Intuit recently announced the release of QuickBooks 2022 Desktop. The Author has been evaluating various pre-release versions of these products for almost a year and has spent hours communicating with Intuit personnel, including product managers and developers, so we can help you learn about the new products. This article is one in a series of individual product features intended to provide additional content to that found in our QuickBooks Desktop 2022 Product Summary.
About Instant Deposits
The Instant Deposits feature allows users with an active QuickBooks Payments[1] account to deposit customer payments within minutes so they can better manage regular expenses like payroll, inventory purchases, utilities, and other routine costs. In addition, this feature eliminates the need to wait from one to three business days before they can access their funds.
With Instant Deposit, users can review deposit details such as the available balance, connected debit card, and related feeds and choose to get their funds immediately in a single step. Additionally, users can create a new account for Instant Deposit, making it easier than ever to auto reconcile any new deposit.
This feature rolled out during the Maintenance Release 5 update to QuickBooks Desktop 2021 editions, but we cover this type of feature in our new year summary since they weren't previously included in last year's summary. This functionality is available to all U.S. users of QuickBooks Desktop 2022 with an active QuickBooks Payments account, including Pro Plus, Premier Plus, QuickBooks Desktop Accountant, and all QuickBooks Desktop Enterprise Solutions (v22.0) versions.
Using Instant Deposits
If you haven't signed-up for QuickBooks Payments, you need a QuickBooks Payments account to use instant deposits.
Setup for Instant Deposits
QuickBooks uses your debit card to deposit the money into your checking account. It must be a Visa or Mastercard connected to a checking account at your bank or credit union. Intuit only uses this debit card to facilitate the instant deposit and any fees will continue to be debited from your regular payments bank account. (Note: You can't keep multiple debit cards on file.) To add your debit card:
- Go to Customers, then select Credit card processing
- Select Record Merchant Service Deposits
- Select Get set up in the instant deposit banner on the home page of the Merchant Service deposits window. (Note: You'll only see this option if you're eligible and the primary Admin of your company.)
- Follow the onscreen steps and enter your debit card information.
- When you get the confirmation code, enter it to verify the account.
- You will receive confirmation that your card is linked. (Note: You should also receive an email once your debit card is added to your merchant account.)
Accounting for Instant Deposits
You will be prompted to select your instant deposit account, if you don’t already have it set up. This will allow you to automatically reconcile your account.
- Choose Select Account at the prompt. (Note: You can edit these settings by using the Change Deposit Settings.)
- In the Bank for Instant Deposits field, select your account. (Note: You can create a new account that will be added to your chart of accounts.)
- When you’re done, select Save settings.
If you need to change the account used for Instant deposits:
- Go to Customers, then select Credit card processing.
- Select Record Merchant Service Deposits.
- Select Deposit Settings.
- Select Change to edit your instant deposit information.
- When you're ready, select Save Settings.
Viewing Available Funds
Every time you process customer payments, they may go into your available balance. This balance is the available money you can deposit instantly. To see your available balance:
- Go to Customers, then select Credit card processing
- Select Record Merchant Service Deposits
- Review your available balance in the instant deposit banner.
- You can get an instant deposit if there's an available balance. (Important: You can get the entire available balance, not a portion of it.)
Processing an Instant Deposit Transaction
- Go to Customers, then select Credit card processing
- Select Record Merchant Service Deposits
- Select Get it fast in the instant deposit banner.
- Review the total and associated fees in the Confirm Deposit window (as shown below).
- When you're ready to initiate your instant deposit, select Get it now.
- Within minutes, you’ll see the money in the bank account linked to your debit card, although it can take up to 30 minutes depending on your bank. You'll receive a confirmation from Intuit QuickBooks Payments after the money has actually been deposited.
Follow these guidelines each time you want to request an Instant Deposit:
- For Payments you receive before 3PM PT, make requests before 3PM PT to get your money on the same day. At 3 PM PT, Intuit QuickBooks Payments processes your available balance according to the regular processing schedule.
- For Payments, paid to you, after 3PM PT, you can make requests to get your money deposited within 30 minutes any time before 3PM PT the following day.
- You can request Instant Deposit 24 hours a day, 7 days a week.
To learn more about this feature:
Please be sure to tune in for our September QB Talks webinar scheduled for 2 pm Eastern on October 6, 2021, when Laura Madeira joins me to bring you a special version of her "What's New in QuickBooks Desktop for 2022". Laura develops the new years' QuickBooks Desktop training content and exam materials for Intuit, so nobody is more knowledgeable about the new features in this year's products. You can Register Here for the Webinar.
In addition, read Laura's Intuit Firm of the Future article on QuickBooks Desktop 2022.
Editor's Acknowledgements
A general acknowledgment to Intuit for many of the graphic images used in this feature, some were used as provided from Intuit resources, Insightful Accountant adapted others to magnify or emphasize a specific QuickBooks feature. In addition, Laura Madeira provided some images, and the Author prepared additional graphic images used in this feature from pre-release copies of QuickBooks 2022.
Footnotes & Disclosures:
[1] QuickBooks Payments account subject to eligibility criteria, credit and application approval. See Important Info, Pricing, Acceptable Use Policy and Merchant Agreement. Feature access may require the latest QuickBooks’ update