diff --git a/scripts/apply-fh-deposit.ts b/scripts/apply-fh-deposit.ts
index a21ca0f..7b21faf 100644
--- a/scripts/apply-fh-deposit.ts
+++ b/scripts/apply-fh-deposit.ts
@@ -307,7 +307,12 @@ async function main() {
   console.log(`[fh-deposit] Deposit account "${mapping.deposit_account_name}" -> ${depositAccountId}`);
 
   // 3. Build + post payments
-  const client = getQboClient();
+  // Defer QBO client construction until first live write — dry-run needs no QBO credentials.
+  let client: ReturnType<typeof getQboClient> | null = null;
+  const getClient = () => {
+    if (!client) client = getQboClient();
+    return client;
+  };
   const paymentResults: Array<{ seq: number; amount: number; paymentId: string }> = [];
 
   for (const check of mapping.checks) {
@@ -327,7 +332,7 @@ async function main() {
       continue;
     }
     try {
-      const created = await client.createPayment(payload);
+      const created = await getClient().createPayment(payload);
       console.log(`  -> Payment ${created.Id} created`);
       applied.payments[seqKey] = { qbo_payment_id: created.Id, applied_at: new Date().toISOString() };
       saveApplied(appliedPath, applied);
@@ -350,7 +355,7 @@ async function main() {
       console.log(`  PAYLOAD: ${JSON.stringify(depositPayload)}`);
     } else {
       try {
-        const created = await client.createDeposit(depositPayload);
+        const created = await getClient().createDeposit(depositPayload);
         console.log(`  -> Deposit ${created.Id} created`);
         applied.deposit = { qbo_deposit_id: created.Id, applied_at: new Date().toISOString() };
         saveApplied(appliedPath, applied);