new payment account

I've got you covered on handling customer payments in QuickBooks Online (QBO), DrPenny.

If you are new to QuickBooks Payments, your first set of deposits would normally take 5 business days while our Merchant Services team set up your account. Since you are still waiting for your financial institution to open a new account, you'll receive a rejection code notice if the account is not yet set up.

If that happens, we can check your spam or junk folder for any QuickBooks emails. To learn more about what rejection codes mean and how to fix them, refer to this article: Fix rejected ACH payments or fees in QuickBooks Payments. 

On the other hand, the money will go back to your client's bank account and we'll need to record a return payment in the program. For the steps and details, you can check out this article: Record a returned payment or bounced check in QuickBooks Online.

Once you process payments, we can review the status of processed payments by following the steps below: 

1. Sign in to the Merchant Service Center.
2. From the homepage, select Activities & Reports and click Deposits.
3. Choose the date range in the Dates field.
4. Click Search.

Moreover, you'll see Withheld or Batch Deposit Returned in the Status column if there's a payment issue. Click the drop-down arrow in the Fee column to review its details. You'll get an email from us with steps to fix the issue.

The Community is always looking forward to assisting you if you need further assistance handling payments or funds in QuickBooks. You have a good one.