by Intuit•53• Updated 3 days ago
Get answers to common questions about how QuickBooks Payments deposits work in QuickBooks Online.
When you process credit card payments with QuickBooks Payments, deposits are downloaded into QuickBooks to add the funds to your account. Here are some common questions about QuickBooks Payments deposits.
Note: ACH payments entered manually by the merchant may be delayed due to extra security checks. Collecting ACH payments from Pay-enabled invoices can help reduce payment processing risks.
To watch more how-to videos, visit our video section.
QuickBooks Payments deposit time frame
We deposit your funds within five business days after your first payment. Your first few deposits take a bit longer while we set up your merchant account. After we're done, your payments will deposit quicker, typically within two business days.
Change where QuickBooks Payments deposits funds
Only full admins can follow steps:
- Go toSettings
, then select Account and settings. - Select the Payments tab.
- Edit the direct deposit information.
Record QuickBooks Payments deposits and fees in QuickBooks Online
QuickBooks Online does this for you. To keep your books straight, make sure you select accounts for deposits and fees.
See which payments are included in a deposit
In QuickBooks Online
- Go to Sales and select Deposits.
- Select the deposit to see the details.
In the Merchant Service Center
- Go toSettings , then select Account and settings.
- Select the Payments tab andthen select Manage Account. The Merchant Service Center opens. Note: You can also sign in to the Merchant Center.
- Go to Activity Reports, then Transactions.
Users that can see QuickBooks Payments deposits
- Primary Admin
- Company Admin
- Regular/Custom: All
- Regular/Custom: Limited to customers sales
View QuickBooks Payments statements
- Go toSettings , then select Account and settings.
- Select the Payments tab.
- In the Documents section, select the statement, then View.
What to do about funds on hold
When this happens, we send you an email telling you what to do next.
For more about held funds, see why are my funds on hold.
Funds take longer to deposit with American Express
If you have an American Express ESA account, your payments deposit on American Express's schedule. Payments you process with this account aren't eligible for next-day deposits. American Express controls the deposit schedule for ESA account holders.
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FAQs
Make deposits one at a time for each of your deposit slips.
- Select + New.
- Select Bank Deposit.
- From the Account ▼ dropdown, choose the account you want to put the money into.
- Select the checkbox for each transaction you want to combine.
- Make sure the total of the selected transactions matches your deposit slip.
If you process customer payments before 3 PM PT, we'll deposit them in your bank account the next business day. If you process payments after 3 PM PT, we'll deposit them in two business days. If you're brand new to QuickBooks Payments, your ACH payments will take a bit longer during your first month.
Why are my deposits not showing up in QuickBooks Online? ›
It's possible the payments are deposited incorrectly in QuickBooks, resulting in the inability to see them on your bank account and bank report. I'd suggest deleting the transactions in your Undeposited Funds account. Then, deposit them to the correct one.
How should deposits be accounted for in QuickBooks? ›
Option A: Enter upfront deposits or retainers as line items
- Open the customer invoice.
- In the Detail section, on the next available line, select the Upfront Deposit item you created from the Item drop-down list.
- Enter the amount of deposit to be applied to the invoice in the Amount column.
- Select Save and close.
There are many ways to take payments through QuickBooks. With QuickBooks, you can: Send an instantly payable invoice that your customers pay online using a credit card, debit card, ACH bank payment, Apple Pay, PayPal, or Venmo.
Why are QuickBooks payments going to undeposited funds? ›
The Undeposited Funds account holds customer payments in QuickBooks until you deposit them at your real-life bank. Once you have your deposit slip, you can combine these payments into a single record so QuickBooks matches your bank records.
Why is my deposit showing as a payment in QuickBooks Online? ›
Since the deposits are also shown in the Payment column, it could be due to the Account you selected when you categorized them. You'll want to ensure you've selected the correct income account for your deposits and not the bank account to which you will put the transactions.
How to find a missing deposit in QuickBooks Online? ›
Here's how:
- Head to the Reports menu, then Banking.
- Select the Deposit Detail.
- A list of all bank deposits you've made and saved will appear.
- Browse the missing transaction you're referring to.
In the Deposit window, go to the QuickBooks Payments section. Review the list of checked and unchecked payment transactions. If a payment is checked on the deposit, but it's not part of the deposit on your bank statement, uncheck it to remove it. Or select the checkbox to add a payment to the deposit.
How do I record a deposit payment in QuickBooks? ›
On the Homepage, select Record Deposits / Make Deposits. In the Payments to Deposit window, select the payments you want to combine. Then select OK. In the Make Deposits window, select the account you want to put the deposit into from the Deposit to dropdown.
It follows the accounting principle; the deposit is a current liability that is debited and sales revenue credited. Since there are no cash earnings, the money is debit to the bank and credit to the customer's deposit account. It is not considered revenue as the service or sale of goods has not yet occurred.
How do you categorize deposits in QuickBooks? ›
Categorizing Bank deposits to cover expenses?
- In your QuickBooks Desktop account, go to the Accountant menu.
- Click Chart of Accounts.
- Locate and select the account to open.
- Find the deposit and select it to view the information.
- Update the account in the From Account field if needed.
Here's how:
- Click Lists at the top menu bar.
- Click Chart of Accounts.
- Double-click the account.
- Double-click the deposit.
- If you want to delete a specific payment, select it from the list.
- Now click the Edit tab at the top menu bar.
- Select Delete Deposit.
On the Homepage, select Record Deposits / Make Deposits. In the Payments to Deposit window, select the payments you want to combine. Then select OK. In the Make Deposits window, select the account you want to put the deposit into from the Deposit to dropdown.
What is the undeposited funds account also called payments to deposit? ›
What's the Undeposited Funds Account? The undeposited funds account is meant to be a temporary account. It's unique to QuickBooks Online and its main purpose is to make bank reconciliations easier. Typically, when you make multiple bank deposits on one trip, the bank combines all individual checks into one transaction.
, then select Account and settings.