Since the introduction of Merchant Services in QuickBooks, it has held its reputation as one of the finest Intuit QuickBooks services. It is also known as QuickBooks Payments for Businesses. This QuickBooks error starts to show up when Users download and try recording Merchant Deposits and Fees onto their QuickBooks.
Solution: If you are facing this error, you must click on the “OK” option on the prompt screen and close your QuickBooks. Now restart your computer and your QuickBooks as well. Now what we have to do is we have to try to download it again by clicking on the “Record all selected card deposits” button. You can find it under “Banking” and then select “Record Merchant Service Deposits”.
How to Record Merchant Service Deposits?
- Manually Recording Transactions
Transactions can only be recorded manually when you have received the payment. For receiving a payment click on “Customers” and then “Receive Payments” and when the Transaction is complete make an Entry of it. After this select “Banking” and then “Make Deposits”. Now, you would be able to see all the payments onto your screen. Select all the payments and click on “Save and Close”.
- Manually Recording Missing Deposits and Fees
Missing Fees: If you are missing a fee then you must create a corresponding Bill for it. To create a Bill follow the below steps.
Look for “Vendor” in your QuickBooks and select it and then click on “Enter Bill”. You will be getting an option to select the Vendor assigned to Intuit Merchant Account and if you don’t have one, you can add a Vendor here. Make sure that expense account is accurately listed in the Account field. Ensure the Date entered is correct and then save and close. Now, you can go back and pay the bill.
Missing Deposits: Open your QuickBooks and select “Banking”. In the drop-down menu look for “Make Deposits” and select it. Highlight the items that you want to reconcile. To complete the reconciliation process select “Make Deposits” and they will be moved to your Bank Account.
- “In order to make a deposit, you need a valid expense account” Error
All the online payments are downloaded from Record Merchant Service Deposits. If your QuickBooks Desktop has insufficient User Permissions you will face this error.
If you want to get rid of this error, you will have to ask your QuickBooks Administrator to give you the following permissions.
In Checks: “Create” and “Print”
In Chart of Accounts: “Create”, “Modify” and “View Account Balance”
- How to Properly Configure Deposits and Fees Account Settings in Your QuickBooks?
You need to choose an account in which you want to download the Merchant Service Deposits and Fees and an Expense Account to assign the fees to and withdraw them from. Usually, this is the actual Bank account where the Funds are being Deposited and the fees are withdrawn from.
If you want to see the Deposits option just navigate to “Record Merchant Service Deposits” and then click on “Change you Deposits settings” at the bottom left of your screen. This is applicable to newer versions of QuickBooks.
If even after following all the given steps your problem is not solved, you can just give our QuickBooks Experts a call on our QuickBooks Payroll Support Phone Number at +1866-656-1012 and they will be glad to help you out.