Receiving payment | Payoneer

Create a cash type bank account named Pioneer and depos9it receipts to that account.  When you or pioneer transfers funds to your bank account, enter the same transaction in QB

• In deposit receipts to that account you refer to the Receive Payment process?
• About the new account to create - you mean it should be of type Bank with sub-account type of Cash?
• When I receive payment, I am not being asked in which account I want to receive it, but rather it goes by default to the Undeposited Funds
• In When you or Payoneer transfers funds to your bank account, enter the same transaction in QB  - What type of entry this would be?

Hello, EBFinancials.

Yes, a deposit receipt is a part of the receive payment process in which you will deposit the payment from your customer to your account. With regards to the bank account, you may enter Payoneer as your Bank in the chart of accounts (COA).

Deposit payments go to undeposited funds by default but there is an option that you change your default deposit to account. Transferring funds to a bank account is a process of bank deposit or receiving payment. 

Here's how to receive payment:
 

1. Click Customers menu, select Receive Payment.
2. In the Received From drop-down, choose the customer's name.
3. Enter the Amount received.
4. Ensure the date is correct, then click the Payment method.
5. Select the invoices you'd like to pay.
6. To add a discount or credit, tap Discounts and Credits.
7. Select Save & Close.

Once done, you can now deposit the payment to the account.
 

1. Click  Record Deposits / Make Deposits.
2. In the Make Deposits window, choose the account you want to put the deposit into from the Deposit to dropdown.
3. Make sure to select the correct account.
4. Enter the date you made the deposit at your bank.
5. Add a memo as needed.
6. Tap Save & Close.

Additionally, I've added this article that'll help you on how to record a payment: Automatically record QuickBooks Payments bank deposits in QuickBooks Desktop.

I'm still here if you have other questions with regards to receiving payments. Just post your questions here, I'll respond as soon as possible. Keep safe.