cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Level 1

Recording Square Payments

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
Best answer 03-07-2019

Accepted Solutions
Moderator

Re: Recording Square Payments

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-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.

View solution in original post

1 Comment
Moderator

Re: Recording Square Payments

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-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.

View solution in original post

Need to get in touch?

Contact us