Does your business sell subscription-based products or services? If so, you may have recurring payments. Recurring payments are common with subscription-based products and services. They consist of regular payments that are automatically deducted from customers’ accounts.
While recurring payments are automated, you can still change certain information about them. Quickbooks Desktop makes it easy to change recurring payments. To learn more about recurring payments, including how to change them in Quickbooks Desktop, keep reading.
What Is a Recurring Payment?
As previously mentioned, a recurring payment is a series of automated payments that’s dedicated from a customer’s account automatically. When a customer subscribes to a product or service, he or she will typically agree to make regular payments over a given period. The subscription may consist of monthly payments, or it may consist of annual payments. Regardless, recurring payments are deducted automatically from the customer’s account. When the billing date rolls around, money will be transferred from the customer’s account to your business’s bank account.
Steps to Change a Recurring Payment in Quickbooks Desktop
How do you change a recurring payment in Quickbooks Desktop exactly? When logged in to Quickbooks Desktop, visit the Online Service Center and choose “Processing Tools,” followed by “Manage Recurring Payments.” You can manage all of your business’s recurring payments in this section.
Maybe you want to change the frequency of the recurring payment, or perhaps you want to change the customer’s name or billing address. Regardless, you can modify information such as this from the “Manage Recurring Payments” section. Just click the customer’s current name, at which point Quickbooks Desktop will reveal several customizable fields. Go through these fields until you find the information that you want to change. You can then click the “Edit” button to customize the field with new information.
Keep in mind that when you change the terms of a recurring payment, you’ll need to obtain reauthorization from the respective customer. Increasing the amount of a recurring payment, for instance, will require authorization from the customer. Regardless, you can easily change a recurring payment in Quickbooks Desktop. You just need to find the customer in the “Manage Recurring Payments” section and edit the appropriate field or fields. Depending on the type of information that you change, the customer may have to authorize the change.
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