Sending and receiving payment is one of the essential operations in modern societies. Whether you live in a socialist, a capitalist, or some other state system, sending and receiving payments is at the core of it all.
Like most things, sending and receiving payments has evolved together with the expanse of technology. At this stage, direct deposit is considered as the most efficient form of sending and receiving payment.
Quickbooks’s direct deposit form is considered as a prime example of efficiency and agility. But before we go into the specifics of Quickbooks direct deposit forms, we need to explain what Direct Deposit is.
Direct Deposit 101
Direct deposit is a form of electronic payment in which money is transferred from one to another bank account. For example, your employer sends you money from his/her account to your bank account. The transfer is completed through the ACH – Automated Clearing House Network, which regulates payments between institutions. Here’s why direct deposits are so popular and widely accepted as the best payment option.
Every time you get funds via a direct deposit, your balance will be automatically increased for the exact sent amount. There is no need to accept the payment or to verify whether you want the money on your account or not. That’s the all point of direct deposit, to enable the funds flow uninterrupted and free. The same goes if you make a direct deposit from your account to another one. Your balance will be automatically decreased, while the receiver’s account will be automatically increased.
One of the best parts about direct deposits is that you can do it as many times as needed. The process remains the same and practically effortless. There is no paperwork, no waiting in lines, no print checks. That’s all in the past.
It is by far the most secure way to receive and make a payment. Unlike checks that can be stolen and altered, there is no such issue with the direct deposits.
There is a detailed electronic record for every transaction. Plus, that is something you can easily check and view. There is no need to write down details about some payment or making summaries on your own. You only need to access your account and can have everything served like on a plate.
Receiving and sending money via the ACH is generally free. Even when you add your accountant’s fee, the cost is smaller than anything else.
Paper checks are sent via the post office, and that can take time. Sometimes you might even need to wait for the check to clear. On the other hand, direct deposits are much faster. Once the money is processed via the ACH, the money is instantly deposited on the user’s account.
How to Setup a Quickbook’s Direct Deposit Form?
As mentioned earlier, Quickbook’s direct deposit solution is favorite with an army of accountants and entrepreneurs. Here is a comprehensive guide on how to set it up.
Before opting for a Quickbook direct deposit, you need to make sure that you can meet all the basic requirements.
- Active subscription for Quickbook Desktop
- An up-to-date version of Quickbook
- A bank account suitable for AHC transactions
- Internet Access
Things to do before using direct deposit
Once the signup process is completed, and before you start using Direct Deposit, you need to complete these three steps as well.
- Verify your bank account
- Create paychecks for direct deposit
- Collect and set up your employee’s bank account information.
Processing Time for Quickbook Direct Deposits
The best way to stay on top of things and make sure all goes smoothly is to understand how things are done. Here’s a timeline of direct deposits and how they are processed.
- Direct Deposit checks are sent to the Inuit 48 hours before the check date. Deposit paychecks can be sent as early as 45 days in advance.
- Inuit then debits the receiver’s bank account. (typically within a day)
- Next, your bank processes the transaction and make the fund available on your account. The processing time can vary from bank to bank.
- If there is a delay of any kind, you need to reach out to your bank, learn what caused the issue and if it is something on your end or not.
17 Common Direct Deposit Forms
To further help your direct deposit, we’ve added 17 Quickbook Direct Deposit Forms. The forms here are widely used and popular among various businesses of all sizes and industries.
How to Signup for a Quickbook Direct Deposit?
Select the Employees menu, and from there, go to My Payroll Services from where you can activate Direct Deposits. Next, visit the Verify Your Information section, where you will need to add and verify a set of personal information, bank account, email address, and so on.
It’s essential to make sure that everything is correctly submitted. If you got that covered, click the terms agreement box. Afterward, you will be directed towards a security section where you will need to answer a set of security questions. Once you pass through that, click the submit button. If all is in order, you will see a confirmation page, if not you will need to start the process again.
Businesses thrive, and profits rise when repetitive work and administrative tasks are minimized. That way, the person in charge of those tasks can focus on more productive aspects of the business.
Quickbook direct deposit forms are all about bringing efficiency to the businesses. The alternative to direct deposits comes with higher fees and your employee’s time. In other words, you either adopt the new reality, or you let your competition overrun you.