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Level 2

Square deposits

We invoice out of another program.  Invoices and payments are loaded to QBO daily.  We have no outstanding invoices.  When we receive payment, square takes it's amount out and deposits the rest into the bank.  I do not have anything to do with bank deposits, they are downloaded from the bank to QBO daily with all transactions from the day. How can I reflect the amount taken by square on an invoice already  marked as paid?

5 Comments
Moderator

Square deposits

Hello there, @sophie25.

 

Thank you for posting in the Community. I'd be happy to help share some insights about recording the amount taken by Square on an invoice.

 

To start, are you referring to the square processing fee? If so, are you trying to add the transaction fee to the paid invoices? If so, that's possible by editing the invoice.

 

However, just a heads up, this will leave credit and may affect the customer's balances. Let me show you how:

  1. At the top right, click the Gear icon.
  2. Select Products and Services.
  3. In the Products and Services window, click New.
  4. Select Service.
  5. Enter the service information.
  6. Set the Income account field to an expense account. 
  7.  Mark the I sell this product/service to my customers checkbox.
  8. Click Save and close

 

Once done, open the invoice and use the new service item to add a negative amount for the square fee. 

 

 

However, if you're referring to matching online transactions, you can use the Resolve Difference feature to lessen the amount difference. 

 

Here's how: 

  1. On the Banking page, select the For Review tab.
  2. Locate and select the transaction to open it.
  3. Select the Find Match option to open the Match transactions window.
  4. At the lower right corner, click Resolve Difference.
  5. In the Add resolving transactions fields, select the Charges account and enter the AMOUNT of the bank charge.
  6. Click Save.

 

I've attached some articles for additional reference:

If you need to reach out for more help, feel free to contact our Customer Care support. They have the tools to check your account and can use the screen sharing tool to get this resolved quickly.

 

Here's how you can reach them: 

  1. Go to https://help.quickbooks.intuit.com/en_US/contact.
  2. At the top right, select your QuickBooks version.
  3. Select a topic.
  4. Click on the Get Phone Number or Start a Message button.

That should point you in the right direction today.

 

Stay in touch if you have any other questions about recording the Square fee, or if you're referring to something else. I'll be happy to help you further. Have a great day ahead. 

Level 2

Square deposits

I think I am trying to match transactions.  When I follow your instructions, I am unable to find the invoice that I know corresponds to the deposit.  ( I have the deposit summary from square ).  All other invoices from that day and the days around it are there, as far as I can tell, but that particular invoice is missing.  Thus I am unable to choose it.  Am I missing something or trying to do too much?  I cannot see the screenshots that you included very well.  They are faint and slightly blurry.

QuickBooks Team

Square deposits

Greetings, sophie25.

 

I'd like to add to my colleague's @MaryGraceS awesome answer and provide additional insight regarding this matter.

 

There are a couple of reasons why you won't be able to see the right invoice. Either it's been matched to a different bank transaction or a payment has already been applied to it.

 

Going back to your first post, you mentioned that this has already been marked as paid. That said, a quick and easy way to fix this is to match the downloaded transaction to the invoice payment instead. Rest assured, the results will just be the same as matching it to the invoice. I've attached a screenshot below for your reference and I hope it looks clear enough.

 

 

For additional insight regarding this process, I recommend following the article that my colleague provided: Add and match downloaded banking transactions

 

That should get you going in the right direction. Let me know if there's anything else I can do for you, I want to make sure you're taken care of. Thanks for reaching out, wishing you and your business the best.

Level 2

Square deposits

What is the best way to keep track of the cash/check deposits that are physically taken to the bank? Is there a report that I can run to keep up with my client's physical deposits (not automated deposits by Square)?

QuickBooks Team

Square deposits

I can help you track cash/check deposits, schmidtfs.

 

You have to manually enter the deposit transactions in QuickBooks Online to help you keep track of the cash/check deposits that are physically taken to the bank. 

 

Let me show you how:

  1. Click Accounting.
  2. Under Chart of Accounts, look for the Bank account.
  3. Click View register.
  4. Click the Add Check drop-down and choose Deposit.
  5. Enter the necessary information.
  6. Add a memo that it's a physical deposit.
  7. Click Save.

1.PNG 2.PNG

 

On the other hand, you can run and customize the account quick report to keep up with your client's physical deposits. Here's how:

  1. Go back to your Chart of Accounts.
  2. Look for the Bank account where you add the deposit transaction.
  3. On the Action column, click the drop-down arrow.
  4. Choose Run report.
  5. Click Customize.
  6. Change the report period.
  7. Select Deposit for the Transaction type.
  8. Click Run Report.
  9. You can identify them by the memo/description.

3.PNG 4.PNG 5.PNG

That should help you get the report you need, schmidtfs.

 

Let me know if you need additional assistance with these reports. I'm still here to help you more. Just add a comment below. Have a wonderful day!

 

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