Adding online bill pay transactions

1. Go to your Bill Pay enabled checking account and add a transaction as you normally do.
2. Open the Edit Details panel and click the Online Payments tab.
3. Select the Online Payment checkbox.
4. In the Payee field, enter the payee (person or business) you wish to pay. If this is the first time you're paying this payee, select Add new Online Payee after typing the payee name. Go ahead and set up the online payee.
5. Select the date when you want the payment to be received (the payment date). Note that the processing time varies by the financial institution and by the payee. It is usually between 2 and 7 days. The first time you make a payment to a new payee, Quicken will assume a processing time of five business days. However, after the first payment, your financial institution will inform Quicken whether faster processing is available for that payee. In all cases, you need to consider two dates:
   • The debit date is the date when your financial institution will start processing the payment, and this is usually the date funds will be withdrawn from your account.
   • The payment date is the date when your payee receives the funds. For example, if you want your payee to receive the payment by Friday, October 23; you'd click 23 on the Online Payment calendar. Quicken will then show the expected debit date for that transaction. For example, Monday, October 19th. This means that your financial institution begins the processing by October 19, so that your payment will be received by October 23. It is important to verify both the debit date and payment date before you initiate a transaction, to avoid late payments.
6. In the Amount field, enter the amount you want to pay.
7. You have two options to send the payment instructions to your financial institution:
   • Pay Now - Sends the instructions immediately. Note that this is just sending instructions. Your bank will then process the payment based on the pay date you selected. The amount will be withdrawn from your account only on the debit date.
   • Save – Simply saves the transaction in your checking register. The transaction is saved in Quicken, but not yet sent to your financial institution. It will be sent only when you update this account or click the Pay Now button.
8. After you send instructions to your financial institution, you can check the status of your transaction in the Edit Details panel:
   • Sent - This means that you've sent the payment instructions to your financial institution. However, the financial institution has not started processing your request. At this point, you can still cancel the payment by clicking the Cancel Payment button. However, you cannot edit the transaction after it has been sent. If you feel you made an error, you will need to first cancel the transaction and then create a new transaction.
   • Canceled - This means that you canceled the transaction before the debit date. The amount is not withdrawn from your account.
   • Pending - This means that your financial institution has started processing your request. Pending transactions cannot be canceled or edited.
   • Paid - This means a cleared transaction has been downloaded by Quicken and your payee has received the payment.

Note: Learn more about the payment status icons displayed in your account register.

1. Go to your Bill Pay-enabled checking account and click Command+N to add a new transaction.
2. In the Date field, enter the date when you want your payee to receive the payment. Here, it is important to remember that every financial institution needs some time to process your instructions. This processing time varies by the financial institution and by the payee and is usually between 2 and 7 days. Ensure that you consider the processing time before entering the date.
   • The first time you make a payment to a new payee, Quicken will assume a processing time of five business days.
   • After the first payment, your financial institution will inform Quicken whether faster processing is available for that payee.
3. In the Check # field, enter Send. This indicates that you'd like this transaction to be a Bill Pay transaction.
4. In the Payee field, enter the online payee name (person or business) you wish to pay.
   • If this is the first time you're making a payment to this payee, select Add new Online Payee after typing the payee name. Go ahead and set up the online payee.
   • If you save the transaction with a payee that is not added as an online payee, Quicken prompts you to add the required details.
5. In the Category field, select your preferred category (optional, but recommended).
6. In the Amount field, enter the amount you want to pay.
7. Hit Enter on your keyboard. The transaction is saved in Quicken, but not sent to your financial institution. It will be sent only when you update this account or go to the Edit Details Panel > Online Payment tab, select the Online Payment checkbox, and click the Pay Now button.

Note: Learn more about the payment status icons displayed in your account register.

Processing time is the time required by your financial institution to process your request and transfer the amount to the payee. This time varies depending on the payee and the financial institution:

• If your financial institution recognizes the payee, the payment may be transferred electronically. In this case, the processing time is usually 2-3 business days.
• If your financial institution does not recognize the payee, then the payment is made by a paper check. In this case, the processing time may be 5-7 business days.

Note: Contact your financial institution for questions about processing time.