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Best answer December 07, 2019
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Hi @treasurer63,
Invoices and their corresponding payments created from Square are automatically imported to your QuickBooks Online (QBO), given that you've synced Square to QBO.
As for those payments, the bank fees are already accounted for. If you need to track these in QBO, you'll have to exclude the deposits coming from Square, and create it manually within the system.
Here's how:
- Open the invoice created from Square.
- Click the Receive payment button.
- Input the entire amount of the invoice on the Amount received field.
Next, we'll need to create an expense account to track these bank fees. Here's how:
- Click the Accounting tab.
- Tap the New button.
- Set the Account Type to Expenses.
- Set the Detail Type to Bank Charges.
- Enter the name you want on the Name field.
- Hit Save and close when done.
You can create an expense transaction at this point. Follow these steps:
- Click the + New button.
- Select Expense.
- You can leave the Payee field blank.
- Under the Category column, select the expense account created earlier.
- Enter the bank fee under the Amount column.
- Press Save and close when you're done.
Doing all these steps, you've recorded that you received the full amount on any given invoice, as well as recording the bank fees as an expense, keeping your bank balance accurate.
Learn more of the default accounts used by Square in this article: Sync with Square - Default Accounts and Names.
If you have other questions in mind, post them below, and I'll make sure to get back to you.
Hi @treasurer63,
Invoices and their corresponding payments created from Square are automatically imported to your QuickBooks Online (QBO), given that you've synced Square to QBO.
As for those payments, the bank fees are already accounted for. If you need to track these in QBO, you'll have to exclude the deposits coming from Square, and create it manually within the system.
Here's how:
- Open the invoice created from Square.
- Click the Receive payment button.
- Input the entire amount of the invoice on the Amount received field.
Next, we'll need to create an expense account to track these bank fees. Here's how:
- Click the Accounting tab.
- Tap the New button.
- Set the Account Type to Expenses.
- Set the Detail Type to Bank Charges.
- Enter the name you want on the Name field.
- Hit Save and close when done.
You can create an expense transaction at this point. Follow these steps:
- Click the + New button.
- Select Expense.
- You can leave the Payee field blank.
- Under the Category column, select the expense account created earlier.
- Enter the bank fee under the Amount column.
- Press Save and close when you're done.
Doing all these steps, you've recorded that you received the full amount on any given invoice, as well as recording the bank fees as an expense, keeping your bank balance accurate.
Learn more of the default accounts used by Square in this article: Sync with Square - Default Accounts and Names.
If you have other questions in mind, post them below, and I'll make sure to get back to you.
Reconciling Stripe deposits and fees in QuickBooks Online (QBO) can sometimes be tricky, especially when they don’t match directly with your bank statement, kath. I’ll provide the approach you can follow to manage this.
Before proceeding, may I know if you followed the suggestion above? If you have, delete the receive payment and the expense transactions. Deleting the transactions will allow you to recreate them accurately. Once you recreate the payment transaction, put it under the Undeposited Funds/Payments to Deposit account.
Afterward, transfer it to your bank account using a Bank deposit. During this process, remember to add the charge fees in the Add funds to this deposit section, entering them as a negative amount. This will ensure that the processing fees are deducted from your total deposit.
Afterward, you won’t need to Exclude bank transactions, as you can Match them directly with your QuickBooks records.
Additionally, I'll provide resources for learning how to generate reconciliation reports, email sales forms or reports to multiple addresses, and view your best sellers, current inventory, and cost of goods sold:
- How do I view, print, or export a reconciliation report?
- Email a sales form or report to multiple email addresses in QuickBooks Online
- Use reports to see your sales and inventory status in QuickBooks Online
Transform your financial management with QuickBooks Live Expert Assisted, tailored specifically for your needs. This service provides personalized video consultations with certified professionals who specialize in analyzing your bank transactions and offering custom bookkeeping support.
Return to this conversation if you have additional questions about managing your bank transactions or reconciling your accounts. We'll be here to ensure you have all the help you need.
