If you run a business, today is the day you should consider investing in Intuit merchant services. As the world progresses towards digital, you’ll notice fewer people paying with cash and checks. To make invoice payments easier for your customers, you need to offer debit and credit card payment options. Although fees can vary depending on who you use, you’ll appreciate getting paid faster and providing added convenience for your consumers. To learn how to manage your credit card sales with Intuit, keep on reading!
How to Open Your QuickBooks Online Account
Opening your company’s QuickBooks online account is incredibly easy to do. Head over to QuickBooks’ site and enroll your business for an account. Keep in mind: you’ll need your SSN, business EIN, address, and phone number, as well as a few more personal details. Once you’re on your business’ home page, you can link your bank account and start reviewing transactions. That’s right; it’s easy as that!
Recording Card Payments from Customers in QuickBooks Online
There are two basic ways you can record customers making payments in QuickBooks: if a customer pays immediately and you have a receipt, or a customer wants to pay later, and you generate an invoice which you can keep in your records.
Recording a Credit Card Payment Using a Sales Receipt
When recording a credit card payment with a sales receipt, you’ll need to navigate to the home screen and click on the plus sign. On the customer column, click on the sales receipt and a sales receipt window will display. Complete the necessary fields, and click OK to return to the previous sales receipt form window.
To deposit the payment to your bank account, you should ensure the appropriate account is linked in your QuickBooks online account. Then, you’ll need to select the drop-down menu from the product or service sold to your customer, enter in a description, quantity, rate, amount, custom message, the amount you received, and the total balance due.
Recording a Credit Card Payment on an Invoice
To record a credit card payment on an invoice, go to the QuickBooks home page, click on the plus sign, and select Receive Payment. Once the new window displays, complete the necessary fields: customer name, payment date, payment method, card details, and the bank account you want the payment to be deposited to. Next, select the invoice or invoices the customer is paying and enter the total amount you want to charge their card.
Recording Credit Card Deposits in QuickBooks Online
After processing credit card payments in your QuickBooks online, you should record the deposit of payments into your bank account. Just keep in mind, depending on the type of card used to make the payment(s), you may have to wait a few days until it shows up in your bank account. Once the payment does show up in your bank records, it will automatically appear in your Intuit Payments account, as long as you have your bank account linked. Here’s what you need to do to verify and categorize the payment.
First, you should head over to your company’s QuickBooks settings by clicking on the gear item to the left of your business’ name and select Account and Settings. Next, click on the Payments tab on the left and edit the necessary Recording Accounts field. In this area, you’ll record your credit card deposits, which will help you organize and categorize your payments. If you need to change anything, you can easily click on the “edit” pencil icon.
Recording Credit Card Processing Fees in QuickBooks Online
To verify your account that credit card processing fees appear in, you should navigate to the company settings on your home page (click the gear icon) and select the Account and Settings tab. Next, click on the payments tab and start editing the Recording Accounts field. In this area, you can record credit card processing fees that will be automatically categorized in your QuickBooks account once they are taken out of your bank account. If you need to make any changes to processing fees, you can easily edit them via the “edit” pencil icon.
There are plenty of reasons why you should consider investing in Intuit merchant services to manage your credit card sales. By following this quick guide, you can get started on recording invoices, credit card payments, and processing fees to accurately determine how much your business is making. To get started on managing your QuickBooks account today, contact Fourlane, Inc., and speak to our many accounting experts to register your account and begin tackling transactions and payments.