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April 11, 2021
Question

I have received a notification that a customer has paid via Visa and it has not shown up in my bank account nor can I see any deposited notice in QB

  • April 11, 2021
  • 1 reply
  • 0 views
How do I deposit the payment to my account? Where is the money?

1 reply

April 12, 2021

Hello userdrmillwrightserv, 

 

It's important that payments are reflecting on your account. I'll be happy to guide you so you can continue managing your business with peace of mind. QuickBooks is a robust program that enables you to get your work done faster. 

 

Based on the description you've provided, I recommend checking which accounting method you're using on your account. The reason I recommend this is that the accounting method you choose determines what's considered as income/expense and at what stage. There are two types of accounting methods in QuickBooks Online; Accrual Basis and Cash Basis. 

 

Accrual basis

  • In this accounting method, the time when you enter a transaction and the time when you actually pay or receive cash may be two separate events.
  • An accrual-basis report shows income regardless of whether your customers have paid your invoices and expenses regardless of whether you have paid all your bills.

Cash basis

  • A bookkeeping method in which you regard income or expenses as occurring at the time you actually receive a payment or pay a bill.
  • A cash-basis report only shows income if you have received cash and expenses if you have paid cash.

Knowing this info, you can now select which accounting method works best with your business. You can edit this by clicking the Gear icon > Account and Settings > Advanced Accounting method to Cash Save).

 

Let me know if this info helps. I'll be here in case you need additional support.