Skip to main content
April 6, 2024
Question

Hi I'm new to QB I need to set up my bank account to QB and add payment method to receive wire transfer or bank payment

  • April 6, 2024
  • 1 reply
  • 0 views
How to set up receive payment?

1 reply

Clark_B
April 6, 2024

Welcome to the Community, Mavenyachts.

 

I'll be glad to help you set up your bank account, and add a payment method so you can receive payment in QuickBooks Online (QBO).

 

To connect your bank account to QBO. Follow the steps below:

 

  1. Go to Transactions and select Bank Transactions
  2. Click on Link Account.
  3. In the Search field, enter the URL or name of your bank. 
  4. Enter your Sign-in information in the Login and Password fields, then click on Continue.
  5. Select the account you want to connect and the date range for pulling transactions from the dropdown menu, then select Next. Please Note: that some banks let you download the last 90 days of transactions, while others can go back as far as 24 months.
  6. Select your Account Type from the dropdown menu, then select Next

 

In addition, if you can't find your bank, you can manually upload transactions. Here's how:

 

  1. In the Bank Transactions, select the blue tile for the account you want to upload the transactions into.
  2. Select the Link account, then click Upload from file.
  3. Select Drag and drop or select files and select the file you downloaded from your bank. Then, select Continue.
  4. Select the account you want to upload the transactions into and click Continue
  5. If you don't see one, select Add New from the dropdown.
  6. Follow the onscreen steps to match the columns on the file with the correct fields in QuickBooks. Then select Continue.
  7. Select the transactions you like to import and then click Continue.
  8. Select Yes and then Done.

 

To know more about connecting your bank to QBO and for the new bank accounts, refer to this article: Connect bank and credit card accounts to QBO.

 

On the other hand, by adding a payment method in QBO, you can manually record your received payment. Here's how:

 

  1. Select + New, and choose Receive payment.
  2. From the Customer dropdown, select the name of the customer.
  3. From the Payment method dropdown, select a payment method.
  4. From the Deposit to dropdown, select the account you put the payment into.  
  5. In the Outstanding Transactions section, select the checkbox for the invoice you're recording the payment for.
  6. Enter the Reference no. and Memo if needed.
  7. Once done, select Save and Close.

 

However, if you want to receive payment by actual payment so you can take it and process it in QBO, you'll need to sign up for QuickBooks Payments. Please Note: we can't set up wire transfer payments directly through QuickBooks Payments. Only Credit Card, PayPal, Venmo, and ACH payments are currently supported.

 

I'll also add this article to guide you in reconciling your accounts so they always match your bank and credit card statements: Reconcile an account.

 

Let me know if you have other questions or concerns about setting up a bank account and adding a payment method to QBO. I'll be around to provide further assistance to you.