Question

Regarding new Federal and State compliance rules for direct deposit information

Forum|Forum|5 years ago
May 24, 2021
10 replies
0 views

Federal & State compliance ruse for direct deposit accounts. Requiring "Principal Officers" address, ssn, DOB, physical address, etc. For church clients I have - there is no "Principal" officer or as on some, the board changes the "President of the Board" every year. What Do you want me to use for these churches?

QuickBooks Accountant Desktop

Adrian_A

Hi there, VBS.

We can use either your Company or Master Admin's information in setting up for direct deposit.

Since your company will change the President of the Board every year, you can request to replace the primary principal. In doing so, ensure to prepare these requirements:

Complete Primary Principal change form.
A request letter signed by all principals on the company letterhead explaining reason for the principal change.
Photocopy of the new principal's government issued ID.
Contact QuickBooks Desktop payroll support to submit the form and other requirements above via Intuit File Exchange.

After setting up the direct deposit, you're good to connect your bank account. I've added this reference as your guide: Step 2: Connect your bank account.

Get in touch with me if ever you need my assistance in connecting your account. Have a great day!

L

Luttrells Auto

Why do I have to provide that information to you since my bank has all of that information. I very leery about giving your company our personal information. If I decide not to provide that information, what amount will I be billed for using just the payroll service and not the direct deposit?

JoesemM

Thanks for joining this thread, @Luttrells Auto. Let me share some information about changing the account credentials of the Primary Principal.

Since you're using QuickBooks Direct Deposit Services, you'll need to send provide a Direct Deposit Primary Principal Change Request. This to make sure that the information in your company file is updated with the new Primary Principal.

The complete instruction and downloadable form are provided in this article: Change primary principal for Basic, Standard, and Enhanced Payroll.

Once we receive the form, our back-end team will review the request and the attached requirements. Processing takes 3 to 5 business days from the date the complete requirements are received. Please wait for an email confirming the status of your request.

If you decide not to provide the information, you'll only be billed with your payroll service and your direct deposit will be canceled. In case you need to create a one-time regular (non-direct deposit) paycheck for an employee, refer to this article: Change a direct deposit paycheck to a regular paycheck in QuickBooks Desktop Payroll.

For further assistance, I'd suggest contacting our Payroll Support Team. Our representative has tools capable of pulling up the company account in a secure environment and help you from updating the primary principal information. Just click this article on how to reach them: Contact QuickBooks Desktop support.

I've also added this great source where you can find articles that can help you in managing your books in QuickBooks, please head to QBDT help articles at this link. This includes topics such as reconciliation, track income, and expenses, run reports, etc.

That's it! Let me know if you have any other questions. I'm here as your number one resource for QuickBooks Desktop. Have a wonderful week!

L

LD Lompoc

I have the accountants version for payroll. How do I change info for each of my clients? I can not find anywhere that tells me how to change or add info for the principal officer. I am the one who does the payroll for each but am not the signer on the bank account. Not sure what I am to do

A

AbegailS_

Hi there, @LD Lompoc.

I'd be glad to help you with changing the primary principal in QuickBooks Desktop. Let me guide you through the process.

If you're not the signer of the bank account, you can create a request letter. Make sure it's signed by all the company principals explaining the reason for the principal change

To download the form and complete the Primary Principal Change, you can follow the set of instructions found in this article: Change primary principal for Basic, Standard, and Enhanced Payroll.

You may also contact QuickBooks payroll support for further assistance. Here's how:

Open QuickBooks Desktop.
Go to the Help menu.
Select QuickBooks Desktop Help.
Click Contact Us.
Enter a brief description of your issue, then click Let's talk.
Then choose your preferred way to connect with them.

You can also check this article for more details: Contact QuickBooks Desktop support.

I'll be adding this article as your future reference to help you with the process: Update your business name and address for QuickBooks Desktop Payroll

Please reach out to me if you need additional assistance with updating the principal information. Have a great day!

