QuickBooks is one of the best accounting software programs for all your accounting needs. Intuit GoPayment is an added feature given to customers with a functioning QuickBooks account to help you collect payments on the go.
Benefits of Intuit Go-Payment You Must Know
- Intuit Go-payment comes with no additional charges. If you had to use the GoPayment as a single option, the rates are usually higher as compared to using it with your preferred QuickBooks Account.
- As a customer, you must already know that there are many advantages of using GoPayment with a QuickBooks payment account. There are many other mobile readers in the market but, this is one of the better options available.
- It’s always good to have a good understanding about what you’re getting into before selecting a mobile reader. This will ensure that you are aware of the advantages of using GoPayment as compared to the other mobile card readers. Let’s look at some of the advantages of Intuit GoPayment.
Most of the mobile processors reduce the deposits by deducting fees. This makes it very confusing when you are trying to make the sales. Though there are many ways of getting the deposits into your bank account, you will not have a clear idea about how much fees you will ultimately have paid from your deposit.
When you are swiping a credit card using GoPayment, you will get to see the fees as a separate transaction.
Now that we know that Intuit GoPayment reconciles the fees automatically, you might be surprised to learn that it also helps in saving time. It can be time consuming for you to actually keep a record of deposits which include the net fees. You need to make sure that the client has understood the workflow to record this deposit the right way.
Manual reconciling can consume a lot of time as compared with GoPayment. Many a times, users are not aware of the steps to match the payment to the deposit. By the time they realize it, it might be late and they would need more time to fix the mess to make sure that the financial statements are accurate.
QuickBooks GoPayment is very popular because it integrates with QuickBooks financial products. You should be aware of the importance of integration when considering QuickBooks payment and GoPayment.
You can save a lot of money and time as mentioned earlier by using QuickBooks software, as integration will help them save a lot of time as the reconciliation is done automatically. Once GoPayment is set up, you can handle your deposit entries on your own.
Merchants without QuickBooks integration would require more time.
No one wants to wait for an email response which might take a day or two. You need immediate attention for queries related to payments for your business to operate smoothly. You can call our QuickBooks technical any time regarding your transactions for free.
Imagine the effect of a poor workflow on your financial reports. If the payment is not processed in QuickBooks properly, it can lead to inaccurate reports being generated. Let’s look at the areas to be aware of:
– Overstated Income
Most problems occur because of overstated income and many users record the deposits as income. They sometimes don’t realize that the income has already been recorded on an invoice. This leads to an inaccurate financial statement because it’s double stated.
– Overstated Accounts Receivable
If you have received a payment and not recorded, Accounts Receivable may be overstated. There might be instances where you are collecting payments already made by your client.
– Overstated Undeposited funds
In this case, the Accounts Payable is correct, but your bank account can become a mess because the payments are received and never grouped into a deposit or the net fees have not been entered. They are just waiting to be deposited.
– Understated Credit Card Fees
If you need an idea about how much a credit card is costing you, you need to subtract the credit card fees from the deposit entry recording the payment.
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