Payroll Linked to wrong bank account, that doesn't exist

I'm here to guide you as to how you can transfer our payroll transactions to the appropriate account in QuickBooks Online (QBO), @kaseysoutdoor.

You'll first have to make sure your Accounting Preferences' bank account info is correct. This way, all your payroll transactions will be posted to the appropriate account. To do this, here's how:

1. Go to the Gear icon.
2. Select Payroll settings.
3. Under Preferences, choose Accounting.
4. On the Accounting Preferences page, go to the Bank Account section.
5. In the Checking Account drop-down, select the correct account.

Once you're done, you're set to transfer your payroll transactions to the appropriate account. The option to move paychecks directly to another bank account is unavailable. However, you can enter them manually as journal entries. This way, you can reconcile your account.

You can either combine all of the employees' paycheck totals into one journal entry or create a separate transaction for each of them. Then, you can run a payroll report (i.e., Payroll Summary, Payroll Summary by Employee, or Payroll Details) to make sure the amounts are accurate.

Here's how:

1. Go to the + New button.
2. Select Journal entry.
3. Under the Journal date, enter the paycheck date.
4. If you want to track the paycheck number, enter it in the Journal no. field.

To know more about tracking paychecks, please refer to this article: Manually enter payroll paychecks in QuickBooks Online.

Also, to further guide you in reconciling your accounts in QBO, I'd recommend checking out these articles: 

• Reconcile an account in QuickBooks Online

• Tips for year-end reconciliation

Please don't hesitate to let me know if you have other payroll concerns and questions about managing transactions in QBO. Drop a comment below, and I'll gladly help. Take care, and I wish you continued success, @kaseysoutdoor.

When I go to the payroll Settings, I don't have a preference tab. I have looked through every tab & for some reason - It isn't there. Is there any other way?? Thank you!

Hi there, kaseysoutdoor.

I appreciate you for coming back to the thread to add some clarification about the steps shared above. With this, I'll ensure to share details about the new update of the Payroll Settings Platform so you'll be able to achieve your goal.

The details mentioned by my colleague above are steps for the old version of the setting in QuickBooks Online. That said, it could be that you're now facing the new release update where the Accounting Preference is now located in the bottom part after clicking the Payroll setting.

I attached screenshots below for visual references on how to make sure that your Accounting Preferences bank account info is correct.

Additionally, you can also open this article on how to manage your payroll accounting settings to track your payroll transactions: Change your accounting preferences in QuickBooks Online Payroll.

Lastly, you may refer to this article to view steps on how your employees can view and print their own W-2s at tax time: Invite your employees to QuickBooks Workforce to see pay stubs, W-2s and more.

Should you have questions about this update or any other QuickBooks topic, I'm just a post away. Hope you have a great day.

Thank you for the advice, however, I do not have an accounting tab on my payroll setting. I believe my CPA may be the primary admin on my books. Would that cause me to not be able to see that feature? Thank you

Hi there, @kaseysoutdoor. Allow me to share what I know about this matter.

Yes, you're correct. This feature is unavailable for you since your CPA is the primary admin of the account. What you can do is ask him to change your access rights, so you can access the feature in question.

After changing the access rights, you should be good to go to perform those steps that my colleague provided.

Additionally, you might want to give this article a visit to know more about user roles and access rights in QuickBooks Online.

Keep me posted for updates about this. I’m just a click away if you have additional QuickBooks related questions. Keep safe and have a good one!