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HandiChickNW
Level 3

Bank transfer payments being auto-posted to invoices even though the money is being held by Intuit

STANDARD Accounting practices treat a check received, in-hand, as a payment, NOT a promise to pay.

 

Intuit's bank transfer payment process lies to it's clients by counting a payment as received on the day it is initiated by the client making the payment, NOT the date that the monies are received by the business (Intuit's client). This means that the Accounts Receivable reports are not correct when there is money that has not yet been received being counted as if it has.

 

The bank transfer payment option SHOULD not post the payment to the invoice until the monies are funded and sent to the business!!!  A client initiating a payment is a promise-to-pay, NOT an actual payment.

 

Appears to be just another way for Intuit and the banks to hold monies out of anyone's bank account for DAYS, making money for themselves, while making the small businesses that use this system wait for an undetermined amount of time before funding the payment!

4 Comments 4
JonpriL
Moderator

Bank transfer payments being auto-posted to invoices even though the money is being held by Intuit

I wish I could make it better, @HandiChickNW.

 

As much as I'd love to offer help and share why the online payments made by your customer are posting to the corresponding invoices even if you haven't received the funds, we've got separate support who can address this in no time.

 

That being said, I'd recommend contacting our Merchant Services Team. With their tools, one of our specialists can pull up the account on file and accomplish your goal in question. You can connect with our team by following the steps below:

 

  1. Go to Help.
  2. Select Contact Us.
  3. Enter a few words describing how you wanted to accomplish your goal for today in the What can we help you with? field.
  4. Click Continue.
  5. Choose a channel where you wanted to connect with our dedicated support.

 

In the same manner, you can consider reading through this article and learn more about your deposit schedule: Find out when QuickBooks Payments deposits customer payments.

 

On top of that, I've also included this reference helpful with the compilation of commonly asked questions with answers while working with QuickBooks payments: QuickBooks Payments FAQs.

 

If you have follow-up questions about this or any other concerns with QuickBooks navigation, please don't hesitate to click the Reply button below. I'm willing to help and assist you anytime. Take care and stay safe!

Fiat Lux - ASIA
Level 15

Bank transfer payments being auto-posted to invoices even though the money is being held by Intuit


@HandiChickNW wrote:

Appears to be just another way for Intuit and the banks to hold monies out of anyone's bank account for DAYS, making money for themselves, while making the small businesses that use this system wait for an undetermined amount of time before funding the payment!


 

@HandiChickNW 

Use other payment processors.

HandiChickNW
Level 3

Bank transfer payments being auto-posted to invoices even though the money is being held by Intuit

I did contact 'support', I spend far too much time on the phone with 'support'(not).  Her only response, after 45 minutes of trying to understand the problem, was she wanted to speak with my client to explain her subscription to her.  :-(   :-(   :-(

My client is not immediately available anytime I need her so the conversation ended with no resolution.

 

I have (at least one) invoice now showing as having been paid 5 days ago (6 now) but no money in the bank.  I'm left trying to figure out how to find all the invoices that show as paid where we haven't actually received any money.  So as far as I'm concerned, once again, Intuit is taking control of something they shouldn't.  If a payment has been initiated but hasn't been funded then an invoice shouldn't be posted as paid... ESPECIALLY without our knowing this has happened.

 

HandiChickNW
Level 3

Bank transfer payments being auto-posted to invoices even though the money is being held by Intuit

The choice is my client's not mine.  Not within my control nor am I about to spend hours researching other payment processors to get stuck with another set of problems that will then be laid at my feet.

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