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Recording Square Payments

Forum|Forum|7 years ago
March 7, 2019
1 reply
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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.

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!

R

Ryan_M

Moderator

Hi @MichaelDougherty,

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.

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