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January 28, 2022
Question

I switched bank accounts in QBO. When I run payroll, I go to select the corresponding QB bank, and it is still my old account. When I try to Add New, it won't save it.

  • January 28, 2022
  • 1 reply
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I switched payroll to a new bank account. My payroll figures are being mapped to my old bank account and the system will not let me choose to add a new bank account in the drop-down menu when I run payroll. So now, I have to make JE to move the payroll figures over to the correct bank account and its frustrating.

1 reply

January 28, 2022

I'll make sure you're able to switch your payroll bank account in QuickBooks Online (QBO), @kahla-kiker. This way, you can manage your payroll transactions and use the appropriate account accordingly.

 

When you switch payroll bank accounts in QBO, you'll have to make sure you have plenty of time for your next payroll so there's no interruption (2-3 business days minimum). 

 

You'll first need to do is to gather your bank account info and the principal officer's address. Once you have everything ready, set up the bank account to your chart of accounts. This way, your payroll transactions will be posted to the correct register in QuickBooks.

 

Then, verify 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. When confirmed, switch your bank account with QBO Payroll service. Here's how:

 

  1. Go to the Gear icon.
  2. Select Payroll settings.
  3. Look for the section titled Bank Accounts, then select Edit.
  4. Click Update.
  5. Select Add new bank account.
  6. If you bank with one of the 8 banks listed, select the bank and enter your online banking user ID and password. Otherwise, search your bank name or select Enter bank info manually. Enter your routing and account number, then select Save.
  7. Select Submit.

 

When you're done, verify your bank account. We do this by depositing a test transaction within 2-3 business days. Once verified, you'll have 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.

 

For the step-by-step guide, please refer to this article: Change your payroll bank account (QuickBooks Online Payroll section).

 

Also, to get a closer look at your business finances and employees' accounts in QBO, I'd recommend pulling up payroll reports. For the complete list of available ones and how you can customize them, please refer to this article: Run payroll reports.

 

Please know that I'm always around to help if you have other payroll concerns and questions about switching bank accounts in QBO. Take care, and I wish you continued success, @kahla-kiker.