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mauriokart
Level 1

How long does it take for a paid invoice to deposit in my bank account? Can I track the progress?

I recently switched to using QuickBooks Self Employed for my invoices. I sent my first two invoices and they've been paid by my client, but I was wondering how long I should expect it to take for the payment to show in my bank account? I also can't find any way to track that the transaction is in progress, and my merchant center does not show any transactions or deposits. There also doesn't seem to be any way to double check that I have everything set up correctly/that the payments are headed to the correct place- is there anywhere to track this info?

 

As an additional suggestion for QuickBooks, I would love to be able to see the last four digits of the account that the invoice is being deposited into on the "payment received" email that I get! It would give nice peace of mind in the future, because right now I have no idea if the payments are even going anywhere since I can't seem to find any trace of them in the merchant center.

3 Comments 3
SirielJeaB
Moderator

How long does it take for a paid invoice to deposit in my bank account? Can I track the progress?

@mauriokart, it's a pleasure to have you join the Community. I appreciate you expressing your detailed concern and value your excellent suggestions for QuickBooks. I'd be glad to provide you with clarifications about this matter.

 

The product you're using and the type of payment you're making affect the deposit speed. Standard deposits are processed every day except Sundays, Thanksgiving Day, and Christmas Day. With no exceptions, Instant deposits are processed every day of the year.

 

If you are new to QuickBooks Payments, we'll deposit your first set of payments within five business days. These deposits take a little longer because we are setting up your account. 

 

For more details, check out this article: Find out when QuickBooks Payments deposits customer payments.

 

Furthermore, in response to your suggestion, there is no need to be able to see and constantly review the last four digits of the account because all invoice payments will be deposited directly into the account you've set up with your Merchant Services.

 

You may also want to learn how to handle chargebacks and retrieval requests in QuickBooks Payments. A chargeback occurs when a transaction you processed gets disputed, and the money goes back to the payer.

 

We're always looking forward to assisting you. Please drop by again if you have further questions with your transactions. Have a great day!

brenlie
Level 1

How long does it take for a paid invoice to deposit in my bank account? Can I track the progress?

I think I have a similar issue. I have tried to contact support 2x via chat and also called the support number and no one can seem to help.  Can self-employed customers get instant deposits? I seem to be having issues viewing the screens that I'm being told to view and I can't see that. I just want to be able to update my deposit account so that I can get instant payments. 

MirriamM
Moderator

How long does it take for a paid invoice to deposit in my bank account? Can I track the progress?

Welcome to the thread, @brenlie.

 

I'll be happy to answer your question.

 

The instant deposit feature is only available for eligible QuickBooks Payment users in QuickBooks Desktop and QuickBooks Online. And at this time, QuickBooks Self-Employed users with QuickBooks Payments can receive customer invoice payments within 3-5 business days since instant deposit is unavailable. 

 

Once payment is received, your invoice in QBSE will automatically mark as paid. And if you'd want to send your customer a copy of their paid invoice, you can click the Send button found in the Action column on the Invoice page if you're on a browser or select Email if you're on the mobile app.

 

Lastly, here's an article in case you'd want to run reports to view a snapshot of your business: Export transactions and get reports in QuickBooks Self-Employed.

 

Feel free to comment below if you have other QuickBooks concerns. I'll be more than happy to help you. Have a great day.

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