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 Admin with Special Accounting Privileges. This is an optional email notification based on your Association Settings. The Payment/Sales Receipt will be visible in the:
Accounting > Transactions screen
Accounting tab of the member's record
Transactions tab of the Novi Pay Payment Portal.
Batching & Depositing Novi Pay Payments
Like many payment processors, Novi Pay automatically batches payments together and deposits the funds into your account.
Automatic Batching:
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:
The payments included in the deposit
The processing fees recorded as a negative amount
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 Association Settings in Novi.
Admins with Association Admin with Special Billing 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 Deposits List View
Admins with Association Admin with Special Billing Accounting Privileges can see more details about batch deposits on the Novi Pay Deposits 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.
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