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nova art
Level 1

Duplication deposits using auto bank connection and Square manually

I use a bank feed for my BBVA bank account to bring into QBO 

I have online sales that are processed  using Square (as sales receipts) and subsequently Square deposits net amount to BBVA after taking their fees.. I have not connected Square app. 
My problem: 
The auto feed enters the Square net deposit to the register, but I want to record the online sales to undeposited funds then manually make the deposit (adding the fee as a negative fund). 
How do I avoid duplication of deposit income? Do I exclude the deposit transactions in the feed?
Thank you for any help. This is first year using QBO, instead of desktop

Solved
Best answer March 07, 2021

Best Answers
Jen_D
Moderator

Duplication deposits using auto bank connection and Square manually

Thanks for posting here, @nova art,

 

Allow me to share some steps on how to categorize your transactions properly.

 

You can exclude the deposit if it is a duplicate of another bank transaction. Otherwise, if it needs to be included in the reconciliation, you can simply match the bank entry with the net deposit after fees in QuickBooks.

 

Here is the complete process of recording a bank deposit with the credit card fee so you can match it with the bank entry:

 

  1. On the invoice, click the Receive Payment button.
  2. Select the correct invoice on the Receive Payment screen.
  3. In the Deposit to field, choose Undeposited Funds.
  4. Click Save and close. (See screenshot attached)

 

 

Enter a Bank Deposit for the credit care fee to relieve the balance from Undeposited Funds account. 

 

  1. Click the QuickBooks Plus (+) icon then select Bank Deposit.
  2. Mark the sales receipts from the Select the payments included in this deposit section.
  3. Expand the Add funds to this deposit section to add a new line item.
  4. In the Account column, add an expense account for the fee.
  5. For the Amount field, enter a negative amount for the credit card fee.
  6. Make sure the deposit matches the net bank deposit amount.
  7. Click Save and close.

 

You can now match the transaction to the online banking transaction. Here are the steps with sample screenshot:

  1. Go to the Banking menu and select the account where you receive the deposit.
  2. Click the transaction to expand the options, then tap the Match radio button.
  3. You will see the Find other records button from there.This image shows an expanded view of a matching transaction.
  4. Find the invoice and the other transactions related to the deposit in the Records found.
  5. Select the link next to each record to get more details.
  6. Check the Deposit to field, then select Match.

 

See this article to learn more about managing bank transactions in QBO: Categorize and match online bank transactions in QuickBooks Online.

 

If you need anything else, please let me know in the comment below. I'll be right here to help categorize your bank transactions. Have a good one!

View solution in original post

2 Comments
Jen_D
Moderator

Duplication deposits using auto bank connection and Square manually

Thanks for posting here, @nova art,

 

Allow me to share some steps on how to categorize your transactions properly.

 

You can exclude the deposit if it is a duplicate of another bank transaction. Otherwise, if it needs to be included in the reconciliation, you can simply match the bank entry with the net deposit after fees in QuickBooks.

 

Here is the complete process of recording a bank deposit with the credit card fee so you can match it with the bank entry:

 

  1. On the invoice, click the Receive Payment button.
  2. Select the correct invoice on the Receive Payment screen.
  3. In the Deposit to field, choose Undeposited Funds.
  4. Click Save and close. (See screenshot attached)

 

 

Enter a Bank Deposit for the credit care fee to relieve the balance from Undeposited Funds account. 

 

  1. Click the QuickBooks Plus (+) icon then select Bank Deposit.
  2. Mark the sales receipts from the Select the payments included in this deposit section.
  3. Expand the Add funds to this deposit section to add a new line item.
  4. In the Account column, add an expense account for the fee.
  5. For the Amount field, enter a negative amount for the credit card fee.
  6. Make sure the deposit matches the net bank deposit amount.
  7. Click Save and close.

 

You can now match the transaction to the online banking transaction. Here are the steps with sample screenshot:

  1. Go to the Banking menu and select the account where you receive the deposit.
  2. Click the transaction to expand the options, then tap the Match radio button.
  3. You will see the Find other records button from there.This image shows an expanded view of a matching transaction.
  4. Find the invoice and the other transactions related to the deposit in the Records found.
  5. Select the link next to each record to get more details.
  6. Check the Deposit to field, then select Match.

 

See this article to learn more about managing bank transactions in QBO: Categorize and match online bank transactions in QuickBooks Online.

 

If you need anything else, please let me know in the comment below. I'll be right here to help categorize your bank transactions. Have a good one!

View solution in original post

nova art
Level 1

Duplication deposits using auto bank connection and Square manually

Thanks for your help.

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