QuickBooks® Payments
If you’re not already using QuickBooks® Payments1 (aka: QB Payments), I suggest you start and here’s why: total visibility into customer payments. Because QB Payments handles the entire accounts receivable process, you know the status of all customer deposits. This means bookkeeping is made simpler. With QB Payments, you can take mobile payments, emailed invoices payments and recurring auto payments all inside QBO.
Tight Integration and Easy Access
Once sales transactions are created inside QuickBooks, payments can be applied directly within QB by processing credit card, debit card and ACH payments. A few years ago, QB payments rolled out the smart invoicing feature, which is a dashboard of your QB sales transactions, with collected payments and expected deposits dates. Because QB payments is tied directly to your bookkeeping, once a payment is received and deposited, QB Payments will auto close the bookkeeping, creating the expected batched payments.
What if… you need to void or refund a payment?
On occasion, payments need to be stopped or reversed for various reasons. Using the QB Payments dashboard, you have the control to void ACH payments if they have not cleared the bank and refund credit and debit cards.
In today's article we will look at how to 'void' payments, next week we will look at how to 'refund' payments. We will also talk about some other great features of QuickBooks® Payments next week too.
Void ACH Payments
ACH auto drafts can only be stopped if they have not cleared the bank! There is no way to issue a refund for an Auto Draft payment. However, you can void and refund a credit card payment. These are the steps to follow if you need to refund a credit card payment.
Steps to Cancel ACH Payment:
- Company Gear Icon
- Account and Settings
- Payment
- Manage Account
Check the status of the Auto draft deposit:
- Activity & Report
- Transactions
- Select the transaction in question
- View status details
Check the status of your QuickBooks Payments transactions from the Activity & Reports tab.
Liz_Void_QB-payments_Fig-01
Once you have verified the payment is still pending, you can void the ACH payment:
- Processing Tools
- Void an eCheck
- Checkmark transaction ID in question
- Submit
Once you verify a QuickBooks Payment is still pending under the Activity and Reports tab, you can switch to the Processing Tools tab and void the payment.
Liz_Void_QB-payments_Fig-02
Now that the ACH payment is voided you can either email or print the activity:
- Select email
- Enter email address and note
- Send
Easily email or print the voided payment to provide notice of the payment status change(s).
Liz_Void_QB-payments_Fig-03
To verify the ACH payment has been voided, go back through the steps to view transaction status again:
- Activity & Report
- Transactions
- Select the transaction in question
- View status details
Return to the Activity & Reports tab to confirm that your QuickBooks Payment(s) has/have been voided.
Liz_Void_QB-payments_Fig-04
QuickBooks® Payments not only provides total visibility into your customers' payments, but it provides you with total control; just as long as you know the steps to take when you need to stop or reverse transactions. If you would like more information about QB Payments then check out the QuickBooks® Payments website1.
Footnotes:
1 - the embedded URL provided is the official Intuit QuickBooks Payments (United States) website. Our international readers may wish to access Intuit available 'payments' offerings via the QuickBooks 'Global' website, once there you can select the 'country of your need' for more information and product offerings.