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Hello,
I am manually entering Square sales into my Quickbooks Desktop. I do not have the integration anymore because it caused more issues with syncing than it should have. Square is depositing Net Sales into my bank account. I have my bank account feed attached to my Quickbooks. The Net Sales deposited into my account already have Square fees taken out of them. How do I account for the Square fees with this approach?
Thank you.
Solved! Go to Solution.
Greetings, brewbro.
I'd be glad to lend a hand in accounting your Square fees via QuickBooks Desktop.
Receive payments for the amount of the sales receipt/invoice, a group with undeposited funds. When funding and fee status are known to make deposits, select your Square payment on the next line of the deposit enter the Square fees as a negative amount and assign to your processing fee expense account.
Here's how:
You can check out this recommended article: https://quickbooks.intuit.com/community/Help-Articles/Understand-how-the-Undeposited-Funds-account-w....
This will get everything nice and organized in your QuickBooks Desktop account. Let me know if there's anything else you need with accounting your Square fees. Have a good one.
Greetings, brewbro.
I'd be glad to lend a hand in accounting your Square fees via QuickBooks Desktop.
Receive payments for the amount of the sales receipt/invoice, a group with undeposited funds. When funding and fee status are known to make deposits, select your Square payment on the next line of the deposit enter the Square fees as a negative amount and assign to your processing fee expense account.
Here's how:
You can check out this recommended article: https://quickbooks.intuit.com/community/Help-Articles/Understand-how-the-Undeposited-Funds-account-w....
This will get everything nice and organized in your QuickBooks Desktop account. Let me know if there's anything else you need with accounting your Square fees. Have a good one.
How do you manage the same process within Quickbooks Online? Thanks!
I'll take care of this query for you.
For QuickBooks Online (QBO), you have the option to connect Square so you can seamlessly import transactions. You can visit the QuickBooks Apps Store to look for an app that allows you to sync Square transactions.
A full set of instructions on how you can go about and connect Square to QBO is in this article: Sync Square with QuickBooks Online. Scroll to the Before you start section to see things you need to consider before you proceed.
When done, take a look at this article: Sync with Square - Default Accounts and Names. It's a table of accounts alongside their names so you can familiarize yourself with how it works within QBO.
Drop me a comment below if you have any other questions. I'll get back to you as soon as I can.
Thanks @Ryan_M! I should have added (been more specific) in that I'm looking to accomplish the same things (account for customer payments, collected by Stripe, where Stripe keeps its fee before depositing the final amount to our bank account).
Example: $100 invoice to customer (created/auto settled in Stripe), $5 Stripe fee kept by Stripe, $95 deposited to our bank account.
I can manually create the $100 invoice, but how do I account for the $5 Stripe fee? And then how do I match the $95 to the $100 invoice?
Thanks
Thank you for the additional information, MichaelDougherty.
We can add the Stripe fee as we deposit the invoice payments. Here's how:
Then, you can create an expense account for the processing fee to resolve the difference between the invoice and the payment when matching transactions from your bank feeds. Here's how:
Then, when matching the transactions:
Learn more about matching transactions in QBO: Match and categorize your downloaded bank transactions.
Let me know if you have other questions.
Explore this connector to reconcile Stripe data automatically into your QBO.
https:// synder.grsm.io/quickbooks
Thanks @MaryLurleenM for your detailed answer. We have 2 customers and received a single deposit from Stripe. Can we account for the Stripe fee as a single expense (instead of having to split it)? And how would the matching of the deposit work for that? Thanks!
It's good to see you back, MichaelDougherty.
Yes, you can account the Stripe fee as a single expense. Just follow the steps provided by my colleague MaryLurleenM to create the deposit.
Once done, you'll now be able to match the transaction created to the one downloaded from your bank on your bank feeds. See this guide when matching the transaction: Categorize and match online bank transactions in QuickBooks Online.
For future reference, you may find this link helpful: Setup bank rules to categorize online banking transactions in QuickBooks Online.
If you need further assistance when using QuickBooks, visit again in the Community space. I'll be more than happy to answer it for you. Take care.
hi Mary
you seem to know what you are talking about but some of the steps don't match up ?
is there anyway you can call me and help me PLEASE ?
my name is Adam S Goldstein
[Removed]
i am desperate for HELP !
Let me take it from here, Adam S Goldstein.
As much as we'd like to call and help you, we're unable to do that. The Community is a public forum. We're not allowed to ask for any personal information from our customers for security purposes. Thus, I deleted your number on the original post.
Although, you can provide us with more information regarding your concern so we can help you.
Or, you can reach out directly to our customer care support. This way, an agent can easily walk you through the steps. Here's how:
You can always get back to us with more information, though. We're just one post away.
Hello,
I tried this solution in QBD, but the amounts are put into the "Undeposited Funds" account automatically when payment is received, so when I try to use that same account to take the Square fees out, I get the message that only Quickbooks can make deposits from that account. I can't use our regular chequing account either, as that's where the deposit is going. Is there any other solution to this?
You're already on the right track in recording Square payments in QuickBooks Desktop (QBDT), @sharieb. I'm here to further guide you about this.
When you receive payments in QBDT, it uses Undeposited Funds as the default deposit to account. Then, they'll automatically appear in the Bank Deposit window when you make a bank deposit.
You're unable to use Undeposited Funds or your regular checking account to take out the Square fees. You'll have to add another line on your deposit as a negative amount then post it to an expense account. Please see the screenshot below for your reference.
To know more about putting payments into the Undeposited Funds account in QBDT, please refer to this article: Deposit payments into the Undeposited Funds account in QuickBooks Desktop.
Once you're done, go ahead and review and match your downloaded bank transactions to the existing entries in QuickBooks. This way, you can keep your financial data accurate. For the detailed steps, please check out this article: Categorize Bank Feed transactions in QuickBooks Desktop.
Also, I'd recommend reconciling your accounts every month. This will help you monitor your transactions and detect any possible errors. You can refer to this article for the step-by-step guide: Reconcile an account in QuickBooks Desktop.
Keep me posted in the comments if you have other concerns about recording and depositing Square payments and managing transactions in QBDT. I'm always ready to help. Take care, and I wish you continued success, @sharieb.
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