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Steve C
Level 2

Deposit

Quickbooks deposited two small amounts into my bank account so that I can verify the account to transfer money from my Quickbooks cash account to this bank account. What exactly I do with the transactions that were made into my account? Do I wait and they get credited back to QB? Or how do I file them? Thanks!!

Solved
Best answer July 16, 2020

Best Answers
SashaMC
Moderator

Deposit

Thank you for connecting with the Community, Steve C. QuickBooks will credit the amount back into your bank account, but you still need to verify the amounts. The charge will show on your bank statement as either  "QuickBooks: Verify Bank" or "Intuit: Verify Bank".

 

If you are using Intuit Online Payroll, follow these steps to test the transaction:

 

  1. Select To Do, then select Confirm your Test Deposit.
  2. Enter the test transaction amount in the boxes. There is no need to enter pennies with a dollar sign or decimal point.
  3. Click OK.

If you have a different online payroll service, use this article to find the instruction to verify the amounts. Once completed, you will be able to start using the service.

 

Please let me know how this goes. The Community and I will be on standby to answer your questions. Take care and enjoy your day.

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6 Comments 6
GNJRox
Level 4

Deposit

I would code it to wherever you plan on coding your Intuit transactions (i.e. Computer/Software, Subscriptions, etc.)

Steve C
Level 2

Deposit

Even though it is a deposit into the account? And not an expense? Thanks for your help! Still strying to learn all of this!

SashaMC
Moderator

Deposit

Thank you for connecting with the Community, Steve C. QuickBooks will credit the amount back into your bank account, but you still need to verify the amounts. The charge will show on your bank statement as either  "QuickBooks: Verify Bank" or "Intuit: Verify Bank".

 

If you are using Intuit Online Payroll, follow these steps to test the transaction:

 

  1. Select To Do, then select Confirm your Test Deposit.
  2. Enter the test transaction amount in the boxes. There is no need to enter pennies with a dollar sign or decimal point.
  3. Click OK.

If you have a different online payroll service, use this article to find the instruction to verify the amounts. Once completed, you will be able to start using the service.

 

Please let me know how this goes. The Community and I will be on standby to answer your questions. Take care and enjoy your day.

GNJRox
Level 4

Deposit

Yup. It is not part of your income and is basically treated as if it were a refund from a vendor. 

 

Hey, no worries :) That is what this is for! We all learn it at some point!!

3150bcstore-gmai
Level 1

Deposit

I had someone pay an invoice using ACH and the money was deposited into "quickbooks Cash" and now i want to transfer it into my business checking account. when i select transfer it mentioned that i need to verify my bank account. Where do i "verify my bank account?

Tori B
QuickBooks Team

Deposit

Good morning, @3150bcstore-gmai.

 

Thanks for following the thread. I hope you're enjoying the day so far. I'm happy to lend a hand with verifying your bank account. 

 

When you start using the Cash account in QuickBooks, you go through a process of verifying your bank account. It sounds like you may not have done this yet. No worries, I'll walk you through the steps below. 

 

  1. Open the Cash Flow menu. 
  2. From the QuickBooks Cash section, hit Transfer money
  3. Tap on Transfer in. (The money won't transfer yet, we just need to start the connection).
  4. Follow the onscreen instructions. 
  5. Enter the bank's name and choose a type in the Account Type field. Then, click Next
  6. In the Account and Routing number fields, enter your info. Then, hit Next
  7. Once you're ready, tap on Sounds good

Once you've started the connection, QuickBooks will send two small deposits to the account within the next 3 days. After you get the confirmation email, come back to QuickBooks to verify the transactions. 

 

  1. From your email, click on the verify link. Or you can sign in to QuickBooks and go to the Cash Flow menu, and hit Verify bank.
  2. You'll need to enter the two deposit amounts send from QuickBooks. 
  3. When you're ready, select Confirm.

That's all there is to it. Check out Use your QuickBooks Cash account for more details. 

 

Please let me know if you have any questions or concerns about this process. I'll be here every step of the way. You can reach out to the Community at any time. Take care and have a wonderful week ahead! 

 

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