E-Check and Scanning Check Payment In QuickBooks deposit is rising in popularity and can easily help you save twenty minutes per trip you would otherwise need certainly to make towards the bank. Without doubt online bill pay is rising in popularity as well, however nearly all your visitors most likely still use paper checks. Intuit has an excellent QuickBooks check solution that might be a great fit for your needs. You can now accept payments by check over the telephone meaning you don't have to attend for a check to reach into the mail or perhaps you scan a check when it arrives and deposit it exactly the same day without visiting your bank. Payments are usually deposited into your banking account in one single to four days based mostly on the day of the week and period of day you will be making the deposit.
Electronic check deposit has numerous additional benefits:
Receive your money faster and reduce steadily the time in your accounts receivable cycle
Increase efficiency and productivity by not requiring a staff member fill in a deposit slip and then go directly to the bank. Once you scan a check, both sides are copied along with kept in QuickBooks, which means you no longer need to stand in the copy machine to produce check copies. Labor is a large expense generally in most businesses and time is an invaluable commodity.
Lower your fraud risk –Electronic check deposit decreases the number of people actually handling the check, which in turn decreases the possibilities of fraud.
Increased accuracy – When you scan the check, numbers are automatically entered for your needs. It is easy to make an error when hand entering a lengthy number and also this reduces errors.
Lower fees – There are fees which are associated with accepting an e-check, though the per check free is a set rate that is suprisingly low and you're not charged a percent for the total amount when you are with credit cards.
When accepting a payment via the phone (or if you are not likely to use a scanner) head to “Receive Payments” in your QuickBooks software and then enter the Customer and Amount as usual.
At the bottom for the screen look at the box located close to “Process E-Check payment when saving” then save the payment.
QuickBooks will now make suggestions through the steps and you'll receive a prompt to enter the routing number and account number from the check.
Go to the Customers tab and click on Customers/Check Processing Activities/Scan Checks
Scan the checks (you can scan one or more check at the same time)
Ensure that the information scanned in correctly
Record Payment. You are able to record the payment later in the event that you choose and QuickBooks will appear when it comes to open invoice that matches the payment. If it is unable to discover the match, a button appears for “Receive Payments” and after that you can match the corresponding invoice compared to that payment at that point.
You are asked to review each check if you scanned more than one check
Now “Send Checks for Processing” – This action step sends the complete batch of checks you scanned.
Now you is going to be asked should you want to result in the deposit now or if you would you like to record it later. If you decide to result in the deposit now, every one of the scanned checks will show on one deposit.
If you fail to currently have one, you'll need an Intuit credit card merchant account. Our QuickBooks ProAdvisors will allow you to set this up and make sure you have the very best deal, so contact our QuickBooks consultant in your town for electronic check assistance or help with every other QuickBooks issue.