How to Record an ACH Payment in QuickBooks?

by James Antonio

Taking your business to the next level and enhancing each aspect of your company’s accounting actions, QuickBooks offers custom-solution to match every need. One of such vital actions is recording an ACH payment in QuickBooks. For doing this, the first requisite is to enabling provision for sending and receiving payments via electronic mode.

Record an ACH Payment in QuickBooks

What are ACH Payments?

Abbreviated as ACH, Automated Clearing House payment is a way of transfer of funds done via the electronic medium. If you wish to transfer money from one particular account to another account taking place between two different banks or at the same time, ACH Payments can be considered as a splendid option.

Using ACH transfers have many advantageous angles, especially for small businesses. Actions like the below mentioned can be exercised smoothly with ACH Payments:

  • Moving money between two different bank accounts belonging to you
  • Initiating direct deposits
  • Setting debit/credit card transactions

Steps to Record an ACH Payment in QuickBooks

This article will help you to go through the steps involved in recording an ACH payment in QuickBooks Desktop. Scroll below to get to the steps for understanding the process of recording an ACH payment in QuickBooks.

There are primarily two ways of recording an ACH payment in QuickBooks. Let’s understand each method and the respective steps which goes into the learning of the same:

METHOD 1:

Step 1: You can start by choosing the check or instead consider choosing the ACH payment method at the time of the creation of recurring or one-time sales receipt when you get a respective payment

Step 2: Enter the information of your customer’s bank account

Step 3: Get validated the customer’s bank account information validated

Step 4: Fill the form

Step 5: Start processing the transfer and you shall get the payment

After the first method, let’s get to understand the second method involved in recording an ACH payment in QuickBooks:

METHOD 2:

Step 1: Tap on Sales which you will find in the left navigation bar

Step 2: Before proceeding further, check whether the Invoices has been chosen from the top of the page

Step 3: Choose Receive Payment which you will find beside the invoice which you shall be needing

Step 4: Receive Payment page will appear; choose to add any outstanding transactions

Step 5: Tap on Save and New or Save and close by choosing the drop-down

Do you still think recording an ACH payment in QuickBooks is a difficult task? If no, then this article must have contributed significantly to your queries and issues in knowing how to record an ACH payment in QuickBooks.

However, if the answer is yes, then you need to get in touch with the experts who know the quick fixes for all of your queries.

What are Wire Transfers? How does it differ from ACH Payments and which one is better?

A wire transfer can be understood as a particular process of transferring funds via an electronic medium and can be initiated between two different bank accounts or credit unions.

While ACH payments and wire transfers both are methods of electronic money transfers, nevertheless each has its unique trait and makes it distinguishable:

Time Taken:

ACH payments take 1-3 days for processing the funds transfer, while wire transfers are done in real-time.

Costs Involved:

ACH transactions are way cheaper and also free most of the time in comparison to wire transfers which varies from $23 and $6 for domestic outbound transactions and domestic inbound transactions respectively.

Intermediary Channels

ACH Payments takes place through a partnership that connects two banks and a clearinghouse while in a wire transfer it passes through the banks only.

When considering which one’s the best, honestly both ACH transfers and wire transfers have been validated to be safe for businesses and individuals. However, keeping in mind data security and your criterion which you adhere to, choose an electronic fund transfer medium accordingly.


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Why do I use ACH Payments? What are the Benefits Associated with ACH Payments?

Setting up and recording ACH payments in QuickBooks becomes very vital for your business since you enjoy a lot of advantages along with it. Here are few highlights of why you should start using ACH Payments:

Convenience of electronic funds transfer
Low processing fees
Increased retention

I want to Record Partial Payments. How can I Record Partial Payments?

QuickBooks help you in tracking open balances and thus you can record the respective partial payments. If you wish to record partial payments, the following would stand as an aid for the same:

Click on Create icon and choose Receive Payment
From the drop-down, select the respective customer
Find an ideal payment method and choose it along with the reference number
Under Amount Received, choose the payment amount
Choose the transaction from the Outstanding transactions to which you wish to apply for the payment
You can choose the money to get deposited into your checking account/undeposited funds account
Tap Save and Close

Which type of Transactions are used for ACH Payments?