J

johnfteel

Well Quickbooks you have really done it this time. Stating a law that does not even exist. What is wrong with you? How can you even ask for this information? Oh that's right, you need to pay your accountants that you have working for you. And you are worried about identity theft. Well here you go we will give our information so all the people you have working for you can steal it. Great idea!

S

Shechicago

I contacted our State and OFAC for guidance on this issue after going around in circles with Intuit over the last few weeks. There is no state or federally mandated “rule” requiring we provide the principal’s personal information.

Basically, here's what's going on: In speaking to OFAC, there is a Blocked Persons List (OFAC Screening). Intuit, or their subsidiaries, have a Money Transfer License for each state which allows them to do direct deposits. While there is no law "requiring" the Money Transfer Service to obtain a principal's personal information, if the money transfer service does a transaction that is not screened and one of the parties involved is on the Blocked Persons List the money transfer service can be held liable. I believe this is why Intuit is requiring this information.

I've contacted Intuit to find out how the principal's information will be treated outside of being used for the screening and am awaiting an answer.

I feel better about this now but am still on the fence as to which way to go, knowing that Quickbooks has had data breaches in the past. I might just pay our employees directly from our bank.

B

brao

Thank you for providing this info. Regardless, Quickbooks should not be requiring this. They can write software that checks the blocked person’s list and reject anything that matches. As it is, one needs to send payroll for direct deposit two days ahead. Enough time to run checks. This proposal is dangerous as given data breaches etc.

S

Starrdaark

Certainly a utility could be written to interface with "the list" and perform basic pattern matches resulting in "pass" or "fail" outcomes. However, and assuming the information about the list is accurate, were such a utility to utilized, it would be necessary to verify the source data used to compare against the list from time to time in order to assure the source of the direct deposit transaction (payer) is indeed the same as the information on file assumes. Just saying...

Q

Q-Buzz

Hi everyone.

I just wanted to join the conversation to assure you, before you inevitably Google

"QuickBooks sharing payroll data with Equifax 7/31/21"

that the results you will see could possibly be completely coincidental.

It really could be coincidental timing. Really.

Q

Q-Buzz

p.s. Since you're thinking about that now, you can/should opt out of this new payroll data sharing, before 7/31/21.

More info here: https://quickbooks.intuit.com/learn-support/en-us/data-utilities/get-answers-to-questions-about-the-work-number-from-equifax/00/897361

Q

Q-Buzz

edit: duplicated message

B

Bookkeeper1234

I cannot fathom the self-importance that Intuit Quickbooks Payroll believe they have, and how this company feels that they can strong arm businesses and private citizens. They are not a bank, they are not a branch of the United States Government, they are a software provider. Quickbooks payroll is forcing company owners, self-employed bookkeepers, non-profit board of directors, to essentially hand over their personal information, in order to use their payroll subscription service. This goes beyond what has been reported below of needing this information for payroll direct deposit requirements in order to verify that a company isn't involved in funding terrorism or money laundering. After being on the phone with this company 7 hours this week (I was transferred to incorrect departments, my calls were dropped, left on hold listening to their horrible music, routed to employees who just read off a script, etc.), I was finally told that I cannot even have a payroll subscription, because I am unable to provide Primary Principal information for a non-profit corporation. It was suggested that I give up my own Primary Principal information. This goes beyond what has been reported of just needing this for direct deposit and assisted EFTPS payments. I am a self employed bookkeeper for a non-profit corporation, and I am not going to provide my personal data to Intuit for this or any company I am not an owner of. At this point I don't want or need the payroll direct deposit and assisted EFTPS payments. I can do all that on my own. I just want the service that this non-profit has paid over $500 for. Can't even have that, I've been told. The payroll subscription isn't getting updates, it's not calculating payroll taxes correctly when I try to pay employees. I'm going to have to cancel the subscription and find a new solution, in the middle of the year. Intuit Quickbooks, you ought to be ashamed. I hope you get sued.

M

MRH-QHC

I still have the same feeling I did the first time I read about this supposed Federal and State Compliance.. They are scamming, since you cant find any things when searching for it and they keep posting the same thing again and again.. Are they going to sell our SS #'s to others that will steal our identity?? Something very fishy going on it.. and it has nothing to do with the loans..

