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PlumberLady
Level 1

Square Fees in 2021 version

I am new to QB. I am scheduled to take a class, but until then, I have to make do. I made payment to invoice, going into undeposited funds. I go to Deposits. Received from "customer", entered total amount of sale. In this case $107.25. The fees were 2.89. I entered the fees two ways and neither way would produce a report showing this expense. This is where I think I am doing something wrong. 

 

- Entered as a line item in the deposit as -2.89, from account CC processing fees.

 

When I ran the expense report, that didn't show the fee, so I deleted that line and then entered the fee at the bottom of the deposit screen

 

- Bank deposit total 104.36, calculated diff 2.89, diff goes to CC fees. This also didn't produce the fees on the report. 

 

What am I doing wrong? 

2 Comments 2
Angelyn_T
QuickBooks Team

Square Fees in 2021 version

Thank you for the detailed information, @PlumberLady.

 

You're correct in recording the processing fee. You can enter it as a line item when making a deposit, or write a check under the Expenses column. Since it amount doesn't reflect on your report, please ensure to use the correct when recording the transaction. I'm here to guide you with the details process.

 

First, you need to use an expense account for any processing fees you'll record in QuickBooks. If you haven't created one, you can follow these steps:

 

  1. Go to the Lists menu, then select Chart of Accounts.
  2. To add an account, click + at the bottom of the Chart of Accounts.
  3. Choose Expense or Other Expense as the account type.
  4. Add the name (processing fees/bank fees), then fill in the required details.
  5. Hit OK.

Once done, you're now ready to deposit the payment and record the fee.

 

  1. Select Make Deposits from the Banking page.
  2. Add the payment, then enter the processing with its amount (negative).
  3. Tap Save and Close.

If you want to have a separate record for the Square fee, you can create a check:

 

  1. Go to the Banking tab, then select Write Checks.
  2. Add the account, then the amount under the Amount column.
  3. Save the transaction.

Once done, you can open your report and check the fee from there.

 

I've added these screenshots for your visual references.

 

For additional guides, while working with QuickBooks Desktop for Mac specifically when recording bank fees, feel free to download our QBDT for Mac user guide. For quick access, press Ctrl on your keyboard, then search for the topic needed.

 

Please keep me posted if you need further assistance. I'm always here to help. Have a good day!

IntuitBrooks
Level 9

Square Fees in 2021 version

account CC processing fees needs to be an expense account. You may also want to record the sale as a Sales Receipt rather than an invoice. 

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