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July 27, 2021
Question

How do I go back and change the bank account that my payroll was coming out of?

  • July 27, 2021
  • 1 reply
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I changed bank accounts awhile ago and missed changing the bank account that my payroll was coming out of

1 reply

July 27, 2021

Let me help you post the payroll transactions into your new bank account, @misty19.

 

When updating your account for direct deposit, we need to update it also in the Payroll settings. This way, we can make sure the paychecks we processed is through the new bank account and listed in the correct check register.

 

Let me show you how:

 

  1. Go to the Gear icon on the top menu.
  2. Choose Payroll settings.
  3. Tick Preferences.
  4. Select Accounting Preferences.
  5. In the Checking Account drop-down arrow, choose the new bank account.
  6. Press OK.

 

For more details about changing bank account, check out this article: Change bank account information.

 

If there have been paychecks posted to the old bank account, we can enter them as a journal entry. This way, you can use them to reconcile the account.

 

You can either combine all of the employees' paycheck totals into one journal entry or create a separate entry for each employee. To make sure the amounts are accurate, you can run a payroll report for reference.

 

I also encourage consulting an accountant on what posting accounts you need to apply about this process, keeping your books accurate.

 

For more details about entering the debits and credits for wages and taxes, as well as a sample paycheck, check out this article: Manually enter payroll paychecks in QuickBooks Online.

 

Fill me in if you have additional questions about changing your payroll bank account or any payroll-related concerns. I'm always here to fulfill your business success. Take care!