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When will an online vendor payment be received?

Depending on the payment processing model used by your financial institution, you may be able to specify either a delivery date or a processing date for your online vendor payment. If you can enter a delivery date, QuickBooks automatically enters the earliest possible delivery date based on the lead time for that payee. Lead time is the number of business days it typically takes from the time you send a payment instruction to your financial institution to when the payee receives the payment. If your financial institution uses a processing date model, enter the date you want the funds withdrawn from your account.

If the payee is set up to receive an electronic funds transfer (EFT), the financial institution's payment processor transfers the money directly from your account to your payee's. This type of payment usually takes one or two business days.

If the payee cannot receive EFTs, the financial institution's processor prints a check that includes the account number the payee uses to identify you. The check is sent to the payee via U.S. mail or express delivery. This type of payment usually takes four business days to reach the payee (but it could take more or less time, depending on the speed of the service in the payee's delivery area).

The first time you send an online vendor payment instruction, the delivery date defaults to a lead time of four business days, even if the payment will be made by an electronic funds transfer (EFT). After that, the delivery date for EFT payments defaults to a lead time of one business day. The lead time is shown in the Edit window once a payee is set up as an online payee.

Note: Because processing times can vary, it is always a good idea to enter a delivery or processing date that is a few days before the actual due date for your payment.

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