The QuickBooks application is one of the superior accounting software that most business owners are seeking to operate their business operations. Also, providing authentic reports and managing payroll are some of the remarkable traits of this application. Recently, QuickBooks Dekstop 2024 error launched a new feature: instant deposit, which allows users to deposit clients' payments on time. But sometimes users encounter a few issues while making instant deposits, so they get frustrated and wonder why QuickBooks instant deposit not working correctly.
If you are one of the users dealing with the same situation and want to fix it, then reading this article might be worthwhile.
QuickBooks Instant Deposit - An Outline
While using the Instant Deposit feature, active QuickBooks Payments users can quickly deposit clients' payments to assist them in controlling regular expenditures like payroll, inventory, purchases, utilities, and other routine expenses. The best part of having an instant deposit feature is active QuickBooks Payments users do not have to wait for one or three business days before clients can access their funds.
Instant deposit users can choose to get their funds instantly in one step after checking deposit information like linked debit cards, available balances, and related feeds. Also, users can now open a new instant deposit account, making it easier to compare any new deposits automatically.
All U.S clients of QuickBooks Desktop 2022, along with Pro Plus, Premier Plus, QuickBooks Desktop Accountants, and all QuickBooks Desktop Enterprises Solutions versions, can access this feature if they are active QuickBooks Payment account users.
Factors Why QuickBooks Instant Deposit Not Working
It is essential to know why QuickBooks instant deposit is not working before fixing it. Sometimes, understanding the reasons assists in determining the practical solution to resolve errors. Let's check out the causes of why your instant deposit of QuickBooks not working.
1. One of the primary reasons that QuickBooks instant deposit not working is that instant deposit is not successful.
2. If the instant deposit is slow, it is possible that your QuickBooks instant deposit not working.
3. When the payment for an Instant Deposit is not eligible, you can deal with a few issues while making an instant deposit.
4. Problems with the Web Browser can lead to issues while making instant deposits.
5. If you have any issues with the QBO application, then QuickBooks not delivering invoices correctly.
6. Clients' payments between 2 PM and 3 PM PMT might be responsible for this issue.
Follow the Guidelines If the Instant Deposit Feature is Not Visible
First, to utilize this helpful feature, you must sign up for QuickBooks Payments to get instant deposits for the client's payments you process in the QuickBooks application. Also, as a user, make sure that you are part of an eligible QuickBooks Payments user to utilize this excellent feature in QuickBooks. If you are an eligible QuickBooks Payments user, there is a visible option in the Record Merchant Service Deposit window.
After you set it up, eligible transactions will be reflected as available for an instant deposit since not every payment qualifies. QuickBooks reviews every transaction for eligibility and only displays eligible payments as part of your available balance.
Why Are You Charge Extra for an Instant Deposit?
Generally, instant deposit fees are 1.75% of the overall deposit amount. This is an extra fee applicable for standard and processing clients' payments. Some of the causes are you charging additional fees for instant deposits. Let's check out the factors that charge extra fees for an instant deposit:
1. Bank transfer payments are one of the reasons that you might charge an additional 1.75% for an instant deposit. This fee applies to both instant and standard deposits.
2. If another user processes your client's payments, they can ask for an instant deposit.
3. You scheduled eligible payments in your available balance to deposit immediately. Scheduled deposits can run automatically. You can stop this by implementing a few simple steps.
If you want to stop running instant deposits automatically, follow the instructions below:
Stop Instant Deposit to Run Automatically.
Let me go through how to prevent instant deposits from running automatically.
1. First, enter the Settings and choose Account and Settings.
2. Press the Payments tab and click on the Deposit Speed section.
3. Now, click on the Change, go to the Scheduled instant deposits, and press it.
4. Next, remove the tick mark for days to stop the automatic instant deposit for those days.
5. Lastly, go to the Save Schedule and click it.
If You Have an Unexpected Available Balance for an Instant Deposit,
The client payments become part of the available balance for an instant deposit when you process them. You would not notice anything in your available balance if:
1. When you have not processed client payments for the day.
2. The client's payments are not eligible for instant deposits. Even if you schedule instant deposits, a few transactions can be deposited at an average speed. Ineligible payments are not added as part of your available balance.
3. If you have already accessed Instant Deposit over five times or exceeded your daily amount limit. Then, you could not see anything in the available balance. Your limit is reset daily, so use it accordingly.
4. Reviewing the processed client payments can hold funds. Generally, QuickBooks Payments reviews the payments to check everything is correct.
5. After 3 PM PT or 2 PM, your available balance is batched and deposited at the average speed. You must wait until you process new clients' payments to get an instant deposit.
Is it Possible to Void an Instant Deposit?
Unfortunately, you cannot void instant deposits once you request it. This comprises particular clients' payments that are part of an instant deposit. You can follow the procedure to process a credit card refund for all other refunds. The exact refund fees are also applicable.
Note: Instant Deposit is an extra service provided by QuickBooks Payments subject to eligibility criteria. QuickBooks Payments accounts must be active and in an excellent position to participate. Payments are forwarded to the bank account connected to an eligible debit card for approximately in 30 minutes. Deposit time can differ due to third-party uncertainties.
End Note!
The instant deposit feature is one of the outstanding features that every user must access to simplify the payment option. QuickBooks 2024 Desktop presents this feature, and all U.S clients of QuickBooks Desktop 2022 with Pro Plus, Premier Plus, QuickBooks Desktop Accountant, and all QuickBooks Desktop Enterprise Solution versions can use this feature. But sometimes users face various issues while making deposits, and they are surprised that QuickBooks instant deposit not working. However, implementing some valuable ideas can fix this issue quickly, which we have already learned through this article.