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Recording Square Payments

Forum|Forum|7 years ago
March 7, 2019
1 reply
29 views

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.

QuickBooks Desktop

Best answer by Rose-A

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:

Click Banking at the top menu, select Make Deposits.
In the Payments to Deposits window, select the payment/s that was deposited separately, then OK.
In the Make Deposits window, on a blank line, select the overstated income account from the From Account column drop-down.
Enter the negative amount in the Amount column. Make sure the Deposit subtotal is zero.
Select Save and close.

You can check out this recommended article: https://quickbooks.intuit.com/community/Help-Articles/Understand-how-the-Undeposited-Funds-account-works/m-p/203721.

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.

Rose-AAnswer

Level 10

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:

Click Banking at the top menu, select Make Deposits.
In the Payments to Deposits window, select the payment/s that was deposited separately, then OK.
In the Make Deposits window, on a blank line, select the overstated income account from the From Account column drop-down.
Enter the negative amount in the Amount column. Make sure the Deposit subtotal is zero.
Select Save and close.

You can check out this recommended article: https://quickbooks.intuit.com/community/Help-Articles/Understand-how-the-Undeposited-Funds-account-works/m-p/203721.

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.

M

MichaelDougherty

How do you manage the same process within Quickbooks Online? Thanks!

Fiat Lux - ASIA

Level 14

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

@MichaelDougherty

Explore this connector to reconcile Stripe data automatically into your QBO.

https:// synder.grsm.io/quickbooks

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