QuickBooks Instant Deposit: QB Desktop & Online 2024

Recent news on the launch of QuickBooks 2024 Desktop comes from Intuit with subscription model. The Author has spent over a year testing various pre-release versions of these products and many hours communicating with Intuit personnel, including product managers and developers, in order to provide you with information about the new products. This blog will elaborate on Instant Deposits.

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Table of Contents

About Quickbooks Instant Deposit

With the help of the Instant Deposits feature, users who have an active QuickBooks Payments account can quickly deposit customer payments to help them better manage regular costs such as payroll, inventory purchases, utilities, and other routine costs. The need to wait for one to three business days before customers can access their funds also eliminates this feature.

Users of Instant Deposit can opt to get their funds instantly in a single step after reviewing deposit details such as the attached debit card, available balance, and related feeds. Users can now open a new Instant Deposit account, which makes it simpler than ever to automatically reconcile any new deposits.

All U.S. customers of QuickBooks Desktop 2022, including Pro Plus, Premier Plus, QuickBooks Desktop Accountant, and all QuickBooks Desktop Enterprise Solutions (v22.0) editions, have access to this feature if they have an active QuickBooks Payments account.

How to Use Instant Deposits in QuickBooks Desktop

In case you haven’t signed up for QuickBooks payments then you will need a QuickBooks Payments to account if you want to use instant deposits.

Setup for Instant Deposits

To deposit the money into your Checking Account QuickBooks uses your debit card. It can be a Mastercard or Visa connected to a checking account at the credit union or bank. To facilitate the instant deposit Intuit only uses this debit card and from your regular payments bank account any fees will continue to be debited.

To add your debit card follow the steps that are mentioned below:

Firstly, You have to go to Customers and then Select Credit card processing.
Then you have to Select Record Merchant Service Deposits.
After that, On the Homepage of the Merchant Service Deposits Window, You have to Select Get set up in the Instant Deposit Banner.
Then Follow the Steps that are Visible on the Screen and then Enter the Information on Your Debit Card.
Verify the Account after Getting the Confirmation Code.
Lastly, You will Receive Confirmation that Your Card is Linked.

Accounting for Instant Deposits

If you don’t have already set up, then you will be asked to select your instant deposit account.

First, At the prompt you have to Select Account.
Select Your Account in the Bank for Instant Deposits Field.
After Finishing, You have to Click on Save Settings.

In case you want to change the account used for Instant deposits then follow the following points mentioned below:

Select Credit Card Processing by Going to the Customers.
Then You have to Select Record Merchant Service Deposits and then Click on Deposit Settings.
If you want to Edit Your Instant Deposit Information then Select Change.
Lastly, Select Save Settings When You are Ready.

To View Available Funds

Whenever you process customer payments, they will go into your available balance. Balance is the available money that you can deposit instantly. If you want to see your available balance then:

You have to Select Credit Card Processing by Going to Customers.
Then you have to Select Record Merchant Service Deposits.
In the Instant Deposit Banner Review Your Available Balance.
If there is an Available Balance you can get an Instant Deposit.

Steps to Processing an Instant Deposit Transaction

First, You have to go to Customers and then select Credit card processing.
Then select Record Merchant Service Deposits.
After that, You have to select Get it fast in the instant deposit banner.
In the Confirm Deposit window, you have to review the total and associated fees.
Now. Select Get it now when you are ready to initiate your instant deposit.
Although it may take up to 30 minutes depending on your bank, you’ll notice the money in the bank account connected to your debit card in a matter of minutes. After the funds have really been placed, Intuit QuickBooks Payments will send you a confirmation.

Follow the below guidelines each time you want to request an Instant Deposit:

Requests must be submitted by 3 PM PT for payments received before that time in order to receive funds the same day. Your available balance is processed by Intuit QuickBooks Payments at 3 PM PT in accordance with the regular processing schedule.
You can request to have payments made to you after 3 PM PT deposited in your account within 30 minutes at any time up until 3 PM PT the following day.
Whenever you want, any day of the week, you can ask for an instant deposit.

How to Get Instant Deposits in QuickBooks Online

Are you trying to utilize your QuickBooks Payments to process customer payments in QuickBooks Online?

