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Merchant Service Deposits

Forum|Forum|4 years ago
December 9, 2021
2 replies
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Our business is new to using QB Merchant Services. We are encountering a few issues but right now the most concerning one is that payments are being put into "Receivables - Other" rather than "Accounts Receivables". I cannot figure out where to change this so they are put into the correct amount. We are fixing the current issue with a Journal Entry but would like a permanent fix. Thank You.

QuickBooks Enterprise Suite

Best answer by AlcaeusF

I think you guys are still not understanding my problem. I don't need help with a Journal Entry. I do not need an accountant. I need to understand why your software is taking invoices that we assign to 1200 - Accounts Receivables and depositing them into 1210 - Receivables Other. I have included a screenshot of the invoice which lists the correct acct "1200- Accounts Receivable" and I have also attached a screenshot of the payment screen showing the deposit is going into "1210 - Receivables Other". This is using Merchant Deposits and clicking "Add Payment" from the Merchant Service Deposits Screen.

Hello, @CKC_Heather.

Thanks for getting back to us. Allow me to chime in and help ensure that your invoice payments are posted to the correct Accounts Receivable (AR) account in QuickBooks Desktop (QBDT).

In QBDT, you can change the AR account when receiving payments by clicking the drop-down at the upper right of the Customer Payments screen.

However, since you're using your Merchant Account when getting the payments from your customers, I highly suggest contacting our Merchant Support team. They have tools such as screen-sharing (remote access) that can pull up your account in a secure environment and check the cause of this odd behavior. They can also perform other troubleshooting steps if necessary.

To reach them, you can refer to this article and proceed to QuickBooks Desktop with Payments section to get their most updated contact information: Contact Payments or Point of Sale Support.

To learn more about fixing issues with applying or receiving payments in QBDT, consider checking out this article: Resolve common issues when applying a payment towards an invoice.

Please let me know if you have follow-up questions about payments or anything else. I'm always here to answer them. Have a wonderful rest of the day.

E

Ethel_A12

Welcome to the Community, @CKC_Heather. Allow me to share some insights about the financial accounts in your QuickBooks Desktop account.

When you create an invoice, it is debited from the Accounts Receivable and credited to the income account.

While receiving payments, debits the bank and credits the Undeposited Funds.

If the Receivable account is bank or asset type, follow the steps below to update an account.

Sign in to the Merchant Service Center.
Go to the Account menu and choose the Account Profile.
From the Deposit Account Information section, click Edit.
Fill out the New bank account section.
Enter the bank details in their corresponding boxes.
Check if the Account Holder/Doing Business As field matches the bank account owner's name.
Choose one from the Reason for this account change dropdown.
Hit Submit.

To learn more about the process, check this article: Change the deposit bank account for QuickBooks Payments.

I'm also adding this article as your guide to record bank deposits for QuickBooks Payments: Manually record bank deposits for QuickBooks Payments.

For your future reference, here is a guide to add and match transactions: Add and match Bank Feed transactions.

Let me know if you have follow-up questions about Merchant Service Deposits. I'm always around to help.

C

CKC_HeatherAuthor

Hi-

This answer doesn't address with my question. I do not want to change the bank account associated with deposits I want to change the receivables account in Quickbooks. It should be under 1200 - Accounts Receivables and it's currently under 1210 - Receivables - Other. Thank You.

M

mv32

I understand how much you want to change the account to keep your books precise @CKC_Heather.

I can share some insights about changing the payments account from Receivables - Other into Accounts Receivables. You're correct that the way to fix it is by creating a journal entry to assign the balances accurately. This is the proper way to resolve it in the meantime.

Please know, though we can create multiple AR accounts in QuickBooks, it will still use the default AR account when creating an invoice.

For your accounting preferences, I suggest consulting an accountant to check for other options on how to get the payments accounted into Accounts Receivables.

I've included these articles so you can check which other default accounts QuickBooks set up for you and how to correct a damaged Accounts Receivable account in the QuickBooks file for future reference:

Regarding your Merchant Services concerns, you can also add them below, and we'll be back to answer them.

If you have other questions in mind about recording transactions, please let us know. We're always here to assist. Take care always.

P

Parrott and Associates LLC

I have been a customer of QBO since 2018. My business currently averages 20k a month in sales volume and my other business around 50K. I recently paid an invoice to [business name] from my business [business name]. [business name] is also my business. The funds went on hold about 3 days ago because of issues with [business name] Merchant services. I went into the merchant services que to see why the deposits were on hold and it prompted me to contact merchant services. I contacted merchant services, and they explained that the funds were on hold because the account with [business name] was not current. I resolved the issues and spoke to QBO Merchant services Rhoa whom ensure the funds that were release would be released this morning. I needed the funds to pay my lease for my business (TOTAL $1550).

This morning to my surprise the funds were not released. I called my bank who informed me that QBO merchant services still had my funds on hold. As you can imagine I was upset. I started a chat with QBO Merchant Services Angelica and presented her with the previous case number 1588922454. She investigated the issue and told me the prior associate did not do what he was supposed to do to get the funds released and that it could take another 24 hours. At this point I was not happy with the incompetence, and I asked to speak to the manager.

I spoke with QBO Merchant Services Manager Chris who then proceeded to tell me there is nothing he can do and that the funds "Might be available" in 3 days *(

Wow... So at this point I asked for a credit of $100.00 for the late fee I'm going to incur from my landlord and they told me they could not do anything about that. They also proceeded to tell me that the operational department cannot be contacted internally or externally, and nobody could contact the intuit entity that was holding and reviewing my transaction. This was an eye opener for me..... Chris then proceeded to tell me he could get his supervisor on the phone, but he would say the same thing. I waited for over an hour for his supervisor to get on the phone and he Chris told me he was too busy to speak with me at the moment and would call me back. It’s been two hours and I have not received a call.

Has anyone else experience this? I have attached the chat conversations for review. I cannot believe this could happen with such a large company as Intuit. I'm truly disappointed.

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