If you are done with setting up and activating QuickBooks Payments account, you are all set to record merchant deposits and fees and track merchant transactions in QuickBooks. If you are not familiar with the process, don’t worry because this article can be helpful for you. Inn this article, we will provide you the process to record merchant service deposits in QuickBooks Desktop. You can also call us at our QuickBooks Customer Service Phone Number +1888-396-0208 if you want any kind of assistance.
Access Merchant Service Deposits screen
Open the Merchant Service Deposit window by going into Banking menu and then select Record Merchant Service Deposit.
The screen has the following tabs:
- Add Online Payments: This tab displays payments that couldn’t be matched with an already existing invoice in QuickBooks. You need to add these payments manually if you want them to be recorded by your bank account.
- Choose Add Payment from the Action section to match existing payment or you can do it by selecting multiple payments and then Add Selected Payments.
- Once you add a payment, you can now create an invoice by selecting Need Invoice? Creating an invoice here will require you to apply payments to the invoice. For this, you need to go to Customers menu and then select Receive Payments.
- Ready To Record: Once you match and record all the transactions in a batch, the batch, the batch will be visible on the Ready To Record tab. If you don’t find all the transactions recorded in a batch, you won’t be able to record the batch and you will receive a message stating Transaction Not Added.
- Recorded: This tab shows transactions that were successfully recorded. You can manage and monitor those transactions.
- Errors: This tab shows transactions that have to record in QuickBooks manually. The batch won’t get recorded if there are one or more transactions in a batch are in this tab. This ensure that the amount in QuickBooks is matching to the amount displayed on your bank statement.
Configure deposit and fees account settings in QuickBooks Desktop
Before downloading your deposits and fees, you have to select an account where you want the transactions to get downloaded and expense account to which you want to assign fees. This is typically the same bank account you added in QuickBooks shows the correct account in which you funds are deposited and from which the fees are being withdrawn.
To change the deposit settings:
- From the main menu of QuickBooks, go to Banking > Record Merchant Service Deposits.
- Choose Change your deposit settings option from the lower left panel of window.
- From the Merchant Service Deposit window, make modifications in your information as required:
- Allow creation of new invoice after you apply a payment: Marking this checkbox allows you to create an invoice if there are not a single invoice created till not for a particular transaction and customer.
- Your Bank for Deposits: Using this drop-down menu allows you to choose your financial institution where you wish to deposit your money.
- Memo: This field allows you add a default memo to add on your merchant service transactions.
- Your Fees Account: From the drop-down options, you can select the account type to apply your fees. If you are not sure that which account you should use, consult your accountant.
- Your Bank for Fees Withdrawal: This drop-down lets you to select the banking institution from where you want to withdraw fees.
- Show Welcome Screen: Mark this checkbox to get the Welcome screen whenever you open Merchant Service Deposits.
- Select Save Settings.
Record deposits and fees manually
- Open QuickBooks and from the Banking menu, select Make Deposit.
- Choose appropriate items that needs to be reconciled.
- Click on Make Deposits to take these items to the bank account and complete the reconciliation process.
To enter the missing fee, you need to enter a corresponding bill as well:
- Create the bill.
- Open QuickBooks and from the main menu, go to Vendors > Enter Bills.
- Go to the Enter Bills window and from the Vendor drop-down, choose vendor assigned for Intuit merchant service account. (or Add New if it is not created yet).
- Make sure that the date is same as the date of fees.
- Make sure that the Account field contains proper expense account.
- Provide the amount of the fee in the Amount Due
- Choose appropriate Expense account in the Account section.
- Click on Save and Close.
- Pay the bill.
- From the Vendors menu and select Enter Bills.
- Put a checkmark on the bill you created. Note: If you have multiple bank accounts, then make sure you have selected the Account drop-down and select the bank that the fees were withdrawn.
- Click on Pay Selected Bills, then click on Done in the Payment Summary window that shows up.
QuickBooks for Mac
You need to manually record Merchant Service deposits and fees because this feature is not available in QuickBooks for Mac.
- From the main menu of QuickBooks, go to Customers menu then click on Receive Payments.
- Provide the transaction.
- Once you receive the payment, navigate to Banking and then select Make Deposit.
- Choose all the payments available in the batch and click on Save and Close.
In case, you required any kind of additional assistance while making manual entries in QuickBooks Mac, contact us at QuickBooks Support department.
Error: In order to make a deposit, you need a valid expense account
You can face this error because of some insufficient or inappropriate user permissions in QuickBooks. Make sure all the online payments are downloaded via Record Merchant Service Deposits. If you choose Get Online Payments, QuickBooks tries to open this window.
You can resolve this error by simply logging into QuickBooks as an administrator and provide users the following permissions:
- Chart of Accounts
- View Account Balance
Technical Support For QuickBooks Desktop
Hopefully, you find this article helpful and you are now able to record merchant service deposits in QuickBooks Desktop. There can be situations when you can face some issue while recording merchant service deposits as well. In case, you are also facing issues during the process, you can contact us at our toll-free QuickBooks Support Phone Number +1888-396-0208 to get instant support for your issues.