Last Updated on September 17, 2020 by Editor Team
Hey, again here Accountwizy with a new blog about ‘QuickBooks ACH payments’. In this blog, we will concern you with the process, or set up method in QuickBooks ACH payment. If you interested to learn something regarding this topic then, read the blog till the end so that, it will be understood very well.
Save Time & Effort
Get help from expert
Get your accounting work done by experienced accountants. Fix all your accounting software errors & problems. Dial our toll-free number +1-877-355-0435.
Intuit QuickBooks Payments support multiple payment methods such as Debit card, Credit Card, ACH Payments. It depends on the business owners through which platform you are ready to accept payments. Accepting payments through ACH Payments or ACH lost less is very helpful for the business owners because it is 50 cents per transaction.
Intuit QuickBooks ACH Payments is an outstanding tool for business enterprises either small scale, medium scale, and large scale enterprises. Anytime you can set up recurring payments for bills and schedule ongoing customer bill payments. You can view, manage, and record QuickBooks ACH Payments recurring transactions, scheduled payments automatically, or prevent recurring ACH’s.
How QuickBooks ACH Payments Helps You
ACH Transfers and Echecks are fast, secure as well as paper-free. It offers multiple facilities to its users. Look at the facilities offered by ACH transfers are:
|Electronically movement of Money||When customers enter their bank information, QuickBooks will prepare ACH and checks information for the ACH(“Automated Clearing House”) network.|
|Safe & Secure Payments||QuickBooks will deliver ACH Payments and electronic checks electronically over a safe and secure network to your bank.|
|Avoid Paper Work||Just because it supports electronic, ACH Payments and checks are faster and more reliable and faster than the checks. And it doesn’t support paper tacking.|
|Reduces Processing Costs||ACH Payments and e-checks require very fewer efforts to process than paper checks. It is very less expensive as compared to credit card transactions.|
|Increasing Sales||If you don’t accept paper checks, eChecks acceptance will provide more payment options for the customers.|
|Reduce Risk||Merchant Service Providers (ACH and e-check payment) maintain and monitor the files to help and protect you from fraud.|
How to Process ACH Payment in QuickBooks from a Customer
Ready to learn the process of QuickBooks ACH Transfer from a Customer for making customer’s sales receipts and invoices in QuickBooks Online. By adopting this strategy you can free yourself from hectic Bank run and Paper checks. It requires proper customer’s authorization to accept QuickBooks ACH payments in QuickBooks Online. It offers a save option so that you need to put and enter the same details in the future. If you want to put another detail in the future then log out first and then enter new details. Look at the steps used to process the Payment are:
Step 1: Receive Payment to select the Transaction
Bank transfer payments can be processed easily for sales receipts and invoices. Or you can manually enter the bank’s information to a recurring sales receipt.
Step for Sales receipt and Invoice
- Select “Create” Icon
- After that pick “Receive Payment” and choose “Sales Receipt”
- From the Payment Method in the drop-down list, simply choose “QuickBooks Payment Bank” or “Check”
Step for Recurring Sales Receipt
You will know the working of the sales receipt to process the ACH payment to the next scheduled charge rate.
- Select the “Gear” Icon
- Choose “Recurring Transactions” in the drop-down list
- Browse for Customer’s recurring sales receipt from the drop-down list and then pick “Edit” option
- Choose “Check” or “QuickBooks Payment Bank” from the Payment Method
Step 2: Manually Enter Customer Bank Information
- First of all, Pick “Enter Bank info”
- After that, simply enter “Customer Account Number”, “Account Type”, “Name” and “Routing Number”.
- Pick “Use this account information in the future” for saving it for future use.
Points to Remember
- Ensure that you are selected if you are having payment options to a recurring sales payment receipt.
- If you don’t save the banking details then it will take 10 minutes to successfully process your request.
Step 3: Complete Authorization
Always keep in mind, you will get customer authorization at the same time when you save your complete details for future use.
- Simply select “Sign Authorization to print an authorization paper that needs to be filled up and signed by the customer”. You can select and review the authorization script to get them.
- Select “I have signed an authorization checkbox” to represent the received authorization
- Hit the “Save” option
How to Update the Recurring Sales Receipt?
For saving the Customer payment information you have to choose “Save Template”.
Use Step 4 as an optional step. The receipt will automatically process the QuickBooks ACH Payments at the next scheduled charge date.
Step 4: Processing the Payment
- First of all, you have to choose “ I have fully authorized and would like to process this transaction In the transaction form”.
- Verify the transaction and then click in “save” and “send it”.
