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Level 1

Match customer payments with square bank deposits

Hi, I am having trouble matching my customers cc payments to batch deposits made by square. 

Let me paint a clear picture:

My customers go online and book appointments. They must put down a deposit for the appointment and pay the remaining balance the day of the appointment. I use square to accept online cc payments and square deposits the amount from sales in batches not single sales. Customers usually pay the remaining balance in cash. I am able to add the cash payment to the invoice and match the cash payments with my bank deposits. However, the deposit customers made online is recorded as undeposited funds. My question is how do I match this payment (the deposit ) with the batch deposit square made to my bank account?

Solved
Best answer June 08, 2020

Best Answers
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QuickBooks Team

Match customer payments with square bank deposits

Glad to have you back, @MBGTOI.

 

Allow me to provide additional insights on how you can record the Square fees and match the deposit transactions in QuickBooks Online.

 

When recording a payment processing fees in QuickBooks Online, you'll need to create a bank deposit for the entire invoice amount. Then enter the charge as a negative figure. This way, you can match the deposit to multiple transactions. 

 

Here's how:

  1. Click on the + New button at the left pane.
  2. Tick on Bank Deposit.
  3. Enter account where the payment will be deposited to.
  4. Select the customers' invoices payment.
  5. On the Add funds to this deposit section, press on the 1st line and pick the name of the customers.
  6. Choose the account where the charge will be recorded.
  7. On the Amount box enter a negative figure of the fee. deposit1.PNG deposit2.PNG deposit3.PNG
  8. Hit on Save and Close.

To guide you in matching and categorizing your bank entries, you can check out this link: Match online bank transactions in QuickBooks Online.

 

You may repeat this process if you encounter the same scenario in the future.

 

I'm also adding here some great references that can help you in making deposits and reconciling your accounts in QuickBooks Online:

If there's anything else that I can help you with, let me know. It'd be my pleasure to assist you. Enjoy the night!

View solution in original post

4 Comments 4
Highlighted
QuickBooks Team

Match customer payments with square bank deposits

Hello there, @MBGTOI.

 

We'll need to deposit the online payments first from Undeposited Funds to your bank account before matching them

 

Here's how:

  1. Go to the +New button, then select Bank deposit.
  2. From the Account drop-down▼menu, choose the account you want to move the funds into.
  3. Select the customers' invoices payment.
  4. Select the Received From drop-down arrow, then choose the name of the customer.
  5. Choose the account where the charge will be recorded.
  6. On the Amount box, enter a negative amount. 
  7. Click Save and close at the bottom right. 

Once done, you can now match transactions by following this article under step 2Categorize and match online bank transactions.

 

As always, feel free to visit our QuickBooks Community help website if you need tips and related articles in the future.

 

Let me know if you have other questions by clicking the Reply button below. I'm still here to help you more. Have a great day!

Highlighted
Level 1

Match customer payments with square bank deposits

Hi, thanks for your response. I understand that much, but how do I match them when square deposits the transactions as a batch? Square also takes fees from the payments so what the customer actually paid and what square deposits is always different.  Where do I record the fees? For example I had 4 customers who made individual purchases. Their transactions totaled $400.  Square batched all the transactions together, minus the transaction fees, and made a deposit to my bank in the amount of $388.40

Highlighted
QuickBooks Team

Match customer payments with square bank deposits

Glad to have you back, @MBGTOI.

 

Allow me to provide additional insights on how you can record the Square fees and match the deposit transactions in QuickBooks Online.

 

When recording a payment processing fees in QuickBooks Online, you'll need to create a bank deposit for the entire invoice amount. Then enter the charge as a negative figure. This way, you can match the deposit to multiple transactions. 

 

Here's how:

  1. Click on the + New button at the left pane.
  2. Tick on Bank Deposit.
  3. Enter account where the payment will be deposited to.
  4. Select the customers' invoices payment.
  5. On the Add funds to this deposit section, press on the 1st line and pick the name of the customers.
  6. Choose the account where the charge will be recorded.
  7. On the Amount box enter a negative figure of the fee. deposit1.PNG deposit2.PNG deposit3.PNG
  8. Hit on Save and Close.

To guide you in matching and categorizing your bank entries, you can check out this link: Match online bank transactions in QuickBooks Online.

 

You may repeat this process if you encounter the same scenario in the future.

 

I'm also adding here some great references that can help you in making deposits and reconciling your accounts in QuickBooks Online:

If there's anything else that I can help you with, let me know. It'd be my pleasure to assist you. Enjoy the night!

View solution in original post

Highlighted
Level 1

Match customer payments with square bank deposits

Thank you so much. This method really worked for me!!

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