QuickBooks helps businesses manage their accounting tasks, like managing payroll information, tracking inventory, and appointment scheduling, to name a few. It facilitates better management of payments, salaries, and taxes for any business establishment. However, there are quite a few features some users may find difficult to use. How to Automatically Record QuickBooks Payments Bank Deposits in QuickBooks is one such important feature in QuickBooks.
In this blog, we would be talking about how to record fees and deposits with the use of automatic matches and records of payments in QuickBooks.
Procedure Automatically Record QuickBooks Payments Bank Deposits in QuickBooks
QuickBooks automatically organizes the payments you process every day. You can then use this single bank deposit to your account in order to make multiple payments. Then it records everything onto your chart of accounts.
Here, we will show you Automatically Record QuickBooks Payments Bank Deposits in QuickBooks.
Turn on Automatic Match and Record of Payments
⏩ Launch QuickBooks Desktop
⏩ On the Banking menu, go to Record Merchant Service Deposits
⏩ Changing your deposit settings is the next step.
⏩ Turn on the Auto match & record settings toggle.
⏩ Click on Save.
Automatically record your customers’ payments and organize them in a chart of accounts. If you choose to manually collect the data, turn off the Automatic match & record feature.
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Automatic Bank Deposits to be Reviewed
Upon receiving your monthly bank statement, you must review the payments in QuickBooks. You should compare the items on your statement with those recorded by QuickBooks in the bank deposits. When you start with the bank deposits matched and recorded by QuickBooks, make sure that the files are not corrupted or missing:-
⏩ In QuickBooks Desktop, visit the Banking menu and then Record Merchant Service Deposits
⏩ After that, move to the Recorded section.
⏩ Take a look at all the first bank deposits.
⏩ To see detailed information about the current customer, you can click on the arrow icon next to their name. This shows all of their recent payments for that deposit. Get your bank deposit matched with your bank statement in less than 30 seconds.
⏩ If the date and amounts are matching, QuickBooks has recorded it correctly.
⏩ Investigate each bank deposit on the list to see if it matches your statement. Make a note if any of them is not matching.
How to Change How QuickBooks Records Payments on Your Chart of Accounts
Please Follow the Steps Below:-
⏩ Launch QuickBooks Desktop and visit the banking menu
⏩ Go to Record Merchant Service Deposits.
⏩ Navigate to the Change your deposit settings section.
⏩ Click on the Bank for Deposits dropdown to choose your bank accounts.
⏩ Choose your account from the Fees account dropdown to begin tracking fees.
⏩ Choose the account from where you will withdraw the amount.
⏩ Next Save Settings.
Conclusion
We hope the above discussion would help you record fees and deposits with the use of Automatically Record QuickBooks Payments Bank Deposits in QuickBooks. If you are still having some queries or, if you experience any difficulties in carrying out the above-mentioned steps, we would recommend you to speak to the certified QuickBooks experts.
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🔔 Ask Yourself the Following Questions 🔔
In QuickBooks, How Can I Set up Recurring ACH Payments?
Ans: For recurring ACH transactions, you will need QuickBooks Payments. Your clients will require signing an ACH authorization form in QuickBooks. Then, you should set up regular ACH payments to and from suppliers and consumers.
When My Payment is Automatically Matched and Recorded?
Ans: To match and record deposits and fees manually, you need this. Here are the steps to follow:-
🔹 Go to Banking
🔹 Then, Record Merchant Service Deposits.
🔹 Move to Deposit Settings
🔹 Go to toggle named ‘Auto match records is turned on.
🔹 To finish, save settings
How to Void a Check/Payment From a Prior Accounting Period in QuickBooks?
Ans: You need to follow these steps in order to void a check from a prior accounting period:-
🔹 Create a deposit to offset the check that is to be voided. Click on the “New” button from the dashboard and then select the Bank Deposit under Other.
🔹 Fill the Bank Deposit form as usual.
🔹 Mark both the original checks and the deposit you just created as reconciled. If the voided check was used to pay a bill that is still due, you will be required to create a new bill dated in the current accounting year.
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