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Getting Started with QuickBooks Payments

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Thanks for choosing QuickBooks Payments to manage your business! We put together a few steps to help you get started, send your first invoice, and get paid faster.

 

Integrated invoicing and cash flow management are just a couple ways you can accept payments from your customers. Let's get started.

 

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Please note, QuickBooks customers must apply for QuickBooks Payments and be approved before they can begin to use the service.  For more information, review the Intuit Merchant Agreement, privacy policy, and pricing documents here.

 

 


Setting up for success

First things first: To take automated payments and send electronic invoices, set up your payments information. We put together a list of a few things you will need to get set up.

 

Company Settings

Create and Send an Invoice

Choose where to record payments and processing fees for QuickBooks Payments

 


Company settings

 

First, start by signing into your QuickBooks account. Select the Settings (Gear) icon.

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Select Account and Settings from the pop-up menu.

 

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Next, review your company info for accuracy. This is what your customers will see on any invoices, credit card charges, or emails sent through QuickBooks Payments on your company’s behalf. Select the Payments tab located on the left side menu and fill out the following information:

 

Business

  • Business type
  • Contact email
  • Legal business name
  • Federal Tax ID (EIN)
  • Website
  • Address
  • Phone
  • Industry categories
  • Select how much you think you will process monthly using payments.

 

Owner/Proprietor

  • Name
  • Address
  • Phone
  • Date of birth
  • Mobile phone number
  • Last 4 digits of Social Security number

 

Bank

  • Routing number
  • Account number


Once you have completed the forms, select Accept and Submit.  



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Note: if you have not set up Payments yet, simply click on the Learn More button and the Finish Setup button on the next screen.

 


Create and send an invoice

 

Once Payments is set up and your account is approved, you will be ready to process and send your first invoice. Begin by selecting the (+) plus sign from the top menu, then select Invoice.

 

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Fill out your customer’s information or choose it from the drop down, if you’ve already entered their information.  When you’re creating your invoice, be sure to select the types of payments you’ll accept.

 

Then select Save and Send to email the invoice to your customer.


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Congratulations! You have just sent your first trackable invoice with a Pay now button so your customers can pay you securely online through card or bank transfer. You’ll be able to see when your invoice is sent, viewed, and paid through QuickBooks Payments.

 

Once your invoice has been paid, money will be in your bank account in 2-3 business days for credit and debit cards and up to 5-7 business days for bank transfers.

 

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Note: Stay tuned for more options with QuickBooks Payments to help you get paid faster!

 


Choose where to record payments and processing fees for QuickBooks Payments

 

QuickBooks Payments automatically records your deposits, so it is important to make sure that your payments and processing fees will be recorded to the correct accounts.

 

  1. Select the Settings icon, then Account and Settings.gswp step 1.jpg

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  1. Select Payments from the left menu.
  2. In the Chart of Accounts section, select the pencil (edit) icon.
  3. For Where do you want to record payments? Choose the correct bank account.
  4. For Where do you want to record processing fees? Choose the proper expense account for tracking processing fees.
  5. Select Save.

What’s Next?

5 Comments
Community Contributor **

Re: Getting Started with QuickBooks Payments

Thank you for this discussion.   I however, need some more information and maybe you can help.  

 

Once QuickBooks Payments automatically created a bank deposit and a bank receipt the funds are showing deposited in the checking account of the client.  However, they are still showing in undeposited funds.  Why?

Moderator

Re: Getting Started with QuickBooks Payments

Hi jsanterre50,

 

Once you're able to set up the correct account for your payments, all deposits will go directly to the bank register. 

 

I just need to ask a question for clarification. When you say "they are still showing in undeposited funds," are you referring to payments that are manually received (payments that aren't paid through the Pay Now option) in your QuickBooks? 

 

Thanks in advance! 

Community Contributor **

Re: Getting Started with QuickBooks Payments

Hello!  Thanks for getting back to me. 

 

No, when we enter payments thru other ways correctly we get rid of undeposited funds.  It's only when we use Quickbooks Payments do the payments by CC or ACH go to undeposited funds first, than the bank receipt and deposit (that are done automatically because in the invoices we see "deposit") are sent to the correct bank account.  However, we still see the amount in the undeposited funds account.  I know the "How to receive a payment" workflow.  However, Quickbooks Payments does this automatically so why is this still in undeposited funds?

Community Contributor **

Re: Getting Started with QuickBooks Payments

No, only when they hit the "Pay now" button on invoices.   After the funds are automatically deposited in the back after hitting "Pay now" why are they still in undeposited funds?  Since Quickbooks Payments made the bank receipt and bank deposit why didn't they take it out of Undeposited funds?

QuickBooks Team

Re: Getting Started with QuickBooks Payments

Hi there, @jsanterre50.

 

Thanks for getting back to us. I'm here to help and provide some additional information about QuickBooks Payments. 

 

QuickBooks Online (QBO) Payments defaulted to Undeposited Funds account. You'll need to deposit the payments to the correct account by processing Bank Deposit to ensure the money you received from payments is accurately recorded.

 

You can check this article for the detailed steps on how to record Bank Deposits in QuickBooks Online

 

If the same thing happens, it would be best to contact our Merchant Service Team. They have additional tools to pull up your account in a secure environment and investigate this further. 

 

You can contact them through this link: https://quickbooks.intuit.com/community/Payments/QuickBooks-merchant-services-or-QuickBooks-Online-s....

 

Please let me know how it goes. I'm always here to help if you have any other concerns. Have a good one.