Learn how to change your company's bank account for payroll.
If you recently opened a new bank account, you'll want to make sure to change the account with us right away. Then there’s no interruption to your direct deposits or payroll tax payments.
There’s several steps to follow to get this done right. But don’t worry, we’ve got you covered. If you're new, follow all the steps in this process. If you’ve already completed any of these steps, select your next task below. Either way, you’ve got everything you need to change your payroll bank account.
- Step 1: Gather your bank account info and principal officer address
- Step 2: Set up your bank account in your chart of accounts
- Step 3: Check for pending tax payments and payroll transactions (direct deposits or paychecks)
- Step 4: Change your bank account
- Step 5: Verify your bank account (if you connected manually)
- Step 6: Change your bank account in your accounting preferences
|Note: Don't know which payroll service you're using? Find out which payroll service you have.
Step 1: Gather your bank account info, principal officer address, and payroll PIN
- Get your bank info. You can find your bank name, routing number, and account number on a check. (However, don't use the routing number from deposit slips).
QuickBooks Online Payroll only: You may be able to use your online banking user ID and password.
- You may be asked for your principal officer’s physical address. This can't be a P.O. Box. As a licensed money transmitter, Intuit Payments must comply with legal requirements, applicable laws, and regulations.
- QuickBooks Desktop Payroll only: Get your Payroll PIN you use to send your payroll to Intuit.
Step 2: Set up your bank account in your chart of accounts
Let’s get your bank account added to your chart of accounts. This is important so your payroll transactions post to the correct register in QuickBooks.
Step 3: Check for pending tax payments and payroll transactions (direct deposits or paychecks)
The next step is to make sure you don’t have any pending tax payments or payroll transactions. This is important to be sure your bank account change is successful and the payroll funds withdraw from the correct account.
Step 4: Change your bank account
Step 5: Verify your bank account (if you connected manually)
Within 2-3 business days, we'll verify your new account with a test transaction. A few things to know about test transactions before you get started:
- After changing your bank account information, a test transaction should appear in your bank statement in 2-3 business days
- This amount should be a debit and credit of less than $1.00 from Intuit Payroll Service
- You can call your bank or check your bank statement online to verify the amount
- Make sure the test transaction is cleared (not pending) on your bank statement before proceeding, otherwise the bank verification will fail.
Step 6: Change your default bank account in your preferences
Now that your bank account is verified and ready to use with your payroll service, the last step is to change your bank account in your accounting preferences. This will ensure your payroll transactions and tax payments post to the correct account in your books.