As part of recording customer payments in QuickBooks Online, you can specify preferences for what type of payment methods received. Payment methods are the names assigned to each type of customer payments. Identifying which type of payment was received is paramount for reconciling the bank activity at month end.
There are several default lists which are automatically created when you set up a QuickBooks Online file. One of the lists auto created during the setup phase is accounts receivable payment methods. The three payment methods are Check, Cash and Card. The three default methods are created whether you use QuickBooks Merchant services for your customer payments or not.
But what if you want to add, change or edit payment method?
Depending on your client’s needs you may want to add ACH, EFT or method names for each type of credit cards accepted. By editing the existing payment method list you can also change the name to suit your client’s preferences. It is also possible to delete payment methods which are no longer in use.
Take a look at how to gain access to these lists.
1) Start at the Gear Icon
2) Click All Lists
Locate_edit_payment-methods_01
3) Select Payment Methods
QBO_Payment-methods
4) Add, Edit or Delete by clicking the payment method name
5) Check mark the credit card box if you are adding a credit card (this is how you will add customer’s credit card details)
QBO_Payment-method_Name-selection
If you print QuickBooks deposit slips for recording bank deposits, correctly identifying the payment method is imperative.
Client needs are unique, so you may want to tailor their payment method names to match their needs. It’s easy to let this list get long and outdated so it’s a good idea to clean it up from time to time.