It can take a few days to get money into your bank account when you utilize QuickBooks Payments to process customer payments in QuickBooks Online.

You can request money into your bank account in less than 30 minutes if you set up fast deposits. This also helps you to set up automatic immediate deposits for specified days of the week.

If you don’t know how to set up an instant deposit then you shouldn’t worry at all.

Here in this article 📃you will get a complete guide on How to Get Instant Deposits in QuickBooks Online, along with it you can also get to know how you get started and set up and also get instant deposits.

What is Get Instant Deposits in QuickBooks Online?

Instant Deposit is an optional feature provided by QuickBooks Payments that is subject to certain qualifying requirements. Your QuickBooks Payments account must be current and in good standing to be eligible. In minutes, payments are sent to the bank account associated with an eligible debit card (up to 30 minutes). Your Deposit times can vary due to third-party delays.

How to Get Instant Deposits in QuickBooks Online?

Below mentioned are the steps that will help guide you on How to Get Instant Deposits in QuickBooks Online. Follow the step to step instructions to get Instant Deposits in QuickBooks Online.

Step 1: Set up Your Instant Deposits

Sign up for QuickBooks Payments if you haven’t already. To receive quick deposits, you will need a QuickBooks Payments account.

QuickBooks deposits funds into your checking account using your debit card. It must be a Visa or MasterCard linked to your bank or credit union checking account. Under QuickBooks Online, you can also add your debit card.

First of all Log in to your QuickBooks Online Account.
After that Go to the Sales Menu option ⚙️
Once Done, Navigate to the Deposits Tab option.
Following that you will Get the Instant Deposit Banner
Then you Need to Select the option Get Set up.
Enter Your Debit Card Information by Following the onscreen Instructions.
Following that You will Receive a Confirmation Code ✔️.
Finally, You need to Enter the Code to Confirm Your Account.

Note: You will only get the Get set up option only if you are eligible.

Step 2: Assess Your Available Funds.

Your available balance is replenished each day as you handle qualified client payments. This is the amount of money you have available to deposit right now. To find out how much money you have available, go to:

First of all Login to QuickBooks Online.
After that Go to the Sales Option.
The Following Step is to Select the Deposits Tab from the Drop-down Menu 🔽
Finally You Need to Review Your Available Balance.

Note: If there is enough money in your account, you can get a quick deposit. You can only acquire the full amount available, not a portion of it.

Step 3: Obtain an Instant Deposit

Make a one-time instant deposit request.

If you want to access your instant deposit then you need to request it before 3 p.m. PT to be processed the same day. You can process any remaining payments at normal speed after 3 p.m. PT. You can reach out to your bank at any time, i.e. Seven days a week, 24 hours a day.

Each time you want to request a quick deposit, Follow these instructions mentioned below:

First of all Login to QuickBooks Online.
Then you Need to Go to the Sales Section.
After that You need to Select the Deposits Tab from the Drop-down Menu 🔽
Then You need to Select the option Get Set up.
Now You need to Examine the Total as Well as any Associated Expenses.
Finally, Once You are Done, You need to Select the Get it Right Now Option.

Note: In a matter of minutes, the funds will appear in your bank account. Depending on your bank, it could take up to 30 minutes. You will receive an email after the funds have been successfully deposited.

Step 4: Examine Instant Deposits and their related Fees.

You want to examine the instant deposit and their related fees than you need to follow the steps mentioned below:

First Login to your QuickBooks Online.
After that go to the Sales Section of the Menu.
The Following Step is to Go to the Deposits tab.
Finally You need to Choose the Deposit Option from the List.

Note: You will get a breakdown of related fees as well as the entire client payments included in the instant deposit.

To Get a Copy of Your Monthly Statement

To get a copy of your monthly statement, you should follow the steps that are mentioned below:

First Login to your QuickBooks Online.
After that go to the Setting option.
Once Done, You need to go to the Account and settings ⚙️option.
Following that Select the Payments Tab from the Drop-down Menu.
Now the Next step is to Go to the Documents option.
Finally You need to Choose a Statement that is issued on a Monthly Basis.

Scheduling the Automatic Instant Deposits

You can also set up automatic deposits on specific days of the week. At 9:15 a.m., 2:15 p.m., and 9:15 p.m., we check and deposit your whole available balance three times a day.

