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Hello, there was a payment that was to be deposited into my account but the money was not deposited. What can I do to reverse the money?

The payment was transferring from another bank account to a Wal-Mart card account. The person made the payment through an invoice with the use of the QuickBook system.
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Re: Hello, there was a payment that was to be deposited into my account but the money was not dep...

It's nice to see you here in the Community, @info350.

 

I've got some details to share with you about the payment funding time in QuickBooks Online and on how you can reverse it.

 

Intuit batches and submits credit card payments daily at 3:00 PM Pacific Standard Time or 6:00 PM Eastern Time. Usually, funds reach the deposit bank account within 2-3 business days. The waiting period, varies depending on the following scenarios:

  • The time when you enter these transactions.
  • The financial institution to deposit the funds.
  • Bank policies for verifying and processing electronic deposits.

The approximate wait time for credit card payments to be transferred to your bank would take 5-7 banking days, while ACH deposits may take 7-10 business days.

 

To give you more information about the funding time, you may read through this link: Find out when QuickBooks Payments deposits your money. 

 

On the other hand, you have the option to reverse the payment made.

 

To do that:

  1. Find and open the original sales receipt or invoice payment.
  2. Click Issue Refund button at the top right; or, click More at the bottom of the page, then Refund.
  3. Click Yes, refund payment.  This will appear to be a final step - it is not - you will have the option to make adjustments to the amount/items being refunded in the next step.
  4. A new Refund Receipt will open.
  5. Confirm the refund amount, then click Save and Close to process the refund back to the credit card.

Take note that, reversing a payment in your Merchant Services Center does not mean the payment will automatically be deleted in QuickBooks Online. You'll need to manually delete it.

 

To learn more about this process, you may check out this article: Void or refund transactions in QuickBooks Payments.

 

However, if the deposit has wasn't received within the given period, I'd recommend reaching out to our Merchant Services Department. They have the tools to check on your account securely and verify the status of the deposit. 

 

This should get you on track.

 

You can always reach back out to me if you have further questions about this. I'll be around to help. Enjoy your weekend!