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Depositing credit card payments (Merchant Service)

The merchant service processor deposits the money into your bank account, but you must record the deposit in QuickBooks as well so that you can properly reconcile your accounts. Make sure that you record these transactions frequently.

Deposit credit card payments the way that they appear on your bank statement, not as they appear on your merchant account statement.

If you use online banking, be sure that all your credit card transactions are deposited before you download your banking transactions.

Tip (lightbulb)For the easiest, faster way to match your credit card deposits and fees to your bank statement, use the Record Merchant Service Deposits feature. To record your deposits and fees using the older method, use the Record Deposits feature.

To do this task

  1. Go to the Banking menu and click Make Deposits. Open the Make Deposits window

  2. In the Payments to Deposit window, click the View payment method type drop-down list to select the payment method types that you want to display.

  3. Select the payments that you want to deposit, then click OK.

    In the Make Deposits window, the displayed Deposit Subtotal may not match the deposit total on your bank statement. Typically, this discrepancy is the result of bank fees. If the Payments Subtotal does not match your bank deposit total, you can match your credit card deposits and fees to your bank statement using the Record Merchant Service Deposits feature.

  4. Save the deposit.

    Save the deposit.
  5. Print a deposit summary. (Optional)

    Print a deposit summary.

See also

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