Our customer paid an invoice using the “pay now” feature. They paid $1000 once and then another $1000 a few days later (the invoice was for $2000). The first $1000 has gone into our bank account. The second $1000 is in “Undeposited Funds” but when I go to move it to my bank account using the pencil edit icon, it says that the payment has already settled, so I can’t edit it. I then did a general transfer” of $1000 from “Undeposited Funds” to my bank account instead, but the money still isn’t in my account and the transfer shows up in the Undeposited Funds category transactions, but not the general “Transactions” section of QuickBooks. A few questions: 1. Why can’t I edit the second $1000 invoice payment to go from Undeposited Funds to my bank account? 2. How/why is it settled there if I can’t spend it or actually receive the money from that account? 3. Is there a way to make all invoice payments go directly to my bank account? I’m not sure why some of the invoice payments are going to my bank account but others are going to the Undeposited Funds category. Our first invoice payment received went to the Undeposited Funds category as well, but I was able to transfer it to my bank account easily using the pencil edit icon. 4. What happened to the general $1000 transfer I made?
I’ve got you covered, @kdeidaho. I'll make sure you'll be able to transfer the invoice payments from Undeposited Funds to your bank account.
When using the Pay Now button to accept online payments, QuickBooks acknowledges the amounts as the complete payments of your customer’s invoice. This is the reason why you’re unable to edit the second payment to move the funds out from Undeposited Funds.
Please know that QuickBooks Payments only allows one-time payment on invoices, either partial or full payment. You’ll need to create multiple invoices just to associate multiple payments. Also, QuickBooks settled the amounts to the Undeposited account to hold them until you’re ready to transfer them to your bank.
You can make a bank deposit in QuickBooks Online to move the invoice payments to your bank account. I’m glad to show you the steps.
Check out this guide to learn more about the process: Record and make bank deposits in QuickBooks Online.
To prevent your records from doubling income, you can delete the general transfer you created.
You can use the Progress Invoicing feature in the future. This keeps customer payments organized and connected from start to finish.
Don't hold back to drop a comment if you have more questions or concerns about your invoice payments. I’ll be here. Have a good one and take care always!
I wanted to see how everything is going about the invoicing transfer to the bank concern you had the other day. Was it resolved? Do you need any additional help or clarification? If you do, just let me know. I’d be happy to help you at any time.
Looking forward to your reply. Have a pleasant day ahead!
I appreciate you for the update, @kdeidaho. Let me share further details about instant deposits and guide you on the next steps you need to help take care of this matter.
When you set up instant deposits, you can request to get funds into your bank account in less than 30 minutes. All transactions are subject to risk review and third-party delays. Then, only eligible ones will show as available for instant deposits.
You may haven't received the payment in your bank account as available balance because of the following reasons:
To know more about the above-mentioned reasons, you can refer to this article: Get help with instant deposits.
With that being said, I would encourage you to check the status of the processed payment or deposit. Here's how:
In case there's an issue with the payment, it won't show up in a daily deposit. Then, you should receive an email from Intuit. Check your email settings if you don't see any messages from us.
Also, to answer the most commonly asked questions about payments deposits and QuickBooks Payments, I'd recommend checking out these articles:
Keep me posted in the comments if you have other concerns about instant deposits and managing payment transactions in QBO. I'm always ready to help. Take care, and I wish you continued success, @kdeidaho.
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