One of our favorite features about QuickBooks Payroll is their 24-Hour Direct Deposit.
The team at Sherman Oaks Accounting & Bookkeeping powered by One Source Services, Inc. uses it for our own payroll and we love it!
As an employer, we enjoy having the flexibility to schedule direct deposit paychecks when we want them.
Most other payroll service providers require approval at least 2 business days prior to payday. But with QuickBooks payroll, as long as we approve the direct deposit by 5 pm Pacific Time, our employees receive their deposits the next business day!
QuickBooks Payroll subscribers can view their payroll deadline by logging into their account and viewing their employer homepage on the left-side navigation menu. Their payroll deadline is under the “Run Payroll” button.
The direct deposit payroll deadline for Friday paydays is 5 pm PT on Thursdays.
Switching to 24-Hour Direct Deposit made it faster for us to pay employees, increased our employee satisfaction, and gave us more flexibility to run payroll.
We can choose the payday we want!
If you are used to processing payroll on Tuesdays to post on Fridays, then you can continue to schedule it the way that you like it.
Subscribers don’t have to use the 24-Hour Direct Deposit feature unless they want to.
24-Hour Direct Deposit is particularly handy when a holiday would otherwise throw-off the pay schedule.
For instance, Thanksgiving falls on the 4th Thursday in November. If payday were Friday, then normally you’d run payroll on Wednesday by 5 pm PT to make that Friday payroll. But, if Thursday were a bank holiday (Thanksgiving Day for example), then you’d have to run payroll by Tuesday to get your employees paid before the weekend. 24-Hour Direct Deposit, however, would allow you to run payroll as usual on Wednesday because the shorter turnaround would still ensure that employees would be paid on Friday!
The 24-Hour Direct Deposit feature is included with QuickBooks Full Service Payroll (taxes filed by Intuit) and QuickBooks Online Payroll (taxes filed by your or your accountant) at no extra charge.
It is free with no strings attached!
The feature is currently supported on QuickBooks Full Service Payroll and QuickBooks Online Payroll only.
Unfortunately, it’s not available on Intuit Online Payroll, Intuit Full Service payroll, Desktop payroll, or Assisted Payroll.
If you are a QuickBooks Online Full Service Payroll subscriber, then you have the added flexibility of SAME DAY direct deposit. Approve direct deposit paychecks by 7 am Pacific Time on payday, and your employees will still be paid on time (assuming it’s a business day).
Of course, we strongly suggest that you run payroll at least 1 business day prior to payday, but this is a great option in a pinch.
If you’re a QuickBooks Full Service Payroll Online or QuickBooks Online Payroll subscriber, then the 24-Hour Direct Deposit feature is already turned on for you. All you have to do is date your paychecks at least 1 business day in the future and payday will happen on the next business day.
Business can pay their contractors this way, too. To turn on the contractor feature, just go to the workers tab, select contractors, and then turn on direct deposit. Once you’ve connected your bank and added your contractor’s bank information, the direct deposit feature will be ready to use.
QuickBooks Payroll is one of the many things that we love about QuickBooks Online! It’s no secret that we are one of the software’s biggest fans.
So much so, that all of the bookkeepers and accountants at Sherman Oaks Accounting & Bookkeeping powered by One Source Services, Inc. are Intuit certified QuickBooks Pro Advisors!
We are standing by with free payroll consultations and advice.