Being highly competitive software for managing all requisites of financial and accounting purposes, QuickBooks is on the top of the priority list for countless businesses across the globe.
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Each aspect that goes into managing the accounts and finances for your business is carefully curetted in the software. Concerning the same, one of the vital things to take care of is direct deposit reversals in QuickBooks Desktop Payroll.
Cases When You can Request a Reversal
If you wish to have the funds returned to your account, you need to know how to request a direct deposit reversal. On QuickBooks Payroll, you would be able to request a direct deposit reversal. But to do so, you have to ensure that the request is being made within 5 business days from the payment date. You can start requesting between the 3rd and 5th-day post to your payday.
Also, adding to the same note of discussion, you must be aware of the additional charge incurred on reversal requests. Each reversal request would cost you $75. This charge would be still applicable if you don’t get the money back.
What to Know Before Requesting Direct Deposit Reversals?
Now that you have known how to proceed with requesting direct deposit reversals in QuickBooks Payroll, there are certain things to keep in mind before you get started with it.
- The very first thing, as also mentioned above, to keep in mind before you proceed with requesting direct deposit reversals in QuickBooks Payroll, is that reversal requests do not assure funds recovery.
- Once you have requested, the reversal transaction will take up to 5 working days for processing. This will be applicable from the date of your request.
- If you stop the payment, it won’t obstruct or avoid the payroll from getting deposited to either the contractor or employee bank account. It will end up resulting in Non-Sufficient Funds with Intuit. Thus, advisably, you must ensure that you have an updated Direct Deposit Authorization form that has been sourced from all of your present contractors or employees.
- Before making any requests for direct deposit reversals in QuickBooks Payroll, make sure that it is being notified on a prior basis to your contractors or employees. Since each of the requests charges you $75, proceed ahead with all of these pointers checked thoroughly.
How to Request Direct Deposit Reversal in QuickBooks Desktop Payroll?
This article would clearly help you to learn about making requests for direct deposit reversal in QuickBooks Payroll.
Let’s get to the steps which are involved for the same:
Step 1: On your QuickBooks Payroll, you would find a form named Direct Deposit Reversal form. Open that.
Step 2: Click on New Request.
Step 3: Fill in the required information along with transaction information and ensure completion of the same.
Step 4: Choose Save.
Step 5: When you would find that the reversal has been approved, you can start voiding the paycheck which is present in your payroll records.
Now you must be wondering what would be the next step that takes from here. Once you have requested for direct deposit reversal, it shall be either rejected or accepted and you will be notified of the same update.
In case, there is some critical information missing, your direct deposit reversal will be sent back. The request rejection will reach you via email that will also detail a list of corrections that are needed.
When you save the changes, your direct deposit reversal request will be reviewed again. There is also a possibility of an agent contacting you so that you are assisted adequately for cryptic situations.
Feeling confident enough to go ahead and make requests for direct deposit reversals in QuickBooks Payroll? Ideally, this article should have helped you enough to feel confident about making requests for direct deposit reversals.
Just keep in mind the basic checklist pointers before proceeding so that you are aware of making an informed decision on requesting direct deposit reversals in QuickBooks Payroll.
However, if you still have confusion or queries or need some more information on how to place requests for direct deposit reversals in QuickBooks Payroll, reach out to the QuickBooks experts who can diligently assist you for the same.
Looking for a professional expert to get the right assistance for your problems? Here, we have a team of professional and experienced team members to fix your technical, functional, data transfer, installation, update, upgrade, or data migrations errors. We are here at Dancing Numbers available to assist you with all your queries. To fix these queries you can get in touch with us via a toll-free number
+1-800-596-0806 or chat with experts.
Frequently Asked Questions (Faqs)
When is the ideal time for me to make requests for Direct Deposit Reversals in QuickBooks Payroll?
There are several cases, where it would be recommended for you to make requests for direct deposit reversals in QuickBooks Payroll. Here are some of such cases put down together:
The overall amount should be more than $50 since the direct deposit reversal fee is $75.
You can place requests for direct deposit reversals only between the 3rd and 5th day and it must be post the pay date. This will confirm that the original pay check was not rejected. in case there is a rejection, you would not require further reversal.
The respective bank account from where you wish to reverse funds must remain to be active in the employee’s profile.
Ensure that the reason which you list for the reversal complies with EFT or ACH laws. To state an example would be unintended payments or duplicate payments.
What should I do next if the Direct Deposit Reversal Request has been accepted and the Reversal is Successful?
If your direct deposit reversal request has been accepted and the reversal is successful, it means that your contractor/employee has arranged to return the net amount. In this case, make sure that you void the paycheck. Only once you void the paycheck, after the direct deposit reversal request has been accepted, would complete the entire procedure for reversal.