M

MrTom4

@MRH-QHC wrote:
Are they going to sell our SS #'s to others that will steal our identity??

Even if they don't sell it, it's just bad practice to have this information in YET ANOTHER DATABASE that can be potentially hacked into and stolen by hackers.

We, everyone, need to practice limiting our data exposure. What happens when your data and identity are stolen from a company? They give you a free 2 year credit monitoring company to whom you have to yet again give all your personal information to so that now they can monitor and have all your information stuck in yet another database.

J

JonpriL

I'm here to help share how you're able to update your payroll information, @jocecampbell.

Thank you for sharing the results after following the suggestions shared by my colleague above. Since your using the direct deposit payroll in QuickBooks Desktop, there isn't an integrated way to update your Principal Officers details and all its fields manually.

Therefore, we'll have to create and send a request for the changes you wanted to accomplish. I've got you here the article showing the instructions needed: How to Request a Direct Deposit Primary Principal Change in QuickBooks Desktop?

I'm also adding these references with the helpful tips and guides you can use while waiting for the results of the payroll information you wanted to update:

You can always leave a comment below if you have any other concerns aside from updating your payroll's principal officer information. I've got your back. Take care and stay safe!

B

BP902645

If we choose to not have the payroll direct deposit option, and go with paper payroll checks - then the Principal's Office information is not required?

JenoP

Thanks for joining us here, BP902645.

I'll help with your question about updating the Primary Principal.

The update is required for customers who are using Direct Deposit to pay their employees. This also affects the ability to electronically pay your payroll taxes and file the tax forms as well. You can continue to pay and file your taxes and forms manually.

More details bout this are discussed here: Understand Why You Need to Update Your Account Info for Payroll.

Check out these articles for additional guidance when you're ready to pay and file your payroll taxes:

Don't hesitate to ask more questions if ever you need more help with QuickBooks. We'll make sure everything is sorted out.

M

MikeHub

I don't know who my Account Principal is. Is there a way to tell? I want to change the Account Principal to myself but I don't know who's signature to get for the change form.

MikeHub

JasroV

I'll help you become the new Account Principal in your QuickBooks Desktop (QBDT), Mike.

To know the current primary principal of your account, I recommend contacting our support team. One of our agents can look into your account and check it for you. Once you have the name of the current principal, you'll want to contact them and ensure both of you signed the request letter.

If the principal isn't available to sign the letter, you'll want to make sure you state the name of the old principal and the reason in your letter. Here are the requirements needed in changing a primary principal:

Completed Primary Principal change form.
A request letter signed by all principals on the company letterhead explaining the reason for the principal change.
A Photocopy of the new principal's government-issued ID.
Then Contact QuickBooks Desktop payroll support to submit the form and other requirements above via Intuit File Exchange.

You can also read through this link for more details about the process: Change primary principal for Basic, Standard, and Enhanced Payroll.

I'm also adding these links that you can read for additional reference and how to flawlessly manage your payroll:

You're always welcome to tag me in your reply if you need further assistance changing your primary principal. I'll be here to help you.

T

toro2000

I do not use direct deposit so I didn't have to update the principle admin. However, within the last month I now have to send payroll data to intuit for compliance with "workplace". Not sure what that means. I've never had to send any payroll data to Intuit in the past. What changed? It is a list of each employee I paid with paper checks. If I don't send this data it eventually won't let me update my payroll and I can't run any payroll. I don't understand why this is any of intuits business and makes me wonder what they are doing with this information.

T

TLH

Absolutely, SHAME ON YOU QB/PR for suspending our account on PR due to regulations that do not concern you. Your are NOT a banking service.... these regulations are run/supported in use with banks & WORLD bank to verify funds transfers off shore. The Feds already have the information that you seem to think you need to keep our PR going. You don't have authorization to verify our personal staff by their SS, DOB, Government issued ID.....We will be making sure anyone we know that wants to use QB to go find another product to use.

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