Hi,
I have setup PayPal and SquareUp to be able to take card payments from customers. In setting them up I have a couple of "verification" amounts sent by the gateway providers in order for me to verify I have received the payment and I'm in fact the owner of the bank account being linked.
Now I have a few pence sitting in the transactions list which I don't know what to do with?
Secondly a customer said that one gateway I was using was not working so I did a test invoice and paid it myself (£10) it all worked and the money was received. I have voided the invoice but the money is still in the bank account. I'm not precious about the money but I want the business account to be balanced and correct.
Can anyone help me on these two types of transactions and how to correctly account for them?
Thanks
Solved! Go to Solution.
I can provide additional information in recording these transactions, @dannybox.
Another way of recording these transactions is by adding a journal entry and then create a cheque/expense for the amount that you've received.
To create a new journal entry:
Once done, record this as an expense:
You can check these articles for more information:
Let me know if there's anything that I can assist you with further. I'm always here to help. Have a great rest of the day!
I'm here to help record the test transaction on your bank account, dannybox.
You can write a cheque for the amount that you've spent, and a bank deposit for the amount that you've received.
To create an expense, here's how:
Then, record a bank deposit for the same amount by following these steps:
Once done, go back to the Banking Feeds and match the test transactions. I've got a sample screenshot below for reference:
When it's time to reconcile, you can browse this link for instructions and detailed steps: Reconcile an account in QuickBooks Desktop.
Please let me know in the comments below if you have any additional questions about the process. I'll be around to help you some more. Take care and stay safe.
Thanks for your reply but I'm sorry I don't follow you?
I can't do the first part as I don't track my personal bank account in Quickbooks which is where the money was paid in from.
I have a 2 test transactions in the account, one for £10.00 and one for £1.00 which were sent in order to test the end to end process which the customer would see for two payment gateway providers. There is now £10.52 sitting in the uncategorised transactions (48p taken off for processing fees). Should I / can I just return/refund this amount for simplicity?
The other transaction is from PayPal for 0.01p and is the transaction they send you when getting you to verify the account is yours. In your example would I just perform the bank deposit only, as per your instructions?
Thanks
The other two transactions are
I can provide additional information in recording these transactions, @dannybox.
Another way of recording these transactions is by adding a journal entry and then create a cheque/expense for the amount that you've received.
To create a new journal entry:
Once done, record this as an expense:
You can check these articles for more information:
Let me know if there's anything that I can assist you with further. I'm always here to help. Have a great rest of the day!
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