Reverse A Direct Deposit In QuickBooks
In this article, we will be providing you the complete information about how to request to reverse a direct deposit in QuickBooks. QuickBooks payroll allows you to request a direct deposit reversal 5 days from the pay date. However, you need to pay $75 to request a reversal even if you don’t get your money back.
What To Know Before Requesting A Reversal?
Reversal requests doesn’t provide you any kind of assurance of your money will be recovered or not.
The reversal transaction takes up-to 5 working days to get processed.
Even if you stop a payment, the payroll will still get deposited to the employee or contractor bank account. It can cause in a Non-Sufficient Funds with Intuit.
We suggest you to uptake the direct deposit authorization form from each current employees and contractors.
You have to notify the employee or contractor of reversal request.
What happens next
The request will be kept under reviewed and you will be notified whether the request is accepted or rejected. If you have missed something, you will get an email with a list of corrections that needs to be made. Once the changes are saved, request will be reviewed again. You may get a call or email from an agent to assist you in several cases.
If your request is successfully accepted, you will receive an email regarding the processing time and the further steps. Reversal can take up-to 9 business days.
Once you get your funds back from an employee or contractor, the funds will be credited to your bank account. No current balance should be due on your payroll account. The process takes up to 14 days.
If the reversal is successful, or the employee or contractor agrees to pay the amount back, make sure that the paycheck is voided to complete the reversal.
Disputes and unsuccessful reversals
If your reversal request is not successful, you won’t be able to void a paycheck. The gross wages will be valid because the employee or contractor received the net pay. You can get your money back only if you contact your employee or contractor directly.
The reversal will be rejected if the employee or contractor doesn’t get the entire amount of direct deposit and no funds will be recovered as well.
The reversal can be disputed by the employee or contractor for up to 60 days. Intuit holds the right to debit your company bank account for the disputed amount if a reversal is disputed and funds have been already returned.
For Technical Support
The steps mentioned in this article should be helpful for you in understanding the payroll tax wage bases and limits. Understanding this concept is quite simple and easy to understand but sometimes you can face several errors and issues in it as well. In such situations, you can get in touch with our technical support department by dialing our toll-free QuickBooks Support Phone Number