Record square transaction with an invoice

Hi Mokadoka,

All your Square transactions will be downloaded in QBO, including the fees. Therefore, you won't need to creating anything in QBO. Just be sure that you have the correct mapping an account assignment, so the fees and the deposits will post correctly.

Your invoice will be paid in full, but you will have another transaction for the fee. Then, the net amount will be deposited into your bank account. All these transactions will be exported to QBO.

Please check out the article about syncing with Square. It explains about the setup, the things you need to do in QBO, and the mapping of transactions.

If you have additional questions, you can always go back to this thread.

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@Mokadoka wrote:

Hi, I know there is an addon for square, but I want to know how I can propertly record an square transaction with an invoice.

 

Let says the invoice is 200$ and square takes 2% for processing fee. In total I get 196$ in my bank account. How I can resolve the gap? How I can say the 4$ is a square expense. 

 

Thank you

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To answer your question directly

use a sales receipt, an invoice is used when the customer will pay later

create a non inventory item called sq fee and select the merchant fee expense account on the item

line one: list the sale and gross (full) amount

line two: list the sq fee item, qty is negative one, and the fee amount

save