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CanmoreDog
Level 1

Initial Set up of Square and Company Bank Account

I have read many of the help articles but i guess my question is a newbie one and not covered. I am loading all the 2019 data for the first time.  I have a bank account where Square Payments are deposited. I have set up the bank account but I have not reviewed the Square Deposits. These are all after the Square credit card fee. I am in alberta so i have to set up tax first i guess too.  My question is; If i load the Square data also, my understanding is it bringing in the gross (not sure what else). How are the two records handled? does quick books merg them somehow so i don't have duplicate records?

3 Comments 3
JamesM
QuickBooks Team

Initial Set up of Square and Company Bank Account

Hi there, 

 

I'm glad you've reached out to the Community for help. QuickBooks is a great program to use for syncing your Square transactions and I'd be happy to assist you. 

 

I wouldn't want you to be seeing duplicate transactions on your account. The best way to avoid this is using a third-party app to automatically sync your transactions. You can search for an app on our site www.apps.com. Once you're on the site, enter Square in the search field and after you hit search you'll see a list of apps to choose from. I recommend going with the app that suits your business needs. 

 

One of the popular apps is Sync with Square. I recommend you to check that one among other great apps as well. In case you have other questions, feel free to contact our support team using this link here.

Rochelley
Level 8

Initial Set up of Square and Company Bank Account

Hello @CanmoreDog ,

 

I think this depends on how you are bringing in your 2019 transactions.

 

This is one reason why I don't use bank feeds.  There are many transactions where the net entry from the bank feed just isn't good enough.  It doesn't capture the anomalies of every day accounting.  Normally, if you import net credit card deposits (the gross credit card receipt less the cc provider's fees) from a bank feed, you can't leave them that way. You should edit the transaction by entering the gross deposit on one line and deducting the fee expense on another line to arrive at the net deposit.  Otherwise, QBO will just post the net amount to your Receivable or Cash Receipts,(however you have it set up), resulting in a shortage of payment collected and a shortage of fees expensed.

 

The other option is to use reporting to make one lump journal entry each month (or in this case, for the year).  Meaning that you would have to make an entry for the difference between what gross deposit should have been and what net deposits amounts are by DR -  Fee Expense and CR - A/R or Cash Receipts.

 

I'm not sure how QBO will handle import of both the net amount from the bank feed and the gross from Square.  I think it will not combine them properly.  I think you should choose to bring in one or the other but not both; whichever one is the easiest to edit as described above.  If you want to be able to do 2019 reporting by month once everything is in, and you chose not to edit each deposit transaction but rather do a lump entry, I would do one per month so your monthly reporting would be accurate.  If you are not concerned at this point with monthly reporting for 2019, then just make one lump sum JE for Dec 31/19 to capture the fees.

 

I hope I've understood what you were asking.  Good luck!

 

 

 

 

CanmoreDog
Level 1

Initial Set up of Square and Company Bank Account

Thanks, I will let you know how it goes and what I was able or not able to do. I am going slowly so not to get to many things wrong or the goal to make it simple. I am also treading carefully as I want to set up the Canadian GST a quick method. It's all inter mixed as you mentioned. Again, I'll let you know and thank you for your feedback.

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