Need help matching a square payment to the invoice. Square deducts a CC fee from the total invoice amount.

stephanie52 · ‎April 08, 2020

When I go to match the bank feed deposit to the invoice it gives me two options. One is to match it to the full payment amount imported from square. The other option is to match it to the invoice. If I match it to the payment the invoice still shows as unpaid. If I match it to the invoice it leaves a balance due on the customer account in the amount of the CC fee. Can anyone help?

IntuitLily · ‎April 08, 2020

Welcome to the Community, @stephanie52.

Let me provide clarification in handling imported transactions from Square.

If this is still an open invoice, you'll have to receive the payment first before matching it.

To match the full payment including the CC fee, you'll need to make a deposit in QuickBooks for the invoice payment and add the fee on the Add funds to this deposit section as an expense account. Be sure to enter a negative amount for the fee.

Here's an example.

You can also refer to this article for more information about matching an existing transaction: Match and categorize bank transactions in QuickBooks Online.

If you've matched a transaction by mistake, you can always unmatch it and find a new match.

Let me know if there's anything else you need. I'm here and ready to help. Have a good one.

View solution in original post

MJoy_D · ‎April 09, 2020

You’re doing it right, @stephanie52.

You’ll have to receive the payment with the full amount first.

Here’s how:

Click the +New icon and select Receive Payment under Customers.
Select the customer and enter all the information needed.
In the Deposit to drop-down, select Undeposited Fund.
Click on Save and Close once you’re done.

Check this article for more information: How to Use the Undeposited Funds Account to Receive Payments in QuickBooks Online.

Once done, you can now create a bank deposit, then add a line item in the deposit window and enter a negative amount for the bank fees.

Let me know if you have any other questions about recording the bank fees. I'll be happy to help you out.

View solution in original post

IntuitLily · ‎April 08, 2020

Welcome to the Community, @stephanie52.

Let me provide clarification in handling imported transactions from Square.

If this is still an open invoice, you'll have to receive the payment first before matching it.

To match the full payment including the CC fee, you'll need to make a deposit in QuickBooks for the invoice payment and add the fee on the Add funds to this deposit section as an expense account. Be sure to enter a negative amount for the fee.

Here's an example.

You can also refer to this article for more information about matching an existing transaction: Match and categorize bank transactions in QuickBooks Online.

If you've matched a transaction by mistake, you can always unmatch it and find a new match.

Let me know if there's anything else you need. I'm here and ready to help. Have a good one.

stephanie52 · ‎April 09, 2020

When I go to do the bank deposit it gives me this warning.

Has this payment been recorded?

Looks like DPR Construction has 1 open invoice. If the deposit is for that invoice, record the payment in Receive Payment first. That way, your books are accurate.

When I go to receive payment it is for the full amount without deducting the CC fee.

Is this the correct next step? First-receive payment for the full amount Second-do bank deposit less the CC fee.

Just want to make sure I understand. Thank you so much!!

MJoy_D · ‎April 09, 2020

You’re doing it right, @stephanie52.

You’ll have to receive the payment with the full amount first.

Here’s how:

Click the +New icon and select Receive Payment under Customers.
Select the customer and enter all the information needed.
In the Deposit to drop-down, select Undeposited Fund.
Click on Save and Close once you’re done.

Check this article for more information: How to Use the Undeposited Funds Account to Receive Payments in QuickBooks Online.

Once done, you can now create a bank deposit, then add a line item in the deposit window and enter a negative amount for the bank fees.

Let me know if you have any other questions about recording the bank fees. I'll be happy to help you out.

stephanie52 · ‎April 10, 2020

So, the next thing that happens is that I still have the deposit in the bank feed in for review. I just excluded the payment. Is that correct?

Also--is there a way to stop square from automatically adding the full deposit to my register? I had to just go in and delete it because obviously it wasn't correct. This seems like an obvious oversight on their part.

MJoy_D · ‎April 10, 2020

Hello, @stephanie52.

Yes, you can exclude those since you've already recorded those transactions in QuickBooks Online (QBO).

Amounts or transactions that'll be posted to your QBO account will depend on the on what we fetch from your online account. You may check with Square customer support if they can stop adding those full amount.

I've got an article that you might find helpful: Sync with Square Hub.

Let me know if there's anything that I can help. I'm always here to assist. Have a wonderful day!

MalcolmR · ‎June 10, 2021

Hi IntuitLily,

How would you recommend to match a sales receipt with a bank deposit (which is less the square fee, and therefore different). I mainly use and prefer the app.

thank you

MalcolmR

Mich_S · ‎June 10, 2021

Good day, @MalcolmR.

I'd be glad to help you match a sales receipt with a bank deposit.

First, let's go ahead and deposit the sales receipt to the desired bank account. Then, we can now add the fee under the Add funds to this deposit section in a negative amount. This way, the amount will match the downloaded deposit.

Here's how you can do it:

Click on +New. Then select Bank Deposit.
Select the correct bank.
Under the Select the payments included in this deposit section, select the Sales Receipt.
Go to the Add funds to this deposit section, then add the fees/expense in a negative amount.
Hit Save and Close.

Once done, we can now match the transactions.

Please keep us updated by replying to the thread. Have a good one and take care!

Lisamt · ‎February 02, 2024

I am having issues matching square transactions that have fees as well as a percentage going into a square saving account. Example: invoice total was $55.00-the amount transferred from square to QB was $55.39-($1.58 in square fees deducted). then in QB the total fees deducted is $7.03. I am assuming the $5.45 is going into savings which brings the total amount actually deposited in my bank $47.97. How do i account for the savings and fees as these need to be accounted for separately.

CarlSJ · ‎February 02, 2024

Hello there, Lisamt. Allow me to assist you in ensuring you can accurately match your square transactions with fees in QuickBooks Online (QBO).

To match an invoice manually, we need to go to the Find match window and select Resolve Difference. Then, you can select the outstanding invoice that matches the Square transaction and use the Resolve Difference option to account for any fees. If there are any additional fees involved, we can click on Split to account for them.

Alternatively, you can make a bank deposit and add the expense, then add another bank deposit to the savings account. For more guidance, you can follow this article.: Record and make bank deposits in QuickBooks Online.

Furthermore, you can use these articles as a point of reference for reconciling in the future:

Feel free to return to this thread if you have any further questions about managing fees and payments or concerns relating to QBO. Stay safe.

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Need help matching a square payment to the invoice. Square deducts a CC fee from the total invoice amount.