Reverse a direct deposit to a contractor. I sent a deposit to the wrong contractor. When I realized the mistake it was after the cut off time. Anyway to get help today?

Hi there, jon-morganremode

I understand the urgency of resolving this matter and recovering the funds. I'll give you some information to help you get through this.

If you have sent a direct deposit payment to the wrong contractor and it's after the cut-off time, it may be challenging to reverse the payment immediately. Additionally, voiding the direct deposit payment doesn't stop the processing and will not return funds to you.

However, there are two options you can take to retrieve the funds. The first one is to submit a Direct Deposit Reversal Request. But before you do, you'll need to take note of the following: 

• If the reason is in compliance with ACH or EFT laws, you may request a reversal. For instance, duplicate or unintended payments.
• The total amount is greater than $50. (due to the $75
  direct deposit reversal fee).
• The direct deposit paycheck wasn’t rejected.
• It’s within 5 banking days (US) of the paycheck date, before 12:00 PM PT. Note that the posting date is the day 1.
• The bank account you want to reverse funds from must still be in the employee's profile.

I've added this article for more details about the process of submitting a reversal request: Reverse a direct deposit. Also, a reversal request does not guarantee that you will receive your money back. Even if the reversal is unsuccessful, there is a $75 fee.

Otherwise, if you don't meet the criteria above or don't want to pay the $75 fee, I recommend contacting the contractor as the second option to explain and make an internal agreement to return the funds.

Once you have the money back, make sure to check this link so you know how to void or delete the contractor's payment in QuickBooks Online.

You can always return to this thread for any follow-up questions or other direct deposit-related concerns. Keep safe!