How to Download and Record Payments from Merchant Service Deposits in QuickBooks
If you use QuickBooks Payments, you may be wondering how to download and record payments from merchant service deposits in QuickBooks Desktop. Merchant service deposits are the grouped payments that QuickBooks deposits into your bank account each day. They include credit card, debit card, e-check, and mobile payments that you process with QuickBooks Payments.
Downloading and recording payments from merchant service deposits is important for keeping your books accurate and up-to-date. It also helps you reconcile your bank statements and track your fees and expenses.
download this payment from merchant service deposits to be recorded in quickbooks
In this article, we will show you how to turn on automatic matching and recording of payments, how to review and match bank deposits in QuickBooks, how to add payments to record in QuickBooks, and how to download mobile payments transactions into QuickBooks.
How to Turn on Automatic Matching and Recording of Payments
One of the easiest ways to download and record payments from merchant service deposits is to turn on automatic matching and recording of payments. This feature allows QuickBooks to group customer payments each day and record them on your chart of accounts as a single bank deposit.
To turn on automatic matching and recording of payments, follow these steps:
Go to the Banking menu and select Record Merchant Service Deposits.
Select Change your deposit settings.
Turn on the Auto match & record setting.
Select Save.
QuickBooks will now automatically download and record payments from merchant service deposits for you.
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How to Review and Match Bank Deposits in QuickBooks
After you turn on automatic matching and recording of payments, you can review and match bank deposits in QuickBooks at the end of the month. This will help you make sure that QuickBooks always matches your monthly bank statements.
To review and match bank deposits in QuickBooks, follow these steps:
Go to the Banking menu and select Record Merchant Service Deposits.
Go to the Recorded tab.
Review the first bank deposit on the list and compare it with your bank statement. If you need more details, select the small arrow icon next to the deposit.
If the date and amounts match, check it off of your bank statement.
Repeat for each bank deposit on the list.
Once you have reviewed and matched all the bank deposits in QuickBooks, you can reconcile your bank account and mark it as cleared.
How to Add Payments to Record in QuickBooks
Sometimes, you may need to add payments to record in QuickBooks that are not automatically matched by QuickBooks. For example, you may have received a payment from a customer that is not in your QuickBooks customer list, or you may have processed a payment outside of QuickBooks.
To add payments to record in QuickBooks, follow these steps:
Go to the Banking menu and select Record Merchant Service Deposits.
Go to the Add payments to record tab.
Select the small arrow icon next to a deposit to expand the section.
Review the payments QuickBooks already matched for that day. If you see any payments that are not matched, select Add payment.
Enter the payment details, such as the customer name, amount, date, and memo. If you need to create a new customer, select Add New.
Select Save.
Repeat for each deposit that needs additional payments.
QuickBooks will now record the payments you added and include them in your bank deposits.
How to Download Mobile Payments Transactions into QuickBooks
If you use QuickBooks Mobile Payments, you can also download mobile payments transactions into QuickBooks Desktop. Mobile payments transactions are the payments that you accept using your mobile device and a card reader or a mobile app.
To download mobile payments transactions into QuickBooks, follow these steps:
Open QuickBooks and go to the Get Online Payments window from the Customers drop-down menu or select Merchant Service Deposits on the home screen.
Select Mobile Transactions and click OK.
You will then be taken into the Record Merchant Service Deposits screen.
Select the small arrow icon next to a deposit to expand the section.
You will see a list of mobile payments transactions for that day. You can review them and match them with your customers and invoices.
If you need to edit or delete a mobile payment transaction, select it and click Edit Payment or Delete Payment.
If you need to add a new mobile payment transaction, click Add Payment.
Select Save & Close.
QuickBooks will now download and record your mobile payments transactions and include them in your bank deposits.
Conclusion and FAQs
In this article, we have shown you how to download and record payments from merchant service deposits in QuickBooks Desktop. We have covered how to turn on automatic matching and recording of payments, how to review and match bank deposits in QuickBooks, how to add payments to record in QuickBooks, and how to download mobile payments transactions into QuickBooks.
By following these steps, you can keep your books accurate and up-to-date, reconcile your bank statements, and track your fees and expenses. You can also save time and avoid errors by letting QuickBooks do most of the work for you.
If you have any questions or need more help with downloading and recording payments from merchant service deposits in QuickBooks, here are some FAQs with answers:
How do I change the account where QuickBooks records merchant service deposits?
You can change the account where QuickBooks records merchant service deposits by going to the Banking menu and selecting Record Merchant Service Deposits. Then, select Change your deposit settings and choose a different account from the drop-down menu. Select Save to apply the changes.
How do I view my merchant service fees and expenses in QuickBooks?
You can view your merchant service fees and expenses in QuickBooks by going to the Reports menu and selecting Banking. Then, choose Merchant Service Fees Detail Report or Merchant Service Fees Summary Report. You can customize these reports by date range, account, transaction type, etc.
How do I refund a payment that I processed with QuickBooks Payments?
You can refund a payment that you processed with QuickBooks Payments by going to the Customers menu and selecting Credit Card Processing Activities. Then, choose Process Credit Card Refunds. You can search for the payment by customer name , amount, date, or reference number. Select the payment and click Refund. Enter the refund amount and reason and click Submit.
How do I reconcile my merchant service deposits with my bank statements?
You can reconcile your merchant service deposits with your bank statements by going to the Banking menu and selecting Reconcile. Then, choose the account where you record your merchant service deposits and enter the ending balance and date from your bank statement. Click Continue and check off the deposits that match your bank statement. If there are any discrepancies, you can use the Locate Discrepancies button to find and fix them. When you are done, click Reconcile Now.
How do I contact QuickBooks Payments support if I have any issues or questions?
You can contact QuickBooks Payments support by going to the Help menu and selecting QuickBooks Desktop Help. Then, click Contact Us and enter your question or issue. You can choose to chat with a support agent, call them, or request a callback.
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