Good news! As an employer, you now have more flexibility to schedule direct deposit pay checks.
24 hour direct deposit (DD)
allows you to approve your direct deposit by 5 pm PT and still make payday the next business day, instead of having to approve 2 business days prior to payday as it was with our former process.
Is there a cost for this feature?
24 hour direct deposit is free and included in QuickBooks Full Service Payroll and QuickBooks Online Payroll subscriptions. No added fees, no catch!
How do I turn this feature on?
If you are a current subscriber to either QuickBooks Full Service Payroll Online (Intuit pays/files your taxes) or QuickBooks Online Payroll (you or your accountant pay/file your taxes), this feature is already turned on! Simply date your paychecks at least one business day in the future and the direct deposits will post on time!
To add direct deposit for contractors, head to the workers tab, select contractors, and turn on direct deposit. You'll just need to connect your bank, add your contractor's bank info, and you're set to start making payments.
How do I know what time to submit payroll?
Easy! When you sign into your account and view your employer homepage on the left-hand navigation menu, you can always find your payroll deadline under the “Run Payroll” button.
I forgot about a holiday during the week! Can 24-hour direct deposit help?
Accounting for holidays when running payroll can often provide additional stress to employers. Thanksgiving is a good example, as it falls on the fourth Thursday of November. An employer who pays their employees every Friday would normally run payroll on Wednesday before 5pm to make a Friday payday. However, since Thursday is a bank holiday, the employer actually has to run payroll by Tuesday on that week to pay employees before the weekend! With 24-hour Direct Deposit that employer can continue to run payroll Wednesday, knowing their employees will be paid Friday.
What happens if I miss the 5PM PT deadline?
Great question! We recommend running your payroll by at least 5pm the day before payday in order for your employees to receive their money on time. Payroll received after 5pm will be processed the next available business day. Of course you always have the option to print checks for your employees if you prefer.
Editing Direct Deposit Paychecks
When can I edit my paychecks?
If you created the payroll two or more business days before your paycheck date, you have until 5pm PT two business days before to edit the paychecks. If you used the 24 Hour Direct Deposit option, you have until 5pm PT the business day before your check date to edit. Once the direct deposits have begun processing, they cannot be edited.
Will my employees/contractors see anything different?
With 24-hour Direct Deposit, employee funds may post at a different time on payday than employees are used to, but still usually post in the early morning. Don't worry, however, employees will be paid on payday!
Same Day Direct Deposit
What is Same Day Direct Deposit?
QuickBooks Online Full Service Payroll (Intuit pays/files your taxes) have the added flexibility of approving direct deposit paychecks up to
7am Pacific Time on payday (assuming payday is a business day)! We strongly suggest running payroll at least one business day before payday, but if you have an emergency that caused you to miss the 5pm PT Thursday deadline, don’t worry! As a QuickBooks Online Full Service Payroll subscriber, you can approve payroll after 5pm PT Thursday, but before 7am PT Friday and employees will still receive funds on Friday!
Note: Employees/contractors will see their funds post the same day but generally later in the day than payrolls approved one or more days in advance.