Tuesday, November 02, 2010

QuickBooks Direct Deposit for Vendors: The Next Chapter

I had a long chat with Stacy from Intuit's Risk Management Department yesterday.  Apparently this department makes the decisions on what the limits should be on companies using QuickBooks Direct Deposit for Vendors.  It was somewhat enlightening, but still frustrating.

I have been granted the limits I requested, but this was only possible, I was told, by lowering the Direct Deposit for Payroll limits.  So if I hire someone or want to give myself a raise or bonus, I will have to revisit the entire nightmare of trying to get my limits raised.

I was informed that the limits were based on the average balances of my accounts over the last six months.  However, as I pointed out to Stacy, as a literary agent and fiduciary, I am contractually required to pay out my client's funds within ten business days of clearance of funds.  And generally I do it within five business days.  So those funds barely have an impact on the "average daily balance" that Intuit is basing its decisions on.

I was then told that Intuit needs the bank-rating form my bank declined to complete because it needs to know what funds are in my accounts when I apply for the increase.  I pointed out that Intuit now owns Mint.com and if you use that site you know that Mint aggregates your balances from multiple financial sites such as your bank and credit card companies and therefore Intuit certainly has the technology to add to QuickBooks a real-time check on a company's balances in order to eliminate the bank-rating form from the process.  Stacy told me I making "all good suggestions" and she was taking notes.

Now, if I could just get Intuit to pay me for what I estimate to be $2,500 worth of my time wasted trying to implement their screwed-up product, I might actually feel better!

Z

1 comment:

Dianna Williams said...

We are going through this same problem. Found out about total vendor direct deposit limits when the deposits failed. After many hours on the phone we finally got an increase to pay our vendors. Today, I found out about another limit. The per vendor direct deposit limit when I tried to pay a vendor an amount that went over this mysterious limit and it failed. After over an hour I found out my limit is 20,000.00 per vendor every 14 days....uggg. When I asked for all the limits that maybe on this business the person couldn't help me.

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