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nikndick
Level 1

Manual Entry of Square Sales and Square Deposits, including how to record Square fees (since Deposit is net, with fees already removed)

Help!

My retail storefront/business opened in May. I didn't get signed up for Quickbooks until July. All sales and deposits, etc...need to be manually entered for the months of May, June and July. In order to get everything caught up, I need help to: 1) Manually enter all Square sales from May, June and July. Instead of doing this for each day, at this point since I'm behind, I am thinking it would be easiest to input the entire amount for the month (for May, for June, and for July, individually).  2) Manually enter Sales Discounts (employee discounts, markdowns, etc). 3) Manually enter Square Gift Cards sold. 4) Manually enter the Square fees, which were deducted prior to Square depositing into my bank. 5) Manually enter the amount of Gift Cards redeemed. 5) Manually enter Sales Tax Collected. Once I think I have all this completed, I do still need support in how to adjust Square deposits so that they reflect gross sales before those Square fees. That seems to be an issue with everyone who uses Square and QB!

7 Comments 7
MariaSoledadG
QuickBooks Team

Manual Entry of Square Sales and Square Deposits, including how to record Square fees (since Deposit is net, with fees already removed)

It's my top priority to help you manually enter all your Square transactions, nikndick.

 

You'll have to create a new account so you'll be able to track all the transactions including all your sales in QuickBooks Online. To do this, you can follow the steps below.

  1. Click the  Gear ⚙ icon and select Chart of Accounts.
  2. Select New to create a new account.
  3. In the Account Type ▼ dropdown, choose an account type.
  4. In the Detail Type ▼ dropdown, select the detail type that best fits the transactions you want to track. Learn more about detail types.
  5. Give your new account a name. Tip: Use the detail type description to create a name that describes what you're tracking.
  6. Add a description.
  7. If this is a sub-account of an existing account, select Is sub-account and then enter the parent account. Learn more about parent accounts and subaccounts.
  8. Now let's make sure the account in QuickBooks matches your real-life bank or credit card account. In the When do you want to start tracking your finances ▼ dropdown, choose when you want to start tracking the transactions:
    • Select Today to start tracking transactions as of today. In the Account Balance field, enter the balance of the account for today. Enter
    • Select Other to pick a specific date to start tracking transactions. In the Select a date field, choose the date you want to start tracking transactions for the account in QuickBooks. In the Account Balance field, enter the balance of the account for the date you pick.
  9. Click Save and Close.

For Square fees, you can add a negative amount for the square fee in the line item when entering a bank deposit. Let me show you how:

  1. Click + New
  2. Select Bank Deposit.
  3. Add the square fee (negative amount) to the line item.
  4. Click Save and close.

If you're using the Sync with Square app to import sales into QuickBooks Online, you can check the mapping of the downloaded transactions. You can go to the app's setting to review the setup and ensure the transactions will sync correctly.

 

Here's how:

  1. On the left panel, click My Apps.
  2. Find Sync with Square.
  3. Select Settings.

I'm adding the article for more information: Sync with Square Hub.

 

For more helpful articles, you can check out this link for your reference.

 

Reach out to us if you need further assistance about entering your Square transactions. I'll be here to help you.

nikndick
Level 1

Manual Entry of Square Sales and Square Deposits, including how to record Square fees (since Deposit is net, with fees already removed)

This feels like a programmed response. Not really an answer to my questions/concerns. Anyone else out there? 

LollyNino_C
QuickBooks Team

Manual Entry of Square Sales and Square Deposits, including how to record Square fees (since Deposit is net, with fees already removed)

Glad to have you in this thread, @nikndick

 

 

Allow me to give more details about entering square deposits and correcting past deposits in QuickBooks Online (QBO). 

 

If you're using online banking when adding deposits, you can just UNDO the deposits from the In QuickBooks tab. Once done, these transactions will be transferred to the For Review tab.