- Make fewer changes to the email message to the customer, then hit “Send” and “close”.
How to Record ACH payments in QuickBooks
Follow the below procedures to record QuickBooks ACH payments according to your need:
Record QuickBooks ACH Payment to Made An Invoice
You have to follow some basic and simple steps to record QuickBooks ACH payments from invoices in QBO.
- From the left Navigation Tab, choose the “Sales” Tab.
- Ensure that the choices of invoices present at the top of the page
- Choose “Receive Payment” Present near the invoices
- After that, the payment page will appear on the screen, You can also pick “add any outstanding transactions here”
- Select “Save” and “New” option and click on the down-down list for picking “Save” and “Close” options
Record Split ACH Payment Received
For recording the Split ACH Payment received, you will have to make the bank deposit for the three payments and deposit those payments into the right account. After finishing these all you have to find a perfect match for the downloaded transactions, then correct the different bank feeds. After this procedure, you will get the complete details of the reminder and deposit of your account.
To get complete guidance you will have to follow some simple and easy steps:
- From the left panel just hit the “Banking” option.
- Select the Bank from where you want to deposit your amount.
- Visit the “Payment” option and then pick “find a match to take the transaction”.
- Tick the deposit by performing a checkmark to the box.
- Enabling the “Resolve Difference” option
- Hit “save” after performing the above steps
Record ACH Payments and Wires for Vendors
You can see, if the bills are inserted as individual transactions, just try to pay all the bills once. But when we are talking about Wire Transfer for bulk payment then please choose each entry to match with their bank statements.
You should note that, bill payment will not automatically display the ACH payments. You have to perform each task manually for identifying the ACH and wire transactions. Now check out the reports to determine the reasons for “there are no invoices you can apply anytime for A/R wire and what will happen to the bills”.
- Identification of Transaction List by the Customer reports
- Proper details of unpaid bills
In this phase, you have to carry out all the transactions related to customer payments and invoices. Furthermore, it shows all the bills and payments for particular vendors.
Transaction List by the Customer Report
You can see the total balance by visiting the Balance Column where all your company unpaid balances are represented. Apply all the steps in the given order if you are willing to open the transaction list by the Customer Report. These are:
- Choose “Customer and Receivable by navigating to the reports” appear at the top of the screen.
- Pick Transaction List by Customer report and to filter the information display on the statement, you will have to click the “Customize” Tab.
For opening the Unpaid Bill Details
- From the top of the screen, visit “Reports”.
- After that, simply choose “Vendors and Payables”
- Hit “Unpaid Bill Details” from the drop-down list and then pick the “Customize” tab if you are willing to refine properly.
Record the Partial Payments
Now learn the methodologies through which you can easily process your partial payments. QuickBooks Online helps you in tracking the opening balances as faster as:
- Visit the “Create” icon and then choose “Received Payment”
- Pick “Customer Name” from the drop-down list/ menu
- Choose the payment method according to your convenience and the reference number.
- Enter your payment amount under “Amount Received”
- From the “Outstanding transactions”, pick the transaction you want to pay for
- Now deposit the amount either checking account or deposited funds account
- In the end, Just “Save” and “Close”
How to Find the Remaining Balance
Here you will know how to find the remaining balance.
- Simply reopen the invoice
- Now look at Balance Due Line
- Choose “Reports”
- Enter the Customer Balance Details present in the Find Report by the name field.
- Choose “Run Report”
Record Joint Payments in QuickBooks
You can easily record the join payments by following the steps listed below. If any situation will occur where the customer pays the invoice and for another customer, you can receive the payment as:
- Visit the “Create” icon and then choose “Receive Payment”
- Enter the customer name, his/her account, payment method, and reference number. You can use the check number in place of the reference number.
- Mark the entry in the Memo field that this payment involved in the check
- Ensure that you have entered the correct invoice
- You can deposit the money anytime-either checking account or undeposited funds account
- Now “Save” and “Close”
Repeat all the steps for the second customer. Now check out the check number is the same and then write a valid and descriptive memo so that so represent the one deposit on the register:
- Visit the “create” icon on the tool-bar
- Mark all the grouped payments with a check from the “Select Payments included in this deposit” section
- Now check the total is accurate. It is required that the total amount will be the same as the total amount of joint check
- In the End, Just hit “Save” and “Close”
We tried to cover the related queries of QuickBooks ACH payment in this article. Hope, you like the article, and now you are able to use the ACH payments in QuickBooks. Further if in case, you are unable to understand this blog, then you can get our Proadvisors Support through the toll-free number +1-877-355-0435 for the instant solution.