Today, Intuit announced that 24 hr Direct Deposit now active in Intuit QuickBooks Full Service Payroll & QBO Online Payroll. This means that you can approve your direct deposit by 5 pm PT and still make payday the next business day! There is no additional cost.
It is not currently supported in Intuit Online Payroll, Intuit Full Service Payroll, Desktop Payroll, or Assisted Payroll.
Banks have until end of day (11:59 pm PT) on payday to release funds into your employees’ accounts. With 24-hour Direct Deposit, this means employee funds may post at a different time on payday (early morning or early afternoon). Don’t worry, however, employees will be paid on payday!
While Intuit recommends submitting before the 5pm deadline, you may submit payroll until 7am PT the following morning and your employees will receive their money later that day. Payments received after this time will be processed the next available business day. Of course, you always have the option to print checks for your employees if you prefer.