QuickBooks Merchant Services- Record Of Deposit

quickbooks merchant service

QuickBooks Merchant Services- Record Of Deposit

QuickBooks Merchant Services is provided by Intuit QuickBooks for the payment. It also helps to target the product payment of the business owners. But some problem has come, because QB payment is layered and it also diverse By which payment is not existing match to the record. 

Therefore, QuickBooks Merchant Services- Record Merchant Service Deposits helps to find the mode of successful transaction. You can use the QuickBooks Online software for making the transaction. For the professionals and the business owners QB payment is designed. The business owner can choose the payment mode according to their plan and need.

If you are used QB merchant services, so it is necessary to have the record of deposits merchant service. Now the question arises that How To Record Merchant Service Deposits.

So let’s start-

QuickBooks Merchant Services Deposits Tabs On The Desktop

When you are open the QuickBooks on the desktop then you will see some tabs on it and these tabs are-

  • Add Online PaymentWhen transaction and payment invoice is not matched to then QuickBooks invoice is shown here.
  1. First of all to record all payment you can select ADD Payment.
  2. If you want to create an invoice so you can be using the Need Invoice link.
  3. And if you choose it for creating the invoice then you need to apply this invoice on the payment by going on Customer > Receive Payments.
  4. Then apply the invoice on the payment.
  • Ready To Record- When all the transactions of a batch are the match and recorded. Then, this batch is shown in the Ready to record.
  1. As well as, now you can record the batch of the transactions as the deposit.
  2. In case, all the transactions of a batch do not record then you can record that batch.
  3. And you get a message which is Transaction Not Added.
  • Recorded- You can monitor and view all the transactions of a batch when they are successfully recorded.
  • Errors-You can track those transactions who manually recorded in the QuickBooks. In this tab, if more than one transaction in the batch of this tab then the transaction will not be recorded.
  • You should ensure that the amount of QuickBooks matches the amount of bank statement.

How To Manually Add The Record Of Transaction In QuickBooks Merchant Services?

If you want to add manually record of the transaction. So, you should follow these steps-

  • Firstly, go to Customers > Receive Payments and create an entry of the transaction.
  • Go to Banking > Make Deposits after getting the payment.
  • Then, select all the payments of the transaction in the batch and click on the Save & Close button.

Manually Record Missing Fees And Deposit

Missing Deposit

  • When the deposit is missing so you can follow these steps-
  • First of all, Go to the Banking drop-down of the QuickBooks. Then select the Make Deposit option.
  • Then, Highlight the right things for solving them.
  • To move the items to the bank account and complete the reconciliation, Click on the Make Deposits option.

Create The Bill

You can create the bill by following these 5 steps-

  • Select Vendor > Enter Bill.
  • On the Enter bill window, select the vendor assigned to the Intuit Merchant Service account (if not listed, then select Add new).
  • Then you can make sure the proper expense has listed in the Account field.
  • Now, enter the amount of pay in the amount payable field (that price should also be visible in the amount filed).
  • After that ensure the date of the fee is correct then click on the Save and close button after completing the bill creation. 

How To Fix the: “To deposit, you need a valid expense account” error?

When the invalid user (without permission) will enter in the QB desktop, the error (To deposit, you need a valid expense account) encounter. If you want to download all the online payments. So you can download them by the Record Merchant Service Deposits.

To solve this, QuickBooks Administrator needs to give the following permissions to the user’s role:

  • Chart of Accounts
    Create
    Modify
    View Account Balance
  • Checks
    Create
    Print

How To Configure The Account Settings Of Deposit And Fee?

If in case, you want to download the deposit and Fee of the Merchant Of Services then you need an account for downloading them. Also, you will need to choose an expense account to spend fees and withdraw them. Usually, it has been created to reflect the actual bank account details is deposit in your bank and the same bank account created in the QuickBooks, when the fee will withdraw.

While you are using the new version of the QuickBooks then deposit option will see after going in the Record Merchant Service Deposits option. After going on this option you can change your deposit settings on the bottom left.

Conclusion

In this blog, we discussed the QuickBooks Merchant Services- Record Of Deposit.

We included the details of QuickBooks Merchant Services, we also told about where tabs have shown on the desktop.

As well as, we include the details that how to record the manually added transaction in QuickBooks. Rather than all of this we also told about How To Fix the “To deposit, you need a valid expense account” error.

We glad if you like our blog and we wish which information we provide to you is sufficient for you. If you have further more query and issue so you can Contact Us or comment in below session.


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