 

 

Here's how:

  1. From the left menu, click Banking.
  2. Click Banking.
  3. Locate the deposit transaction and click Undo.

Once you record all the transactions correctly, you can now start matching downloaded transactions. 

 

 

In addition, to lessen the total amount deposited, you can add a negative amount for the square fee in the line item when entering a bank deposit.

Let me show you how:

 

  1. Click the Plus icon (+) at the top.
  2. Under Others, click Bank Deposits.
  3. Enter the deposit. Under Account, choose Square Fees.
  4. Enter a negative amount, under Amount.
  5. Click Save and close.

 

After successfully recording the transactions in QBO, you should be able to match them to the downloaded Square deposit.

 

 

Please check out the article about syncing with Square. It explains the setup, the things you need to do in QBO, and the mapping of transactions. 

 

 

I'm still here to help you more if there's anything else you need. Just drop a comment below. Wishing you all the best! 

 

 

Fiat Lux - ASIA
Level 15

Manual Entry of Square Sales and Square Deposits, including how to record Square fees (since Deposit is net, with fees already removed)

@nikndick 

As another option, explore this connector to reconcile your Square transactions easily.

https:// synder.grsm.io/quickbooks

 

jsorrells
Level 1

Manual Entry of Square Sales and Square Deposits, including how to record Square fees (since Deposit is net, with fees already removed)

I assume you have resolved this by now, but I just went through the same thing and found the answer verbose. In addition, the first answer did not record the expense to Square.

 

1. Manually add the expense. + New -> Expense. 

2. When adding the Expense, set the account as Undeposited Funds.

3. Also deposit the full amount to Undeposited Funds.

4. Go to + New -> Bank Deposit. Select both transactions and make the deposit to the account.

 

bdthreads
Level 1

Manual Entry of Square Sales and Square Deposits, including how to record Square fees (since Deposit is net, with fees already removed)

I've figured out how to post my square deposits and separate out the fees by splitting the transaction and posting the two amounts to Sales and then my account for Merchant Fees.  However I am finding out over time that QB is not tracking those "sales" as taxable sales.  How do we set this up so that you can show the "Sales" amount, split out the tax, and the merchant fees and have everything go to the right account and when it comes time to pay quarterly sales tax my totals are correct?  I CANNOT figure this out!!

JaeAnnC
QuickBooks Team

Manual Entry of Square Sales and Square Deposits, including how to record Square fees (since Deposit is net, with fees already removed)

Thanks for joining in on the thread, bdthreads. Let me provide you with additional information so we can start tracking sales as taxable in QuickBooks Online (QBO).

 

If you're using the Square app to sync transactions to QBO, I'd recommend contacting their customer support. This way, they'll be able to determine the root of the issue and reflect the sales taxes going into QBO.

 

Furthermore, we can use the Journal entry (JE) for the taxes that cause negative amounts in your sales. It allows you to transfer money across accounts and ensure that your books are balanced in particular ways. However, I'd suggest consulting your accountant before entering transactions in JE. To do that:

 

  1. Go to + New and select Journal entry.
  2. On the first line, choose an account from the Account field. Enter the amount in the appropriate column depending on whether you need to debit or credit the account.
  3. On the next line, choose the other account you're transferring the money to or from. Enter the same amount in the opposite column depending on whether you entered a debit or credit on the first line.
  4. Check the amounts if the Credit column on one line has the same amount in the Debit column on the other. This means the accounts are balanced.
  5. Enter a description in the memo section so we'd know why we made the JE.
  6. Select Save and close.

 

Once we settle everything, I'd recommend reconciling your accounts every month. This way, we can compare your bank statements with the transactions you entered in QBO to see if they match. Doing so will ensure that your books are balanced and accurate. 

 

Let us know in the comments below if you have further clarifications about setting up taxable sales in QBO. We're always around to lend a helping hand. Have a bountiful new year to you and your business!

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