Good news! As an employer, you now have more flexibility to schedule direct deposit pay checks.
Intuit's new 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.
What are the benefits of 24 hour direct deposit (DD)?
- Faster time to pay employees
- Hold on to your cash for an extra day
- Flexibility to run payroll if needed
Is there a cost for this feature?
This feature is only available for what products?
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.
What is the cut-off time in approving payroll?
The deadline for direct deposit payroll will be extended from 5 pm Wednesday PT to 5 pm Thursday PT for a Friday payday.
How do I know what time to submit payroll?
My bookkeeper is only in the office on Wednesdays, which is two days before payday. Can I still submit payroll on Wednesday with 24-hr Direct Deposit?
I forgot about a holiday during the week! Can 24-hour direct deposit help?
What happens if I miss the 5PM PT deadline?
Editing Direct Deposit Paychecks
When can I edit my paychecks?
Will my employees/contractors see anything different?
What is Same Day Direct Deposit?
Subscribers to 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.