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Not applicable

Square deposits appearing together with invoices and over stating income.

My square income transaction report has all our paid invoices, but then there are some transactions labeled "deposit" which is the same payment taken but with the square fee subtracted causing our square income to be overstated. How do I fix this?

Attached is a picture two transaction examples.

 

Solved
Best answer 02-10-2019

Accepted Solutions
Established Community Backer ***

Re: Square deposits appearing together with invoices and over stating income.

It looks like your Square deposits are being directly added to your register from the bank feed and not properly matched to the Square Invoice payments. Your Square invoice payments should go to Undeposited Funds first, then you make a bank deposit in QBO of all the Square Invoice payments (less fees) that match the Square bank feed deposits that come into your bank feed. 

QuickBooks Team

Re: Square deposits appearing together with invoices and over stating income.

Thank you for posting again, theliftersguild.

 

Yes, we'll need to follow the steps which @Regina_Lend_A_Hand_Accounting provided to fix the issue with your square invoice payments.

 

Let us know if you need further help with your Square invoice payments. Have a good one!

16 Comments
Established Community Backer ***

Re: Square deposits appearing together with invoices and over stating income.

It looks like your Square deposits are being directly added to your register from the bank feed and not properly matched to the Square Invoice payments. Your Square invoice payments should go to Undeposited Funds first, then you make a bank deposit in QBO of all the Square Invoice payments (less fees) that match the Square bank feed deposits that come into your bank feed. 

Not applicable

Re: Square deposits appearing together with invoices and over stating income.

Thank you,

I always match the transactions. With Square Invoices I have never needed to do anything besides match them and QBO does the rest for me. And it's not every single payment its a couple of them that are doing that. Do I now need to manually fix it like you stated ?

Not applicable

Re: Square deposits appearing together with invoices and over stating income.

Thank you,

With square payments I have never needed to do anything else besides match the transactions. And it's not all of the payments its just a couple of them. Do I now need to do that manually like you stated to fix that issue?

QuickBooks Team

Re: Square deposits appearing together with invoices and over stating income.

Thank you for posting again, theliftersguild.

 

Yes, we'll need to follow the steps which @Regina_Lend_A_Hand_Accounting provided to fix the issue with your square invoice payments.

 

Let us know if you need further help with your Square invoice payments. Have a good one!

Not applicable

Re: Square deposits appearing together with invoices and over stating income.

The "receive payments" are already in undeposited funds and and can view it has been matched with the square bank deposit including the square fee. I have also tired to unmatch them and match them again and still the same issue. Not sure if I am misunderstanding the process.

I've attached two pictures that show where they are locatedScreen Shot 2019-02-12 at 9.38.15 AM.png Screen Shot 2019-02-12 at 9.56.54 AM.png

QuickBooks Team

Re: Square deposits appearing together with invoices and over stating income.

Hi there, theliftersguild.

 

I'd like to add to this discussion and provide additional clarification regarding this matter.

 

Rest assured, I can see that you've done everything right in QuickBooks Online. You were able to properly match the payment to the square deposit including the fee.

 

To clarify, did the transaction report that you're using came from Square? I tried to replicate this on my end. However, I wasn't able to find the report, which would've allowed me to further check why these transactions are showing up together.

 

That said, I'd highly recommend consulting with them to verify why the report would display both the invoice and the deposit on one report.

 

Please don't hesitate to let me know if there's anything else I can help you with in the meantime. I'll be here to help you out.

Not applicable

Re: Square deposits appearing together with invoices and over stating income.

Yes, both came from square. I never enter anything manually when it's a Square transaction. 

Thank you for your help, I will reach out to them and hopefully figure out why this is happening. 

Moderator

Re: Square deposits appearing together with invoices and over stating income.

Hello theliftersguild,

 

I'm glad our Established Community Backer and my colleagues have helped you shed some light about the Square deposits.

 

Let us know the results after contacting the Square Customer Support. We are always here to provide additional assistance if you need anything else. Have a good one.

Not applicable

Re: Square deposits appearing together with invoices and over stating income.

@theliftersguild did you receive and answer from square on this... I just found the same thing is happening to me. All of my credit card deposits from square are in income as well as each separate invoice/payment. Essentially, showing double income for all credit card payments.

QuickBooks Team

Re: Square deposits appearing together with invoices and over stating income.

Hi studiog,

 

While waiting for @theliftersguild response, you'll want to contact the Square Customer Support. They can check this for you. You can visit their website to get the number.

 

Meanwhile, you can delete the duplicate transaction as a workaround.

 

We're here if you have other questions in mind.Thanks.

Not applicable

Re: Square deposits appearing together with invoices and over stating income.

Unfortunately Square was unable to help. I actually called Quickbooks customer support and their recommendation was to delete those duplicate transactions. So in my case it was deleting the deposits that included the Square fees. Once those were deleted I added them to my excluded transactions. It fixed my issue. 

QuickBooks Team

Re: Square deposits appearing together with invoices and over stating income.

Hey there, @theliftersguild.

 

I’m glad to hear that our QuickBooks Customer support was able to help you with your Square transactions.

 

Don’t hesitate to post again here in the Community if you need help with anything else. Have a good day!

Not applicable

Re: Square deposits appearing together with invoices and over stating income.

@theliftersguild, once you deleted the deposit (assuming they came over on your bank feed) and excluding them, was your bank reconciliation out of balance?

Not applicable

Re: Square deposits appearing together with invoices and over stating income.

This is happening to me too all of a sudden.  We changed bank accounts and now when Square syncs all Square income is overstated.  I am unable to fix it so far and it is very frustrating.

Moderator

Re: Square deposits appearing together with invoices and over stating income.

Hi marsam,

 

Let's get those duplicates deleted. Here's how:

  1. From the Chart of Accounts, click on the View history link for the bank account.
  2. Select the transaction.
  3. Click on Delete.

To delete them from the Banking page, here's how:

  1. Go to Banking.
  2. Under the For Review tab, select the transactions.
  3. Click on Batch actions.
  4. Select Exclude Selected.
  5. Go to the Excluded tab.
  6. Select the transactions and click on Batch actions.
  7. Select Delete.

Please let us know if you need anything else. We are here to help. 

Established Community Backer ***

Re: Square deposits appearing together with invoices and over stating income.

The screenshots show two different deposit amounts and dates. There is not enough information to confirm what is going wrong here. Excluding and/or deleting transactions is not the answer in my view. It is best to understand what is going wrong first. It could be that Square is creating an invoice payment to undeposited funds AND posting the final payment less their merchant processing fees directly to your bank account register. I have seen this before. If this is happening, which you can see in the audit log, you would delete the "direct deposit" to the register which should put it back into the bank feed, then create a deposit from undeposited funds less the merchant processing fees to match to the deposit in the bank feed.

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