I have been working for a couple of hours trying to get a Square transaction linked with my bank deposit and then to an open invoice.
I have successfully linked the Square transaction to the bank deposit but, then can't link it to an open invoice to close it. I can then close the invoice through receive payment option on the invoice it self but, then it shows double the income on my Paid in last 30 days.
So, I tried linking the bank deposit to the open invoice and it closes the invoice fine but, then I can't link the Square transaction to the deposit.
Will it cause an issue if I don't link the Square transaction to the deposit?
How can I link a Square transaction to a bank deposit and then an open invoice?
I'll guide you in handling that, JAMESB4.
Take note that you'll only have to match the downloaded Square transaction after you apply the deposit entry as an invoice payment. This way, your books always reflect your real-life business transactions.
Moreover, It won't cause any issues if you choose not to link the Square transaction. You'll can just exclude it from the Banking page and then manually clear the payment in your bank register. Here's how:
I'm also adding these articles to help manage your bank transactions and keep your QuickBooks balance accurate:
Feel welcome to reach out to me again with any concerns or questions you may have. The Community always has your back.
I have found a flaw with applying the deposit entry as an invoice payment before matching the downloaded Square transaction, it leaves a difference from the Square fees.
Also, if I don't link the Square transaction to the bank deposit will I have documentation of the fees I have to pay for the Square transactions?
I am using the Square connect app with my Quickbooks and am questioning would it make more sense to disconnect the app and just using the deposits in my bank account to close invoices along with documenting the Square fees.
Disconnecting the Square app won't affect your bank feeds. However, it won't sync your Square sales transactions including Square fees, tips, refunds, and more.
To prevent duplicate transactions, please do not do any of the following:
Feel free to read this article about sync with Square FAQ's: Sync with Square Hub.
I'll be here to help you out if you have any other concerns with QuickBooks. Have a great rest of your day. Stay safe!