The ACH Payments can be used for the type of transfers mentioned below:

Payroll
Online bill payment
Tax refunds
Credit card payments
Money transfers
Interest payments
Annuity payments
Employer reimbursements
Mortgage and loan repayment
Person-to-person (P2P) transactions
Business-to-customer (B2C) transactions
Business to business (B2B) transactions

Features of Dancing Numbers for QuickBooks Desktop

Imports

Imports

Exports

Exports

Deletes

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Customization

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Supported Entities/Lists

Dancing Numbers supports all QuickBooks entities that are mentioned below:-

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Receive Payment
Estimate
Credit Memo/Return Receipt
Sales Receipt
Sales Order
Statement Charge

Vendor Transactions

Bill
Bill Payment
Purchase Order
Item Receipt
Vendor Credit

Banking Transactions

Check
Journal Entry
Deposit
Transfer Funds
Bank Statement
Credit Card Statement
Credit Card Charge
Credit Card Credit

Employee Transaction / List

Time Tracking
Employee Payroll
Wage Items

Others

Inventory Adjustment
Inventory Transfer
Vehicle Mileage

Technical Details

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Accountant Pro

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Accountant Premium

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Frequently Asked Questions

 
How and What all can I Export in Dancing Numbers?

You need to click "Start" to Export data From QuickBooks Desktop using Dancing Numbers, and In the export process, you need to select the type you want to export, like lists, transactions, etc. After that, apply the filters, select the fields, and then do the export.

You can export a Chart of Accounts, Customers, Items, and all the available transactions from QuickBooks Desktop.


How can I Import in Dancing Numbers?

To use the service, you have to open both the software QuickBooks and Dancing Numbers on your system. To import the data, you have to update the Dancing Numbers file and then map the fields and import it.


How can I Delete in Dancing Numbers?

In the Delete process, select the file, lists, or transactions you want to delete, then apply the filters on the file and then click on the Delete option.


How can I import Credit Card charges into QuickBooks Desktop?

First of all, Click the Import (Start) available on the Home Screen. For selecting the file, click on "select your file," Alternatively, you can also click "Browse file" to browse and choose the desired file. You can also click on the "View sample file" to go to the Dancing Numbers sample file. Then, set up the mapping of the file column related to QuickBooks fields. To review your file data on the preview screen, just click on "next," which shows your file data.


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XLS, XLXS, etc., are supported file formats by Dancing Numbers.


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Dancing Numbers offers four varieties of plans. The most popular one is the basic plan and the Accountant basic, the Accountant pro, and Accountant Premium.


How can I contact the customer service of Dancing Numbers if any issue arises after purchasing?

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How can I Import Price Level List into QuickBooks Desktop through Dancing Numbers?

First, click the import button on the Home Screen. Then click "Select your file" from your system. Next, set up the mapping of the file column related to the QuickBooks field. Dancing Numbers template file does this automatically; you just need to download the Dancing Number Template file.

To review your file data on the preview screen, just click on "next," which shows your file data.


What are some of the features of Dancing Numbers to be used for QuickBooks Desktop?

Dancing Numbers is SaaS-based software that is easy to integrate with any QuickBooks account. With the help of this software, you can import, export, as well as erase lists and transactions from the Company files. Also, you can simplify and automate the process using Dancing Numbers which will help in saving time and increasing efficiency and productivity. Just fill in the data in the relevant fields and apply the appropriate features and it’s done.

Furthermore, using Dancing Numbers saves a lot of your time and money which you can otherwise invest in the growth and expansion of your business. It is free from any human errors, works automatically, and has a brilliant user-friendly interface and a lot more.


Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


Is it possible to use the Direct Connect option to sync bank transactions and other such details between Bank of America and QuickBooks?

Yes, absolutely. You can use the Direct Connect Option by enrolling for the Direct Connect service which will allow you access to the small business online banking option at bankofamerica.com. This feature allows you to share bills, payments, information, and much more.


Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


What are the various kinds of accounts you could access in QuickBooks?

QuickBooks allows you to access almost all types of accounts, including but not limited to savings account, checking account, credit card accounts, and money market accounts.

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Worried about losing time with an error prone software? Our error free add-on enables you to focus on your work and boost productivity.

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