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Automating Recurring Charges with QuickBooks Online

December 22, 2016 / by Angel Mazariegos posted in Santa Monica, Los Angeles

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Angel-Mazariegos-for-web-square.jpgRecently I’ve been approached by several clients looking for a way to automate collection on their recurring credit card payments using QuickBooks Online (QBO)—one of the best web-based tools for small business bookkeeping services.

For business owners who have multiple recurring payments to collect, automating recurring payments can help you streamline your processes.

For example, think of a produce distributor who makes multiple regular deliveries to local restaurants. Each month the same goods are distributed at the same price. For both the distributor and the restaurants, a lot of time and effort can be saved by automating this invoicing and payment process.

To set up an automatically recurring charge:

  1. Go to the top right corner of your QuickBooks Online window. Click “Company/Gear” and then select Recurring Transactions.
  1. Click “New,” then choose “Sales Receipt” as your transaction type. You’ll be presented with a sales receipt template form.
  1. Choose “Scheduled” as your type of Template and give it a name. Select a customer and enter in an email address so that your client will receive a confirmation email when the payment goes through.
  1. Set up your payment Interval as well as your Start and End date (if needed).
  1. Enter in your client’s credit card payment information. Make sure to check the box that says “Process Credit Card.”
  1. Fill out the rest of the Sales Receipt. This should be straightforward, done the same way as with any other sales receipt, recurring or non-recurring.
  1. Hit “Save.” You’ll receive a recurring credit card authorization form. Have your client sign this form and return it to you before the first payment goes through. Then either save this form or hand it over to your bookkeeping services provider for safekeeping.*

After this you’ll be all set up to collect this regular payment automatically, no manual data-entry required. If the details of the payment should change, just return to this sales receipt to make any necessary changes. 

*NOTE:  There are PCI compliance requirements regarding the proper transmittal and storage of credit card information.  If you are unsure of how to comply, consult your bookkeeping services provider, CPA, or legal counsel.

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