Intuit recently announced the release of QuickBooks 2022 Desktop. The Author has been evaluating various pre-release versions of these products for almost a year and has spent hours communicating with Intuit personnel, including product managers and developers, so we can help you learn about the new products. This article is one in a series of individual product features intended to provide additional content to that found in our QuickBooks Desktop 2022 Product Summary.
About Bill Pay powered by Melio
Bill Pay (powered by Melio) allows businesses to pay their Vendor Bills online directly from QuickBooks Desktop. This new feature lets users schedule vendor payments using their Debit card, a Credit card, or EFT from their bank and sends payment to their vendors. In addition, because they can choose how their Vendor receives payment, either as a deposit into their bank account or via a check, they can pay their vendors according to their preferences.
ACH and Debit card transactions are processed free; however, there is a 2.9% per transaction fee assessment when users select a Credit card for payment. Additional fees also apply when using optional 'Fast ACH' and 'Fast Check' expedited services.
This new functionality will be available to all QuickBooks Desktop 2022 users, including Pro Plus, Premier Plus, and all QuickBooks Desktop Enterprise Solutions (v22.0) versions in the United States.
How Bill Pay powered by Melio works
Note: You must be the Company Admin and be signed up with your One Intuit Account to use this feature.
- From your Enter Bill screen for the Vendor Bill you want to pay, select "Schedule online payment" (as shown below), or
- From the QuickBooks "Pay Bill" screen, select any Vendor Bill and keep the payment Method drop-down set to 'Schedule online payment', then click 'Pay selected bills' to proceed.
(A close-up of the Pay Bills window is shown below for your convenience.)
- At the Schedule Online Payment landing page (shown below), click 'Continue' once you have read the information concerning this feature.
- To begin the setup process, you must indicate your payment methods and your Vendor's payment preference. You will be asked to choose from Bank transfer, Debit, or Credit Card (shown below). QuickBooks will remember your selection(s) for future transactions and ask you to confirm your prior selection(s), which will be pre-filled into the processing sequence.
- Select your payment method and proceed to add your bank/card details to process the payment.
- If you choose to add your bank, then you have the option of connecting instantly by securely logging into your bank or connecting to your bank by posting two micro-deposits. However, the Verification with deposits procedure can take from 1 to 2 business (banking) days to complete.
- A large number of Banks are available using the instant connection option, and the system looks for banks in your area based upon your Company location information.
- Even if you don't see your bank listed, you still have the option of connecting to your bank manually by entering your bank's routing number and your bank account number.
- Of course, you might have selected the option to pay using a Credit Card or Debit Card rather than your Bank Account. In either case, you will need to add your card details.
- Now choose how your Vendor should receive payment. You can process either a Bank transfer (ACH/EFT) transaction for your Vendor or arrange for them to be sent a paper check. Both methods are free. You also have the option of asking your Vendor for payment details if you are uncertain how your Vendor would prefer to be paid.
- If you are sending your Vendor a check, you will be asked to provide additional information. You will need to verify the name as you want it to appear on the check, along with the mailing address and other details.
- You can schedule the vendor payment for a future date starting with the date you set it up to any date in the future. Funds will be deducted from the designated bank account or charged to your debit or credit card on the future date you set for payment. The Bank account or Cardholder will receive an email when the funds are processed.
Viewing, Editing, and Cancelling Scheduled Melio Bill Payments
- When a payment is scheduled for a future date, a payment link in QuickBooks becomes active so you can track the status of the payment and edit or cancel it. This 'View Online Payment' link can be found on the Main Ribbon of the Paid Bill. You will also find the same link in your Bill Payment entry added to the register.
- You can edit a scheduled payment if it becomes necessary to change the payment method, Vendor's receiving method (check or bank deposit), or the scheduled payment date. First, click the 'View Online Payment' link on the Main Ribbon of the Paid Bill to open the Payment details window (shown below). Next, click on the 'pencil' icon to edit any of the options for the payment.
- Should it become necessary to cancel any payment, open the 'View Online Payment' link from the Main Ribbon of the Paid Bill. When the Payment details window appears, select the 'Cancel payment' option at the bottom of the window.
To learn more about this feature:
Please be sure to tune in for our September QB Talks webinar scheduled for 2 pm Eastern on October 6, 2021, when Laura Madeira joins me to bring you a special version of her "What's New in QuickBooks Desktop for 2022". Laura develops the new years' QuickBooks Desktop training content and exam materials for Intuit, so nobody is more knowledgeable about the new features in this year's products. You can Register Here for the Webinar.
In addition, read Laura's Intuit Firm of the Future article on QuickBooks Desktop 2022.
Editor's Acknowledgements
A general acknowledgment to Intuit for many of the graphic images used in this feature, some were used as provided from Intuit resources, Insightful Accountant adapted others to magnify or emphasize a specific QuickBooks feature. In addition, Laura Madeira provided some images, and the Author prepared additional graphic images used in this feature from pre-release copies of QuickBooks 2022. Title art adapted courtesy of Intuit QuickBooks.