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pca-raj
July 25, 2024
Question

Quickbooks Payment deposits are credited to the wrong bank account

  • July 25, 2024
  • 1 reply
  • 0 views

When we receive invoice payments online, the transaction shows up under our Quickbooks Checking account  for review and categorization. However, when we go to the bank register, the deposit is added to a different bank account (our primary offline bank account), even though the deposit transaction shows as coming from Quickbooks Payments. We actually have to open each deposit and change the account to Quickbooks Checking, otherwise both balances are wrong.

1 reply

E
ErwinQ
July 25, 2024

I'm here to provide information about why it's deposited under your account in QuickBooks Payments, pca-raj.

 

It's possible that your bank account is currently configured to receive QuickBooks payments, leading to direct deposits into the account. To address this, you can navigate to the Account and Settings and update the deposit account to QuickBooks Checking so you will no longer need to access your offline account for these transactions.

 

Here's how:

 

  1. On your QuickBooks Online (QBO) account, click the Gear icon. 
  2. Select Account and Settings.
  3. In the left menu, click Payments.
  4. In the Deposit section, next to Standard Deposits, select Change Bank and see the account selected. 
  5. Review the bank account info and is selected, then select Submit.

 

Moreover, you can check out this article to learn how to match QuickBooks transactions with your bank statements: Reconcile an account in QuickBooks Online.

 

Come back to this post if you have any other concerns or additional questions about matching transactions in QBO. I'll be available to provide further assistance.

P
pca-rajAuthor
July 26, 2024

I looked there and Standard deposits were already set to Quickbooks Checking (which is where the money was actually going anyway). But I followed your suggestion and just re-confirmed the same bank account for deposits. Hopefully this will fix whatever configuration issue was in the backend. Instant deposits are configured for our offine checking account. I'll update this thread when the next online payment comes through. Thanks for the prompt response.

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