Pricey: The cost of printing checks, fixing bank errors, replacing lost checks, and more can add up as your business grows. Each paper refund check issued costs US taxpayers more than $1, but only a dime for each direct deposit made, according to the IRS. Many of the QuickBooks users who are using the accounting version likes to record the payroll but do not know how to go about it. QuickBooks Payroll allows them to pay everyone by direct deposit and handles all accounting and payroll details. I have 0 experience in quickbooks but I do know basic accounting as I took accounting classes in college as part of getting my finance degree. QuickBooks charges direct deposit fees for only those contractors paid in the billing cycle. One of the many useful features offered with Quickbooks is direct deposit. Many banks (direct deposit providers) charge a setup fee of $50 to $149, according to the NFIB. Payroll feature is not included in the QuickBooks Accounting version. In the menu, top pick Employees Edit/Void Paychecks. If you don't process a Direct Deposit payment to a contractor you will not be charged for that month. 2. QuickBooks Basic Payroll costs $29/month + $2/month per employee (though Intuit usually offers a discount for QuickBooks payroll). According to a January 2012 Dun & Bradstreet Credibility Corp. article, it costs approximately $2 to process a paper check on average, while direct deposit costs approximately $0.35. Manage your bills. By using Direct Deposit, you no longer need to print pay stubs, since employees can view their paystubs online. Create recurring payments and track bill payment status. Starting with version 2010, you can now pay your vendors via direct deposit in QuickBooks. View your profit & loss, balance sheet, and dozens of other reports. Each Direct Deposit Contractor will cost you $2.00 for any month in which you actually process a Direct Deposit payment to the contractor. There may be some costs involved in setting up direct deposit services for small business. Anytime you want, you can easily set up or remove an employee from Direct Deposit. Note: Some banks may charge a per-transaction fee. It includes many features, such as direct deposit, the ability to pay W-2 and 1099 workers and payroll tax forms. 2. With these platforms, the direct deposit service is included in the price, along with all the other benefits of the software. Direct deposit in QuickBooks is useful for making and coding independent contractor payments, plus tracking 1099 information. Create direct deposit NACHA files from QuickBooks to submit to your bank overview. Costs & Contract: QuickBooks Payments (as part of QuickBooks Online) offers a month-to-month contract with no early termination fee. No, it does not have an additional cost to select direct deposit unless you choose to pay for TurboTax fees from your federal refund. Using this method will allow the employee expenses to go into their vendor record which can have job costing. By choosing a QuickBooks payroll solution, you can feel confident that your clients are easily able to pay your entire workforce. The $1.25 per payment still applies but with the savings of check stock, printer ink, envelopes, stamps and most importantly, time, the fee is well worth it. I have two incoming direct deposits. However, there is an additional cost for 1099 contractors. To make a direct deposit payment to a contractor, you need an Intuit or QuickBooks Payroll subscription. Not all employees need to be on Direct Deposit. Tip: If you see a sign -up page instead of the Direct Deposit window, you need to go back to the previous steps to sign up for direct deposit and validate your bank account. 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