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Novi Pay: Life Cycle of a Payment

View Novi Pay payments directly in Novi, from the initial credit card purchase to your bank account

Jaime Morgan, CAE avatar
Written by Jaime Morgan, CAE
Updated today

From the initial credit card purchase to the deposit to your bank, Novi Pay automates receiving, processing, batching, and depositing and provides detailed payment information directly in Novi.

In this article:

Note: Novi Pay is new and feature enhancements are actively being worked on. This article will continue to be updated with those feature releases.


A Purchase is Made using Novi Pay

When a purchase is made using Novi Pay, the payment will be automatically recorded in QuickBooks Online and Novi. A Sales Receipt will be created or a Payment will be automatically received against the open invoice. (Learn more about the difference between a Payment and Sales Receipt in QuickBooks.) Novi Pay automatically adds these entries to keep your books in sync with your credit card processing and bank statements.

Depending on your Novi Pay notification settings, Novi Pay will send an email to the Association AdminS with Special Accounting Privileges. This is an optional email notification based on your Novi Pay Settings.

The Payment/Sales Receipt will be visible in:

  1. Accounting > Transactions screen

  2. Accounting tab of the member's record

  3. Novi Pay > Transactions screen


Batching & Depositing Novi Pay Payments in QuickBooks

Like many payment processors, Novi Pay automatically batches payments together and deposits the funds into your account.

Automatic Batching in QuickBooks:

Novi Pay collects all the payments made to your association throughout the day and "batches" them into a single deposit.

When the day's payments are batched, the processed payments are temporarily located inside of the Bank Deposit screen in QuickBooks (also known as Undeposited Funds asset account) until they are deposited. The timeline from receiving payment to depositing in your bank account is typically around 2 business days.

The Bank Deposit screen will include:

  1. The payments included in the deposit

  2. The processing fees recorded as a negative amount

  3. The total deposit amount to the bank

The processing fees transactions are recorded directly on the deposit to match the deposited amount to your bank account.

Automatic Deposits to Bank

When Novi Pay makes the deposit to your bank account, three things happen automatically:

  • The Bank Deposit recorded to Undeposited Funds moves to your bank account in QuickBooks Online, according to the deposit date.

  • The transaction fee is recorded to the account based on your Novi Pay Settings.

  • Admins with Association Admin with Special Accounting Privileges receive an email that shows the payments that have been deposited. This is an optional email notification based on your Association Settings.

Novi Pay Balances List View

Admins can see more details about Payouts and Top Ups on the Novi Pay Balances list view. Using this list, you can review the deposit details or retry a failed deposit.

Troubleshooting

If there is a failure to deposit the batch, Novi sends an email to notify the admin. If you need additional support with a Novi Pay Payment, you can reach out to Novi through Intercom (the "Blue Bubble") or by emailing help@noviams.com.​


Payouts:

Novi Pay, via Stripe, will automatically deposit your payouts in your Deposit Account.


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