooks Online Payroll: Pay and file your local taxes in QuickBooks Online Payroll.

 

Additionally, you can take your payroll management to the next level with our QuickBooks Payroll service. Experience seamless efficiency as you streamline your payroll processes and focus on what really matters growing your business.

 

I'll keep this thread open if you have other concerns or questions regarding your bank account in QuickBooks Online Payroll. The Community has your back always!

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