QuickBooks Online 2021 – Credit Card Payments

There is an assortment of approaches to record or process a credit card installment so it will appear in your QuickBooks Online. This article will talk about utilizing Sales Receipts, Receive Payment, and Bank deposits to record customer installments. It will likewise talk about how installments got from customers utilizing the Intuit Payment Network service will get gone into QuickBooks Online.

Process a Credit Card Payment through the Sales Receipt Option 

A sales receipt is valuable when there is no receipt for the customer in QuickBooks and you would prefer not to make one. 

  1. Pick “+” symbol > Sales Receipt. 
  1. Enter the name of the Customer. 
  1. Enter the Payment Method. In the event that the customer is paying with a credit card, a choice to Enter Credit Card Details will spring up. Click this to enter the customer’s credit card data.
  2. Decide to one or the other Deposit to your financial records directly or to Undeposited reserves, which will place the installment in the Bank Deposit screen to be recorded as a deposit later. 
  1. Fill in the subtleties for the deal including Product/Service, Quantity, Rate and Amount. 
  1. Click Save

Process a Credit Card Payment through the Receive Payment Option 

  1. Pick “+” symbol > Receive Payment. 
  1. Enter the name of the Customer. 
  1. Enter the Amount, Payment Method, and the Reference #. On the off chance that recording an installment by ACH or another direct strategy you can pick + Add New starting from the drop. Make a name for the strategy (ACH, Transfer, and so forth)
  1. Ensure that the right receipt you need to apply the installment to is checked in the Outstanding Transactions window. You can change which solicitations are checked if essential. 
  1. Decide to one or the other Deposit to your financial records directly or to Undeposited reserves, which will place it in the Bank Deposit screen to be recorded as a deposit later. 
  1. Click Save.

Related: How to Change Credit Card Payroll Billing in QuickBooks

Recording a Deposit of Entries in Undeposited Funds 

  1. Pick “+” symbol > Bank Deposit. 
  1. Pick the bank the deposit was shipped off. 
  1. In the Select Existing Payments segment, put a checkmark next to the installments that you need to gather as one deposit. 
  1. Ensure the all out is right. 
  1. In the event that extra assets were joined with the assets from Undeposited Funds, record the extra things in Add New Deposits. You will require the Received From, Account, Payment Method and Amount. 
  1. When the Total matches the measure of the deposit that went to the bank, click Save.

Partial Payments 

Regardless of whether a customer just pays a piece of their equilibrium owed, QuickBooks Online will monitor the open money owed on each receipt. You can perceive what is owed by every customer separately by clicking on the Customer Name from the Customer List. Open a particular receipt by clicking on it and taking a gander at the Balance Due line close to the upper right of the page. 

Also, you can see the entirety of your open solicitations with their present adjustments by running the Customer Balance Detail report from the Reports menu.

Joint Payments 

In the event that you have a circumstance where one installment should be applied to solicitations recorded under two distinct customers, you can book the installment in the accompanying way: 

  1. Pick “+” symbol > Receive Payment. 
  1. Enter the name of the primary Customer. 
  1. Enter the Amount, Payment Method, and the Reference #. Ensure you note the check number in the Reference # field. 
  1. Make an entry in the Memo field that this installment is incorporated with installment from another customer. 
  1. Ensure that the right receipt is checked. You can change which receipt is checked if fundamental. 
  1. Decide to Deposit To: Undeposited reserves, which will place it in the Deposits screen to cluster along with the other installment. 
  1. Click on Save.

Repeat these means for the subsequent customer’s receipt. Ensure the check number is equivalent to the primary customer. Next, bunch the installments with the goal that they show as one deposit on the register: 

  1. Pick “+” symbol > Bank Deposit. 
  1. In the Select Existing Payments area, put a checkmark next to the installments that you need to assemble. 
  1. Ensure the absolute is right. 
  1. Click Save.

Intuit Payment Network 

In case you’re utilizing the Intuit Payment Network (IPN) to receive customers with a compensation now connected, QuickBooks Online will naturally update when the installment is gotten. For instance: you email your customer a receipt for $20. Your customer reacts with an online installment for $20 from a bank account. This is what will occur in QuickBooks Online: 

  • A Receive Payment transaction for $20 will be recorded and naturally applied to the receipt. “IPN” will show up in the Payment technique field. 
  • A deposit for $19.50 will show up in the bank account you characterize. Your customer pays no charges to send you an online installment. 
  • The $.50 level expense that Intuit Payment Network charges for installments got from bank accounts is coded to the account Bank Charges. 

Note: Sometimes the Receive Payment transaction and the deposit transaction are entered in QuickBooks Online on various days.

Conclusion

The advantage of having transactions consequently entered for you when you utilize the IPN is truly pleasant. Not exclusively will you save yourself time yet your customers also. They will like the simplicity of having the option to pay you electronically.
Also Read: How To Print W2 Forms In QuickBooks

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