QuickBooks Payroll upgrade improves employee banking flexibility

Starting June 13, 2024, QuickBooks Online Payroll will offer a significant upgrade that empowers employees with a more flexible way to manage their direct deposit information. This new feature, accessible through QuickBooks Workforce, will streamline how your staff updates their banking details, making payroll processes smoother and more efficient for small businesses. Here’s everything you need to know about these changes and how they can benefit employers and employees.

Critical Changes to QuickBooks Payroll Direct Deposit Management

Direct Edit by Employees

Employees paid exclusively via direct deposit will soon be able to update their bank information directly from their profile in QuickBooks Workforce online. This change means:

• Ease of Access: No need to pass through HR to update banking details.

• Secure Authentication: Employees will verify their identity to make changes, ensuring security.

• Immediate Updates: Changes are reflected immediately in QuickBooks Payroll, keeping records accurate and up-to-date.

Notifications for Employers

Employers will automatically receive an email notification when employees update their banking details. This helps maintain transparency and allows for prompt attention to any potential discrepancies.

Peak Advisers can help you implement and use the right QuickBooks tools to make managing your business easier. We’re happy to discuss how products like QuickBooks Payroll Online can improve your operations. If you’re already a QBO Payroll user, we can also help you implement the new upgrade.

Customization Options for Employers

Employers have the option to control whether employees can change their banking information:

• Navigate to Settings ⚙, then Payroll Settings.

• In the Employee Profile Management section, click Edit ✎.

• Uncheck Allow Employee to Edit Bank Information if you prefer to maintain control over these changes.

• Click Save to apply the settings.

Benefits for QuickBooks Online Payroll Users

For users of QuickBooks Online Payroll, this update is particularly advantageous:

• Flexibility: Employees can choose one or two accounts for their direct deposits and specify the percentage of their paycheck that goes into each.

• Simplicity: Streamlines the payroll management process, reducing administrative workload.

Note for QuickBooks Desktop Payroll Users

It’s important to note that this feature is not available in QuickBooks Desktop Payroll. Employees using this system will not have the option to update their direct deposit settings through QuickBooks Workforce.

Step-by-Step Guide for Employees

Here’s how employees can update their banking information in QuickBooks Workforce:

1. Sign in to QuickBooks Workforce.

2. Navigate to Profile.

3. In the Paycheck preferences section, click Edit ✎.

4. Add or update your banking details.

5. Save your changes.

6. An email confirming changes will go to you and your employer.

Making things easier for everyone

This update from QuickBooks Payroll will make payroll management more user-friendly and efficient, reflecting QuickBooks’ ongoing commitment to improving user experience.

QuickBooks Online Payroll’s new features make it an even more appealing option for small businesses looking for a reliable, easy-to-use payroll solution. Whether you’re an employer or an employee, these changes offer greater control and flexibility, simplifying how payroll is managed in your organization.