QuickBooks instant deposit is a feature that allows users to access funds from customer payments almost immediately, rather than waiting for the standard processing time, which can take one to three business days. As a small business owner or freelancer, you rely on fast payment processing for reasons ranging from having to manage expenses, pay bills, and reinvest in your business without delays. Instant deposit in QuickBooks lets you transfer payments received through QuickBooks Payments directly into your bank account, even outside traditional banking hours.
This blog will walk you through how to set up QuickBooks instant deposit and how to import existing bank deposits into QuickBooks Online for improved financial management using SaasAnt Transactions, a CPA-recommended application.
Ensure your QuickBooks Payments account is active.
Go to Sales > Deposits or select Get Instant Deposit on the QuickBooks dashboard.
Choose Instant Deposit for eligible payments.
Review the deposit details and associated fees.
Click Get Deposit to transfer funds instantly to your bank account.
To use Instant Deposits, you must first have an active QuickBooks Payments account. QuickBooks Payments is a service that allows you to accept customer payments via credit cards or ACH bank transfers directly through QuickBooks Online.
If you don’t have QuickBooks Payments set up, go to Settings > Account and Settings > Payments in QuickBooks Online and follow the prompts to sign up. Once your account is activated, you can receive customer payments and access the Instant Deposit feature.
Not all transactions are eligible for Instant Deposit. QuickBooks typically allows Instant Deposits only for credit card payments, not ACH payments. Additionally, the feature is available based on transaction amounts and the time of day. You can check your eligibility for specific deposits within QuickBooks.
Once you receive customer payments through QuickBooks Payments, you can check their eligibility for Instant Deposit by navigating to Sales > Deposits or the QuickBooks dashboard, where you may see a prompt to “Get Instant Deposit.”
In the Deposits section, eligible payments will appear with an option for Instant Deposit. This option lets you transfer the available funds immediately to your bank account.
Instant Deposits come with a small processing fee, usually a percentage of the total deposit amount. Before completing the deposit, QuickBooks will show the transfer amount and the applicable fee. Review these details to ensure you understand the costs associated with Instant Deposit.
The fee will be deducted from the deposit amount, so be aware that the actual amount received in your bank account will be slightly lower than the total payment received from the customer.
Once you’re satisfied with the deposit details and fee, click Get Deposit to transfer the funds instantly to your bank account. QuickBooks processes Instant Deposits within minutes, even outside regular banking hours, so the funds should appear in your bank account almost immediately.
Note: The exact timing may vary depending on your bank, but most banks support Instant Deposits 24/7, allowing near-immediate access to your funds.
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Manage deposits in QuickBooks Online.
Instant Deposits can significantly improve cash flow, especially if you have urgent expenses or want to ensure you always have available funds. This feature benefits small businesses that rely on a steady cash flow to cover the costs, pay suppliers, or fund growth initiatives.
The Instant Deposit fee is typically a small percentage of the transaction amount. Check your QuickBooks Payments settings to confirm the current fee structure for Instant Deposits, as fees can vary based on your plan and business type.
QuickBooks may impose daily limits on Instant Deposits, so if you frequently need immediate access to large sums, ensure you know any deposit limits associated with your account. You can find this information in Settings > Payments in QuickBooks Online or contact QuickBooks support if you need clarification.
QuickBooks can send notifications for each deposit, including Instant Deposits. You can manage these notifications in Settings > Notifications to stay informed of successful deposits or troubleshoot if you don’t receive the expected funds.
Get started with the 30-day free trial and integrate SaasAnt Transactions from the QuickBooks app store.
Go to SaasAnt Transactions dashboard -> New Import and select Bank Deposit.
Browse and upload the file. The file can be in any format, such as XlS, XLSX, CSV, or IIF. The application also lets you convert PDF into Excel for importing.
Use mapping to match the fields in QuickBooks to those in the imported file.
Review and upload
Once uploaded, confirm the successful import.
Are you ready to take advantage of QuickBooks Online’s Instant Deposit feature? When you integrate SaasAnt Transactions with QuickBooks, it simplifies your financial processes, ensures faster access to your funds and allows you to manage your deposits efficiently and effectively.
Don’t let slow deposits hold you back! Sign up for SaasAnt Transactions today and experience the convenience of quick and easy transactions—start your free trial now!
No, Instant Deposit is generally only available for credit card payments processed through QuickBooks Payments, not for ACH bank transfers.
Most Instant Deposits appear within minutes, varying depending on your bank. Some banks may have slight delays.
Instant Deposits need to be initiated manually; scheduling them is impossible.
Instant deposit in QuickBooks allows users to access customer payments almost immediately, transferring funds directly to their bank accounts within minutes. Available 24/7, it bypasses the usual one to three-business days wait.
Instant deposit on QuickBooks is a feature that enables users to access customer payments almost immediately, transferring funds directly to their bank accounts within minutes. This service is available 24/7, allowing for quick cash flow management and providing immediate liquidity for businesses.