When to Use This
You opened a new bank account and need to update your direct deposit
You changed banks and need to update your routing and account numbers
You formed an LLC or business entity and need to update your tax setup
You need to verify your banking information is correct
You want to check how your tax information is configured
Step-by-Step Walkthrough
Accessing Your Banking Information
Log in to Sequifi. You'll land on your dashboard after signing in.
Click on your initials in the upper right corner. A dropdown menu appears.
Select "View Profile." This opens your full profile page.
Click on the "Banking" tab. This shows your current direct deposit setup.
Viewing Your Current Banking Setup
On the Banking tab, you'll see your current information:
Bank Name – The name of your financial institution
Routing Number – Your bank's 9-digit routing number (may be partially hidden)
Account Number – Your account number (may be partially hidden for security)
Account Type – Whether it's a checking or savings account
Review this information to make sure it matches where you want your pay deposited.
Updating Your Banking Information
On the Banking tab, click "Edit." This enables you to make changes.
Enter your new bank name. Type the name of your bank or credit union.
Enter your routing number. This is a 9-digit number that identifies your bank. You can find it:
On the bottom left of your checks
In your online banking portal
By calling your bank
Enter your account number. This is your specific account number at the bank. You can find it:
On the bottom of your checks (after the routing number)
In your online banking portal
By calling your bank
Confirm your account number. Re-enter the account number to verify you typed it correctly.
Select your account type. Choose either:
Checking – A standard checking account
Savings – A savings account
Double-check all information. Review everything carefully before saving. Incorrect numbers can delay your pay.
Click "Save." Your banking information is now updated.
Accessing Your Tax Information
From your profile, click on the "Tax Info" tab. This shows how your income will be reported.
Review your current tax setup. You'll see whether you're configured as an individual or a business entity.
Understanding Tax Setup Options
Sequifi supports two main tax configurations:
Individual
Used when you receive pay under your personal name
Requires your Social Security Number (SSN)
Income is reported on a 1099 form using your SSN
Most common for sales reps starting out
Business Entity
Used when you receive pay through a business you own
Requires your business name, type, and EIN
Income is reported using your business EIN
Common for reps who have formed an LLC or corporation
Updating Tax Information as an Individual
On the Tax Info tab, click "Edit."
Make sure "Individual" is selected as your tax type.
Enter or verify your Social Security Number. This 9-digit number is used for tax reporting.
Click "Save." Your tax information is now updated.
Updating Tax Information as a Business
If you've formed an LLC, corporation, or other business entity:
On the Tax Info tab, click "Edit."
Select "Business" as your tax type.
Enter your business name. This should match the legal name of your business.
Select your business type. Choose the appropriate entity type:
LLC (Limited Liability Company)
Corporation
S-Corporation
Partnership
Sole Proprietorship
Enter your EIN (Employer Identification Number). This is a 9-digit number assigned by the IRS to your business. If you don't have an EIN, you can apply for one through the IRS website.
Click "Save." Your tax information is now updated to reflect your business entity.
When Changes Take Effect
Banking Changes
Banking updates typically take effect on the next payroll run
If you're close to payday when you make the change, payments may still go to your old account for that pay period
Verify with your admin if you have timing concerns
Tax Changes
Tax information changes affect how future income is reported
Changes made mid-year may result in receiving multiple 1099 forms (one for each configuration)
Consult a tax professional if you have questions about the implications
Tips and Common Mistakes
Triple-check your routing and account numbers. Transposed digits or typos are the most common cause of failed or delayed payments. Verify each number carefully.
Use your checking account, not savings. While savings accounts can work, some have transaction limits. Checking accounts are generally safer for regular deposits.
Don't use a third-party payment service. Use a traditional bank account rather than payment apps or prepaid cards, which may have different routing numbers or limitations.
Update banking info well before payday. If you need to change your banking information, do it early in the pay period to ensure it takes effect in time.
Keep your old account open temporarily. When switching banks, keep your old account open for at least one pay cycle to catch any payments that were already in process.
Understand the tax implications. Switching from individual to business entity (or vice versa) has tax implications. Consider consulting a tax professional before making changes.
Get your EIN before switching to business. Don't select "Business" as your tax type until you have your EIN. You'll need it to complete the setup.
Verify changes took effect. After saving, navigate away from the page and come back to confirm your updates are showing correctly.
Common Questions
How do I find my routing number? Your routing number is a 9-digit number that identifies your bank. You can find it on the bottom left of your checks, in your online banking portal, or by calling your bank.
What's the difference between routing number and account number? The routing number identifies your bank, while the account number identifies your specific account at that bank. Both are needed for direct deposit.
How long does it take for banking changes to apply? Changes typically apply to the next payroll run. If you make a change right before payroll is processed, it may not take effect until the following period.
What happens if I enter the wrong banking information? Payments may fail or be delayed. If you realize you entered incorrect information, update it immediately and contact your admin to let them know.
Do I need an LLC to get paid? No, you can receive pay as an individual using your Social Security Number. Forming a business entity is optional and has its own benefits and considerations. Consult a tax professional to decide what's right for you.
Can I split my pay between multiple accounts? This depends on your company's setup. Most configurations deposit to a single account. Contact your admin if you need split deposits.
When will I receive my 1099? 1099 forms are typically sent by January 31 for the previous tax year. They're sent to the address on file in your profile, so make sure that's current too.
What to Do Next
Now that you understand how to manage your banking and tax info, explore these related topics:
Editing Your Profile – Update other personal information
Viewing Your Pay Stubs – See your payment history
Viewing Your Documents – Access tax forms and agreements
Checking Pending Pay – Preview upcoming payments
If you have questions about your banking or tax setup, or if you experience issues with your direct deposit, reach out to your manager or our support team and we'll be happy to assist!