QuickBooks payments streamlines incoming payments and integrates seamlessly with accounting software. It offers various methods of receiving customer payments for online invoices or in-person sales, including credit cards, PayPal, Venmo, and ACH bank transfers.
Mastering this payment solution helps avoid data redundancy between systems and errors that can occur from manual entry. The following articles provide tips and tricks for utilizing QuickBooks Payments.
Export / Import
QuickBooks payments allow you to take credit cards, ACH bank transfer payments on invoices, and in-person sales. Payments are recorded and matched to the correct customer accounts in QuickBooks so that you always have the correct number of paid invoices and accurate totals.
To use QB Payments, you need a bank account with the same name as your QuickBooks company file. Deposit speeds vary by product and type of payment.
You can also export customer, vendor, and item lists and transactions to Excel spreadsheets. This option is handy if you use other tools and financial software to manage your business and need to import that data into QuickBooks. The supported list formats are XLS and CSV (Comma Separated Values). See the import from Excel & CSV manual for details and best practices. This download includes an XLS example folder with four worksheets, one for each supported list type.
Manual Entry
QuickBooks will immediately retrieve your transactions when you link your bank and credit card accounts. But you can also manually add a single transaction or batch of transactions. Here’s how to do it.
When a customer pays you, go to QuickBooks and record the payment by clicking “Get Paid” or “Invoices.” Select the invoice to which the payment applies. If the payment is complete or partial, it reduces your open accounts receivable balance on reports. Otherwise, the invoice stays open and shows a balance due on your report. You can also select mark as paid or schedule payment.
Compatible POS Systems
Point of sale (POS) systems that integrate with QuickBooks provide automated data transfer to help you stay on top of your business’s sales. You can expect your POS and accounting systems to sync daily, though depending on the software, it may be more frequent.
POS systems that sync with QuickBooks typically have a touchscreen interface, credit card reader, receipt printer, and cash drawer. A barcode scanner may also be included with specific POS systems; some offer inventory management tools.
The operations and industry of your company will determine the POS system you use. For example, a retail store may select a POS that offers advanced inventory tracking and customer management capabilities. If you operate a restaurant, you can consider POS systems tailored explicitly for restaurants with table management and menu customization features.
Plugins & Gateway Integrations
Using a payment gateway that supports it (like VPN), you can sync transactions into your QB account automatically with QuickBooks payments. It includes credit card, PayPal, Venmo, and ACH check payments for invoices and sales. You’ll need to choose a processor and compatible gateway to take advantage of this feature, which is usually available through a real-time plugin that works “within” QuickBooks.
While manual entry is the least expensive option, it’s time-consuming and increases your chance of human error. The other integration options save you time and money and offer more choices in equipment without requiring any software or technical knowledge. You can choose from a point-of-sale system-based integration that uses your POS software with a processor that supports it or a real-time plugin and gateway integration that downloads transactions into QuickBooks at the end of each day. Both options require a compatible gateway and a merchant account.
