The Intuit Direct Deposit Form is designed primarily to work with Intuit Payroll, which is an optional feature of the company’s Quickbooks accounting program. Direct deposit is also a feature of Intuit Quickbooks, and if your company subscribes to it, you can offer your employees the option of having their paychecks deposited directly to their bank accounts. An Intuit Direct Deposit Form will also make it possible to make deposits directly to your vendors’ bank accounts in response to their bills, and, of course, while you will need the Direct Deposit feature, you won’t need the Intuit Payroll option.
The advantages of Direct Deposit of your employees’ salaries to you, the owner of the company, are obvious – you save on the costs and time of printing and mailing checks, and you eliminate the possibility of human error. There is considerable value to employees, also. They avoid the time wasted each pay period depositing their checks into their bank accounts, or, worse yet, the exorbitant fees charged by commercial check-cashing organizations. With Direct Deposit, the employee’s money is instantly available to him or her; there is no wait for the check to clear. And, for both the employee and employer, the potential difficulties involved if a check is lost or stolen are completely avoided.
How to Fill Out a Intuit Direct Deposit Form
At the top of the Employee Direct Deposit Authorization Form, the employee is instructed to fill out the form and return it to the employer with a copy of a voided check from the appropriate bank(s). The employer is admonished to keep the form in the company files, even after its contents are acted on. The employer is also advised that there is no need to send this form, or a copy of it, to Intuit.
With this form, the employee can cause all of his or her pay to go to one or to two bank accounts. They do not need to be at the same banking institution.
Account 1, the next part of the Intuit Direct Deposit Form, asks if the account is a checking or savings account. It next asks for the banks routing number, aka the ABA Number. This number, unique to every American Bank, is included in every bank statement, and is also printed in the lower left-hand corner of every check. The form next asks for the employee’s bank account number, which is found just to the right of the ABA number, or, also, in the bank statement.
Also on this part of the Intuit Direct Deposit Form, the form ask for what percentage of the dollar amount of the salary the employees wants deposited into this account. If he or she wants it all to be deposited here, simply put in 100%. A specific dollar amount can also be specified for deposit.
Account 2 is the next part of the form. It is very much like the previous part in that it asks bank account information. It doesn’t ask for percentages or dollar amounts, because the total amount of the salary not accounted for in “Account 1” will be, by default, deposited her into “Account 2”.
Next, there is a space for voided check(s) for the bank account(s) specified in the previous two parts of the Intuit Direct Deposit Form.
Finally, there is a place for an employee ID number, and spaces for the employees name to be printed, and for the employee to sign and date this form.
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