What’s New in QuickBooks: Customer Payments
[Quick note: As of June 13, the QuickBooks blog has moved to qboblog.com. Follow us there!]
We’ve made getting paid easier in the new QuickBooks Online. Taking payments in a way that saves you time and increases accuracy helps you spend less time worrying about your books and following up with customers on overdue invoices. Invoicing with payments provides clear tracking (when it was last viewed), quick communication via a messaging feature that works both within QuickBooks and your email client, and anywhere payments flexibility (customers can pay you from their phone, tablet or computer).
Getting Started is Simple
If you haven’t signed up for payments, click the gear icon in the top right and select Your Account. Click Upgrade and add Payments. We will ask some basic questions about your business and where you want your money deposited. Typically, you will be approved for payments the day you request the feature be enabled. Credit card processing should work immediately and bank transfer capability will be built into your account within two days.
How does it work?
Before you had to think about two payments solutions, QuickBooks Merchant Services and Intuit Payment Network. We’ve simplified things. It’s now just QuickBooks Payments. You can still get paid on your emailed invoices for just 50 cents via ACH (electronic bank transfer) and process credit cards within QuickBooks and QB Mobile. Check out our payment site for more details around pricing.
To top it off, we automatically update your books when your money settles and the funds are available. We use unique ID numbers to auto-apply payments to batch deposits, eliminating guesswork and missing payments. It means less work for you and improved accuracy.
Take a deposit, pre-payment or down payment on an invoice.
Let a customer pay an invoice online (from their phone, tablet, or computer).
Set up a automatic payment for your customers (simply select “Make Recurring”).
Take a one time payment (sales receipt) or payment against an invoice (receive payment).
Swipe cards or type them in.
Online Invoicing and Payments
If you have a payments account, you can send an invoice to your customer and give them the option to pay by ACH (electronic bank transfer) or by credit card. You can set your preferred payment method when you email the invoice (the complete control you asked for).
When your customer clicks on your invoice email to view it, this is what they will see.
The payment method(s) offered to the customer will be what you have set in QuickBooks. You can see that a customer can send you messages, and you can respond to them right in QuickBooks.
You will see a corresponding activity feed at the bottom of the invoice in QuickBooks.
You can also see when the invoice has been viewed and paid at a glance from your sales transaction list.
Note: If you aren’t using QuickBooks Payments yet, you can still use online invoicing, you just won’t have an activated pay button or the posting and matching of the payment to the invoice in QuickBooks automatically.
Deposit and Fee Reconciliation
If you process payments through QuickBooks or the QuickBooks Mobile app, you’ll soon discover the magic of the new QuickBooks Online.
Let’s say you take a payment from a customer in QuickBooks. You mark that invoice as paid and the money sits in Undeposited Funds.
Now, when we deposit your money into your bank account, we’ll automatically record a Bank Deposit with the associated transactions and record an Expense with any Payments fees.
Just think—all the payments you took through emailed invoices and QuickBooks automatically move from Undeposited Funds to your bank register while you sleep.
Already Using Payments?
If you already use the Intuit Payment Network (IPN) or QuickBooks Merchant Services, you don’t need to worry about bringing your account over to the new QBO experience. We will take care of it for you. There will be some noticeable differences between IPN and the new online invoices. All critical components will remain and new features like tracking and conversation functionality have been added. Please note, there will no longer be a link on the invoice PDF. The recipient must click on the invoice email to view your invoice. You can always add a PDF attachment of the invoice to the email if you wish to do so.
Are there payment features you want to see?
Want to see more? Have an idea for which payments feature we should work on next? Great! Visit our feedback page and vote on ideas or submit your own. It’s always best to search and vote on existing ideas that are similar, but if you can’t find anything feel free to add your idea and categorize it as Payments (if it’s payments related).
Not seeing this version yet?
These features are in the new version of QBO today, but for those of you who started out on the previous version of QBO, we are moving those companies to the new version over time. Our goal is to ensure a smooth transition for every customer. With over 500K companies on QBO, that is a tall order! See this post for more details: https://community.intuit.com/questions/791220-how-do-i-switch-to-the-new-version-of-qbo?jump_to=answer_1832181 For a better understanding of why all these changes were made check out our previous blog article outlining details around the changes: What’s changed in QuickBooks. QuickBooks loves saving you time and getting you paid faster and we hope this overview helps get you started. If you have additional questions on using QuickBooks Online please visit our Live Community where you can quickly get answers to all your accounting questions.
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