Direct Deposit dates

Hello there, @Treetop2810. I can share with you some information about direct deposit payroll processed on non-banking days or federal holidays.

When processing the direct deposit, you'll have to ensure that your payroll should be processed and sent before 5:00 PM PST, two federal banking days before your paycheck date.  

Yes, the sudden change has something to do with July 4th, Independence Day. Since you use QBDT Assisted Payroll, you have a Next-day (1-day) funding time. However, if your payday falls on or two days after a holiday, you'll have to submit your payroll info (hours) for employees one business day earlier than you normally would.

Based on your description, I can tell that your payday is on July 5 (Wednesday). Since it's two days after Independence Day (July 4, Tuesday), you should've submitted payroll info (hours) for your employees on June 30, Friday. The money will be drawn from your account before regular banking hours on the next business day. This way, they can receive their pay on time.

Please know that direct deposits are processed only on banking days. Check out How do federal holidays affect my direct deposit? to learn more.

You can get more hints about direct deposit lead times through these links: 

• When do I need to submit payroll to pay employees on time?
• How do federal holidays affect my direct deposit?

If you have more questions regarding your payroll account or need help with other features, please let me know in your reply. I'll be around to help you out again. Take care and stay safe.

It helps to think this question through starting at the end, in steps.

Quickbooks expects you to submit your direct deposit no later than 5 PM Pacific Standard Time (8 PM EST) on Business Day 1. Quickbooks will then take the funds out of the business' bank account on Business Day 2. Finally, Quickbooks will deposit the funds into the employees' bank account(s) on Business Day 3.

In this case, you want your employees to be paid on 7/5/2023. This is 'Business Day 3'.

'Business Day 2', then, will be the first business day prior to 7/5/2023. Given the fourth of July, this is 7/3/2023. The money will be drafted from the business on this day.

So, 'Business Day 1' is the first business day prior to 7/3/2023, or Monday. Since weekends are not business days, that means Friday, 6/30/2023. As long as you can tally your hours before 5 PM PST (8 PM EST) on Friday, 6/30/2023, you can schedule the direct deposit for 7/5/2023. Certain timezones aside, that should be plenty of time.

Hello, I am furious and having the same issue. My payday for my ONE employee was Friday. It is almost a WEEK later and my employee still hasn't been funded their pay. I am looking into other companies. Please advise Intuit!