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jaytronixx
Level 3

Square Capital loan

Hi, We recently took out a Square capital loan. I am having a hard time booking this because the total amount of the loan deposited into our bank is $9250 the total repayment amount $10,175

 

The issue i am confused about is they take the repayment out of our cc sales. SO our bank is connected to QB online and daily Square depots are net after fees, and loan repayment daily amount. How can i add this loan correctly, and how do i account for the repayment interest and the payments? thanks 

5 Comments
MaryLandT
QuickBooks Team

Square Capital loan

Hello there, @jaytronixx,

 

You can add the loan repayment and interest by resolving the difference on your downloaded transaction. By doing so, you'll be able to change the amount or add a new transaction when necessary.

 

Here are the steps to achieve this:

  1. From the left menu, select Banking.
  2. Go to the For Review tab. downloadedtransaction1.PNG
  3. Select the transaction by clicking it.
  4. Choose the Find match option to bring up the transaction. downloadedtransaction2.PNG
  5. Enable Resolve Difference.
  6. Once done, click Savedownloadedtransaction3.PNG

For other troubleshooting steps, feel free to read through this article: Add and match downloaded banking transactions.

 

After following the solution above, you can start adding transactions to QuickBooks by clicking the Add button. 

 

Let me know how this goes by leaving a comment below. I'm always around here in the Intuit Community whenever you need clarifications.

CrownofThorns
Level 1

Square Capital loan

I'm having the same issue. I have a square capital loan, I've put it in Quickbooks as a Long Term Liability. The balance is correct because I put the fixed interest rate as "opening balance".

 

Now, I make an invoice for the whole month of sales of my store. In each invoice, I categorize the monthly income as " Store Sales". Then I have to subtract the Square fees for the month on a separate line. After inputting all the RECEIVED PAYMENTS, the invoice is still missing payments. Square takes 13% of my credit card deposits to pay for the Square Capital loan. this is the missing money in the invoice.

 

I created a SERVICE/PRODUCT line named "Square Capital - Payment". I put it in the invoice as a third line and the invoice shows as PAID IN FULL.

How can I link the Long Term Liability Account to the "Square Capital - Payment" service group? Otherwise, this is being duplicated on my reports or not matching at all. 

 

IT'S SO COMPLICATED!!!

MadelynC
QuickBooks Team

Square Capital loan

Glad to see you on this page, @CrownofThorns.

 

To link the item to the Loan account you created, you’ll want to edit the Service/Product and change the Income account to Long Term Liability Account.

 

When you add this to your invoice, you can use the third line item and enter the fee to a negative value. So this will reduce the invoice total amount and show that it was taken by Square.

 

In case you’ll be needing related articles about managing your QuickBooks account, you can check this article: Help articles.

 

You can count on me if you have any other concerns.

CrownofThorns
Level 1

Square Capital loan

Thank you so much for the quick response!

This is exactly how I have it now. The only issue is that the payments are not showing in the Long Term Liability register. Do I have to manually input the entry as a journal entry? Below are some screenshots. 

 

Screen Shot 2020-03-07 at 1.41.18 PM.png Screen Shot 2020-03-07 at 1.36.17 PM.png Screen Shot 2020-03-07 at 1.42.32 PM.png

 

 

 

 

ReymondO
QuickBooks Team

Square Capital loan

Thanks for giving us a detailed screenshots, @CrownofThorns

 

There's no need to manually input these transactions into your journal entry since they will be automatically recorded in the system.

 

Although, we can check the transaction journal for this invoice. This will help us in determining which transactions are affected. Simply open the invoice and click More. Then, select Transaction journal

 

Also, editing the Service item's Income account after creating an invoice can affect how the transaction shows in the Liability Register.

 

If this is the case, we can open the invoice and delete the line items then recreate them. This way, we can make sure that the payments will reflect in the Long Term Liability register. Here's how:

 

  1. Look for the invoice using the Advanced Search.
  2. Modify its filters so you can locate the transaction easily.
  3. Once you find it, open the invoice and click the Trash icon for each line (please take note of these product/service information).
  4. Enter the product/service information again on each line.
  5. Click Save.

 

Once done, you can now go back to the Chart of Accounts and check your payments. Simply follow these steps:

 

  1. Go to the Accounting menu and select Chart of Accounts.
  2. Search for the SQUARE CAPITAL LOAN 2019 and click View register.

 

If you can't still see the payments, you can delete the invoice and recreate it. This should now reflect in your Liability Register.

 

You can also run report for the long term liability account to view the invoices associated with this account. Let's follow these steps below:

  1. Go to Accounting menu and select Chart of Accounts.
  2. Look for the SQUARE CAPITAL LOAN 2019 and click the drop-arrow beside View register.
  3. Select Run report.

 

Please let me know if you need anything else. I'll be happy to help you out.

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