Does your firm bill clients directly from QuickBooks? You need to read this NOW.

Does your firm bill clients directly from QuickBooks?  You need to read this now.

Paid Invoice

Beginning July 1, 2016, the Intuit Payment Network is going away, to be replaced with QuickBooks Payments. This will affect your law firm if you are using a desktop version of QuickBooks to send out invoices. Here’s the skinny:

If you have QuickBooks Desktop 2015 or 2016, you’ll need to:

  1. Sign up by contacting QuickBooks Payments — by phone or online
  2. Choose the plan of your choice

If you have QuickBooks Desktop 2014 or earlier, your QuickBooks software is incompatible with the new QuickBooks Payments system, and you’ll need to upgrade. Thus, you’ll need to:

  1. Upgrade your QuickBooks to 2016. You can purchase this online in two places:
  2. Next, sign up by contacting QuickBooks Payments — by phone or online
  3. Choose the plan of your choice

What happens if I don’t sign up for the new QuickBooks Payments service? If you do not subscribe, your clients lose the ability to pay their bills online. This also applies to bills that have already been emailed out to clients but not paid. Effective 7/1, if a client clicks on the link in an outstanding bill, they won’t be able to pay you.

If I switch, what happens to any outstanding invoices? We called Intuit to find this out, and were told that you will need to sign up for the new service, then re-issue the invoices to your clients using the new system. However, this is a fairly quick process. You can run an Unpaid Invoices report, and simply open each invoice and resend.

How much will this cost me? The QuickBooks Payments service is similar in pricing to the legacy Intuit Payment Network. There are two pricing plans, which can be viewed by clicking here. The cost is slightly higher than other credit card processing companies, but this is money well spent for two reasons.

  1. It’s much easier for your clients to pay your invoices. When they click on the button in the invoice, the amount due is displayed to them.
  2. Payments received integrate seamlessly with your QuickBooks file, so you don’t have to try to manually match payments with client bills.

So, while QuickBooks Payments may not be the cheapest merchant services solution in town, your law firm will more than make up the extra few pennies in reduced accounting headaches.

The staff at JurisBookkeeping is happy to answer any questions you may have regarding this change or any of your bookkeeping related issues.