Jaclyn Anku, ProAdvisor Training & Certification Leader: On today's episode of In the Know, we'll be exploring updates to direct deposit reversals and QuickBooks Online Payroll.
Hey ProAdvisors, it's Jaclyn and you're watching In the Know, where you get exclusive access to demos of Intuit product enhancements by the leaders who built them.
Let's jump right in with Mark and Nitzan for a demo of direct deposit reversals. Mark, Nitzan welcome.
Mark Herrero: Hey, how's it going Jaclyn? Thanks for letting us be here.
Nitzan Leibovitch: Thank you so much for having us.
Mark Herrero: So, I'm Mark, and direct deposit reversals—what is it? You would use them when you accidentally pay an employee. If that happens or you accidentally paid the wrong employee, you want to pull back the funds from that direct deposit and get that money back. The process is really confusing. It's unclear, and when you're trying to bring money back, it's stressful and frustrating. What you don't need is a complicated process.
We know that it's inconvenient to navigate outside of QuickBooks Online Payroll, and you need to fill out a form. What that means is you have to pay a $75 fee, which has been excessive and questionable for some of our customers. And with that $75 fee, we now require a minimum amount that really made no sense for people. And so, what we've changed is we've taken that process out and put it into the product with just a few clicks. There are no external forms and it's not a complicated process, as Nitzan is going to show you. And because we've done this in product, there's no fees and the request is initiated faster. There's no minimum amount for that reversal payment because of the no fee. From a logistics’ perspective you have when you run your payroll and you pay them, say exactly on Friday, you have five business days to make this request in the US, and for Canada, it's four days. So I will pass it on to Nitzan to talk more about it and show you this simple process.
Nitzan Leibovitch: Thank you, Mark, and yes, as Mark mentioned, we've totally changed the game and it's now all done in the product with just a few clicks. We are going to show you a demo. As we mentioned, everything would be done directly from the product and directly from the paycheck list under the employee profile. So you go to that paycheck list, and you would be able to click on the chevron right next to the direct deposit that you want to reverse. The fun part is that if you have multiple direct deposits you want to reverse, it’s no problem and can be done very easily. You can just mark the ones you want to reverse and bulk reverse it. Very simple. Once you choose the direct deposits you want to reverse, you would have to input the reasons for those reversals, and you have multiple options to choose from, such as duplicate transactions, incorrect amount, issues with the payment timing and the wrong bank account. You can choose a different reason for those different direct deposits that you want to reverse.
Voila, we’re all set and everything is good. You have a small explanation and a link to find out more if you need more details. Of course, you can always contact us in about seven to 10 business days, check your bank account, check your transactions, make sure everything was done completely, and then go back to the product and void the reverse check or the reverse direct deposit.
And that's it, it’s very simple. Just a few clicks and you are all set.
Jaclyn Anku: Mark, Nitzan, that was fantastic. Thank you so much. And thank you for watching this episode. If you find this update interesting or helpful, go ahead and like, comment, and subscribe.
Let me recap with the Fast Facts:
- Direct deposit reversals are available to all users of QuickBook Online Payroll.
- These updates were live as of November 2024 in the US and Canada.
That's all we have for now! For more product updates and demos, check out our In the Know Hub and be sure to register for the live monthly webinar. We’ll see you next time.
