Are you tired of the hassle and time-consuming process of cutting checks for your contractors or employees? Look no further than QuickBooks Online`s direct deposit feature. This convenient tool allows you to pay your contractors directly from your bank account at the click of a button. Here`s how to get started:
Step 1: Set up direct deposit
First, sign up for direct deposit in QuickBooks Online. You`ll need to enter your bank account information and complete a brief verification process. Once you`re set up, you`re ready to start paying your contractors!
Step 2: Add your contractor`s bank account
Next, you`ll need to add your contractor`s bank account information. To do this, navigate to the „Workers“ tab in QuickBooks Online and select „Add a worker“ if you haven`t already added them. From there, click on the „Payment method“ dropdown menu and select „Direct deposit.“ You`ll then be prompted to enter your contractor`s account and routing number. Make sure to double-check this information to avoid any errors.
Step 3: Run payroll and select direct deposit
Once you have your contractor`s bank account information saved, you`re ready to run payroll. Navigate to the „Payroll“ tab in QuickBooks Online and select „Run payroll.“ From there, select the contractor(s) you`d like to pay and enter their hours or amount due. When you get to the payment method section, choose „Direct Deposit“ and select the contractor`s bank account from the dropdown menu. Review the information and click „Submit.“
Step 4: Confirm payment
After you`ve submitted the payment, you`ll receive a confirmation page indicating that the direct deposit has been initiated. Your contractor should receive their payment within 2-3 business days. You can also check the status of the payment by clicking on the „History“ tab in QuickBooks Online.
That`s it! Direct deposit in QuickBooks Online makes paying your contractors quick and easy. No more writing checks or dealing with paper forms. Plus, you`ll save time and energy by automating this process. Try it out for yourself and see how it can simplify your business operations.