Created with Sketch.Learn about PPP and Loan Forgiveness, stay informed with the latest changes.
Created with Sketch.Questions about how to close your books for 2020? Visit our Year End Resources page.
Created with Sketch.New to QuickBooks or using a new product? Visit our Get Started resource page to help you get going.
Created with Sketch.Need to make changes to your account? Visit the Account Manager Portal.
cancel
Showing results for 
Search instead for 
Did you mean: 
Level 1

How do I edit the deposits that come into my bank from SquareUP to include the fees and sales tax?

qb recognizes the bank deposit as sales, however, some is sales tax, less bank fees.
1 Comment
QuickBooks Team

How do I edit the deposits that come into my bank from SquareUP to include the fees and sales tax?

Hi there, @blackhillscarver

 

It's my pleasure to answer your first post in the Community. I've got some steps to help you correct Square transactions. 

 

We can batch Undo the Square deposits that are added incorrectly in QuickBooks. Then, let's enter the transactions as Sales Receipt and deposit them to the Undeposited Funds account. This way, we can make a deposit and select the sales receipts and add a line item for the fees.

 

Follow these steps below:

 

Undo transactions

 

  1. Go to the Banking tab on the left menu.
  2. Click the account you need to work on, then go Categorized section.
  3. Put a checkmark in the box(es) for the transactions you'd like to undo, then click the Undo button.

 

Create a sales receipt

 

  1. Click the +New menu, then choose Sales Receipt.
  2. On the Deposit to field, select Undeposited Funds.
  3. Enter the necessary information, then click Save.

 

 Then, make a single deposit and add a line item for the fee. Here's how: 

 

  1. Go back to the +New menu, then choose Bank Deposit.
  2. Select the sales receipts you created.
  3. On the Add funds to this deposit section, add a line for the fee amount. 
  4. Enter a negative amount for the fees.
  5. Click Save and new or Save and close.

 

Once done, you can now match it to the downloaded Square deposit.

 

For future reference, read through this article and learn about managing sales taxes or GST in QuickBooks Online when using Sync with Square

 

I'm still here to help you more if there's anything else you need about QuickBooks. Wishing you all the best. 

 

 

Need to get in touch?

Contact us