A reversal of direct deposit in QuickBooks desktop is needed in situations of accidental payments to your employees and if you need the employee's bank to refund an incorrect payroll direct deposit or check. The user can request a direct deposit reversal five business days from the pay date (US) or four business days (Canada), but at the same, there is no guarantee that you will get the money back after running a reversal. Also, you will be charged $75 in case the reversal is not successful. If you are looking to How to reverse a direct deposit in QB, then you can follow the easy steps we mentioned below.
If you need an expert's guidance to guide you through the steps mentioned below, then you can get it by just calling us at TFN +1-(855)-955-1942 for immediate technical assistance.
Quick Steps to Reverse a Direct Deposit in QB Desktop
Down below, we have mentioned the easy steps to reverse a Direct Deposit; however, they need to be followed precisely, or you can encounter issues in between the steps.
Step 1: Decide when to request a reversal
The situations where you can request a reversal of direct deposit in QB are the following.
The reason lies in compliance with ACH or EFT laws like duplicate payments or unintended payments.
In case after the addition of $75 for the reversal fee, if the total amount exceeds $50 and at the same time the direct deposit paycheck is not rejected by the bank, it will get rejected within 5 days in the case of US banks and 4 days in Canadian banks.
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Step 2: Submit a reversal request
You need to ensure the original paycheck wasn't rejected, and you can submit a request between the third day to the fifth day of the paycheck date.
First, you need to open the Direct Deposit Reversal form and then choose Add Request.
Now finish the required information and transaction information, then choose Save.
You can easily void the paycheck in QuickBooks under the payroll records when the reversal is approved.
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Step 3: Go through the result of the reversal request we sent to your email
Finally, your request will be reviewed, and you'll be informed if it's rejected or accepted, which may take up to 9 banking days.
Your request will be sent back to you by email with a list of corrections required, and if some information is missing, your request will be sent back to you by email with a list of corrections required.
Finally, once you implement the changes, we'll review the request again, and an agent may get in touch with you to assist you in more difficult situations.
What is the QuickBooks Direct Deposit form?
You can set up direct deposits for your employees using a QuickBooks direct deposit form. It contains information about your business, the employee, and the bank account where you want the employee's paychecks deposited. Online or with the QuickBooks program, you can establish a direct deposit form for QuickBooks.
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Wrapping Up!
Reversing a deposit in QuickBooks can be a confusing task, especially for first-time QuickBooks users, and taking that in time, this article has been curated by our experts. Hopefully, with the help of the steps mentioned above in the article, you were able to deal successfully with this thing. However, if you are stuck between the steps, or you have any other queries, then we suggest you get in touch with our experts call us at +1-(855)-955-1942.
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