If you want to set up automatic immediate deposits, follow these steps that are mentioned below:

First login to your QuickBooks Online.
Once done go to the selecting Settings option.
Then you need to select Account and Settings ⚙️from the drop-down menu.
Now choose Payments.
After that you need to go to the Deposit Speed section.
The following step is to Set a schedule for instant deposits.
Once done choose the days for which you want instant deposits.
Finally, you need to select the Save schedule when you are finished.

How to Change the Account the Money goes into

To change the account where the money is deposited, you can follow the steps:

First login to your QuickBooks Online.
Once done go to the selecting Settings ⚙️option.
Then you need to select Account and Settings from the drop-down menu.
After that choose Payments.
Now to make changes to your instant deposit information, select Change.
Finally, You should select Save.
Once you click 🖱️on it then you should click on the done option.

Note: Select the 0% fee option if you’re switching from a personal debit card to a QuickBooks Checking debit card.

You can sign up for an Instant deposit for the customer payments you process in QuickBooks Online if you are eligible. This function allows you to receive funds in minutes rather than days.

Conclusion

With the above article, you can know whole about Instant Deposits in QuickBooks Desktop & Online. Your problem related to instant deposits will be solved in a few minutes hassle free. Now that you have a complete guide on How to Get Instant Deposits in QuickBooks Online, you can easily get it on your QuickBooks Online. However, if you have queries or are stuck, you can connect with Dancing Numbers experts 💁 via LIVE CHAT for quick and easy assistance.

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Frequently Asked Questions

How to Activate Instant Deposit in QuickBooks?

● Firstly, Sign in to QuickBooks Online.
● Then you have to go to Get paid and pay and then select Deposits.
● In the instant deposit, banner select Get set up.
● Then follow the steps that are visible on the screen and then enter the information on your debit card.
● You will receive a confirmation code and after that verify the account.

Can you do Direct Deposit with QuickBooks Desktop?

You may create and send direct deposit paychecks to your employees using QuickBooks Desktop Payroll. To ensure that your direct deposits are completed promptly, your payroll must be prepared and received to Intuit before the date of your paycheck.

How does Instant Deposit Work??

Debit rails are used for instant deposits to deposit funds into your account more quickly. You can transfer money from a client’s credit card payment straight to your debit card. Instead of the usual 2-3 business days, they often arrive within 24 hours (sometimes in as little as 30 minutes).

While Getting Instant Deposits in QuickBooks Online How can you Create a QuickBooks Payments Account?

You can create a QuickBooks Payments account by following the steps mentioned below:

● First login to your QuickBooks Online
● Once done go to the selecting Settings option.
● Then you need to select Account and Settings⚙️ from the drop-down menu.
● Now choose Payments.
● After that select Learn more in the QuickBooks Payment section.
● The following step is to set up the Payments option.
● After that select Start in the Owner/Proprietor area.
● The next step is to select Start under the Payment Deposit section.
● Finally you need to set Up once you have completed all of the sections.

What to do if You Don’t Want Instant Deposits to Run Automatically While getting Instant Deposits in QuickBooks Online?

If you don’t want to have instant deposits to run automatically, then you can follow these steps:

● First login to your QuickBooks Online.
● Once done go to the selecting Settings ⚙️option.
● Then you need to select Account and Settings from the drop-down menu.
● Now choose Payments.
● After that you need to go to the Deposit Speed 🚀 section.
● The following step is to select the change option next to schedule for instant deposits.
● Once done you need to uncheck the days for which you want instant deposits.
● Finally , You need to select the Save schedule when you are finished.

While Getting Instant Deposits in QuickBooks Online, What is the Time You can Receive Payments?

Customer payments received between the hours of 2 and 3 p.m. PT are not eligible for immediate deposit. We deposit them at regular intervals. If you need an immediate deposit for them, you will have to request it manually before 3 p.m. PT.

What Benefits do You get While getting Instant Deposits in QuickBooks Online if You have a QuickBooks Checking Account?

We put your QuickBooks Checking Debit Card as your default if you have a QuickBooks Checking account so you may take advantage of the 0% cost. Prepaid bank cards, ATMs, credit cards, and cash cards cannot be linked to PayPal.