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Level 2

I have 3 years worth of transactions I have imported to Quickbooks. How do I add square fees to my already paid invoices?

 
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Best answer April 19, 2020

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QuickBooks Team

I have 3 years worth of transactions I have imported to Quickbooks. How do I add square fees to my already paid invoices?

Hello, @kaneika.

 

I'm glad to help you today so you'll be able to record the square fees accordingly.

 

Since the invoices are already paid, you can manually add the bank fees to the invoices, then process the payment again. 

 

First, create an expense account to allocate your bank feeds to.

 

  1. Click on Accounting in the left-hand menu.
  2. Select Chart of Accounts.
  3. Tap on New on the right-hand side.
  4. Create an Expense account and name it Bank/Square Fees.
  5. Select Save.

Then, create a  Product/Service.

 

  1. Go to the Gear Icon in the top right-hand corner.
  2. Choose Products and Services underneath the Lists column.
  3. Click New on the right-hand side.
  4. Select Service.
  5. Name it Bank/Square Fees.
  6. Under Income Account select the Expense Account you just created.
  7. Select Save.

Once completed, add the fees to the invoices.

 

Post again if you have any other questions. I'm a few clicks away to help. Have a good day!

View solution in original post

7 Comments 7
Highlighted
QuickBooks Team

I have 3 years worth of transactions I have imported to Quickbooks. How do I add square fees to my already paid invoices?

Hello, @kaneika.

 

I'm glad to help you today so you'll be able to record the square fees accordingly.

 

Since the invoices are already paid, you can manually add the bank fees to the invoices, then process the payment again. 

 

First, create an expense account to allocate your bank feeds to.

 

  1. Click on Accounting in the left-hand menu.
  2. Select Chart of Accounts.
  3. Tap on New on the right-hand side.
  4. Create an Expense account and name it Bank/Square Fees.
  5. Select Save.

Then, create a  Product/Service.

 

  1. Go to the Gear Icon in the top right-hand corner.
  2. Choose Products and Services underneath the Lists column.
  3. Click New on the right-hand side.
  4. Select Service.
  5. Name it Bank/Square Fees.
  6. Under Income Account select the Expense Account you just created.
  7. Select Save.

Once completed, add the fees to the invoices.

 

Post again if you have any other questions. I'm a few clicks away to help. Have a good day!

View solution in original post

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Level 2

I have 3 years worth of transactions I have imported to Quickbooks. How do I add square fees to my already paid invoices?

Thank you for the response that was very helpful. I do have another question. One of my clients pays me from multiple invoices with one large payment through Square a few times  a year. If I have two invoices linked with one payment how do I notate that on the invoice? Do I split the square fees between the two invoices or just notate the square fees on one invoice since I can't combine invoices? Or should I rewrite the invoice to put both invoices into one? any help is appreciated thank you.

Highlighted
QuickBooks Team

I have 3 years worth of transactions I have imported to Quickbooks. How do I add square fees to my already paid invoices?

Good day, kaneika.

 

If you know the square fees per invoice, you can split the fees between the two invoices. Otherwise, you can manually combine them and then add the fees.

 

Feel free to visit our help article in case you've got other QuickBooks concerns such as setting up advanced reports, online banking, manage reconciliation, transactions, import and export data lists, etc. 

 

If you have other questions, please feel free to drop a comment and I'll be happy to help you out.

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Level 2

I have 3 years worth of transactions I have imported to Quickbooks. How do I add square fees to my already paid invoices?

After I add the square fees to the invoice it creates a credit for the difference (square fees)  in the payment section. The payment amount is reduced but there is a credit in the payment section for the difference. How do I fix this issue? 

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Moderator

I have 3 years worth of transactions I have imported to Quickbooks. How do I add square fees to my already paid invoices?

Thanks for getting back to us, kaneika.

 

 

I've read the replies on your concern and thought a way to fix this. Before we proceed to the troubleshooting steps, I'd like to clarify a few things. When following the steps provided by Angelyn_T, how did you enter the amount for square fees? Did you enter it as a negative or positive amount? Did the original invoice amounts decrease or increase? In what page did you see the credits? When you recorded the invoice payments, were they deposited directly to the bank account or to the Undeposited Funds account?

 

Additional details about this would be much appreciated so we can provide you the exact way of correcting the transactions.

Highlighted
Level 2

I have 3 years worth of transactions I have imported to Quickbooks. How do I add square fees to my already paid invoices?

I entered the amounts for the square fee  as a negative number on the invoice. The original invoice amount decreased by the amount of negative square fee. The credit as appeared on the payment page. When I originally posted the payments they were put into the bank account as these Are old invoices that were already paid and closed. When I tried to mark them as undeposited funds the transaction didn’t appear under banking for me to match it to the bank deposit. 

Highlighted
QuickBooks Team

I have 3 years worth of transactions I have imported to Quickbooks. How do I add square fees to my already paid invoices?

Let me help you in resolving the credits, kaneika.

 

The most possible reason why you can see a credit because the fee was added on the invoice and the payment is still equal to the original invoice amount. 

 

We can fix the credit by removing the fee you've added on the invoice. Then, you have two options to record the fee. One is to include it when you make a deposit. That way, you can match it with the transaction in Banking. The other option is to create an expense transaction. However, you won't be able to link it to the invoice.

 

These are the steps to make a deposit with the fee:

  1. Use the Undeposited Funds account as the Deposit to account when recording the invoice payment.
  2. From the + New button, click on the Bank deposit.
  3. Select the payment you want to deposit.
  4. On the Add funds to this deposit section, select the customer under Received from drop-down.
  5. Select an expense account under the Account drop-down and enter the fee amount as a negative amount.
  6. Click on Save and close.fee.PNG

You can now match it to the banking page. I've added links for your reference: 

Please post again and tag my name if you need more help. Have a great day!

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