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brewbro
March 7, 2019
Solved

Recording Square Payments

  • March 7, 2019
  • 1 reply
  • 36 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. 

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:

 

  1. Click Banking at the top menu, select Make Deposits.
  2. In the Payments to Deposits window, select the payment/s that was deposited separately, then OK.
  3. In the Make Deposits window, on a blank line, select the overstated income account from the From Account column drop-down.
  4. Enter the negative amount in the Amount column. Make sure the Deposit subtotal is zero.
  5. 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.

1 reply

Rose-A
Rose-AAnswer
Level 10
March 8, 2019

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:

 

  1. Click Banking at the top menu, select Make Deposits.
  2. In the Payments to Deposits window, select the payment/s that was deposited separately, then OK.
  3. In the Make Deposits window, on a blank line, select the overstated income account from the From Account column drop-down.
  4. Enter the negative amount in the Amount column. Make sure the Deposit subtotal is zero.
  5. 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
September 30, 2020

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

Kristine Mae
Kristine MaeModerator
Moderator
November 10, 2020

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:

  1.  Click Help inside QuickBooks Online.
  2. Select Talk to a human.
  3. Enter "Recording square payments" in the Type something field.
  4. Click I still need a human.
  5. Select Contact us.
  6. Choose between Messaging or Callback. 

You can always get back to us with more information, though. We're just one post away. 

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