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MMM Consulting
February 11, 2023
Solved

Square is sending Deposit Adjustments to QB. I am unable to locate what these adjustments are made up of here are the amounts: 2/2/23 $2.55 adj

  • February 11, 2023
  • 3 replies
  • 0 views
2/2/23 $2.55 adjustment to deposit (removed from tips total; why was this removed?) 2/5/23 $26.67 They are some really large adjustments and have concerns and QB says it's a Square issue and Square a QB. Where is customer service these days?
    Best answer by MMM Consulting

    I found out today that the adjustments to deposit sent to QB from Square are all adjustments inaccurately made for tips to and incorrectly reduced revenue. To fix, I classified all adjustments to Tips which are a credit and debited Product Sales where the adjustment were linked to. Still don’t know why Square is making this adjustment but I have a temporary fix. 

    3 replies

    Rubielyn_J
    Rubielyn_J
    February 12, 2023

    Let me share some information to help find and resolve deposit adjustments, @MMM Consulting.

     

    To begin, let's prepare your bank statement and compare the amounts. From there, we can either add the transactions to correct the balances or edit the existing ones. 

     

    If the transactions isn't showing, we can manually add them in your account register. Here's how:

     

    1. Go to Settings ⚙ and choose Chart of accounts.
    2. Find the account register you want to review.
    3. At the very top of the list, select the Add journal entry, Add check, or Add deposit ▼ dropdown menu.
    4. Select the type of transaction you want to add.
    5. Fill out the fields to complete the transaction.
    6. Once done, click Save.

     

    If you just need to edit the transactions to correct the balances, you can utilize this link for more information: Find, review, and edit transactions in account registers in QuickBooks Online.

     

    I'm also sharing the following write-up to help guide you in reconciling your accounts in QuickBooks Online: Reconcile an account in QuickBooks Online. This will provide you steps on how to review your account as well as a link to resolve discrepancies.

     

    Keep me posted with questions about deposit adjustments from Square. I'll be right here to provide additional assistance. Keep safe!

    M
    MMM ConsultingAuthor
    February 12, 2023

    I know how to make an adjustment. I am wondering why I have to make an adjustment. Square some of the square tips are being classified as product sales. I am having to make a journal entry for this. However, some days the tips come over just fine and match Square. 

    Adrian_A
    Adrian_A
    February 12, 2023

    Hi there, MMM Consulting.

     

    I appreciate you for getting back to us.

     

    I'm here to share more information about the $2.55 amount from Square.

     

    QuickBooks Online automatically brings in your sales and fees processed by your sales channel. It's possible that the $2.55 isn't an adjustment but a bank service fee. We can verify this by going to the Audit log report to show a change related to your connected bank accounts made automatically by QuickBooks Online.

     

    The best source of truth if the transaction is a valid one is your bank statement. If you see the amount on your statement but not on your QuickBooks account, you can add it manually. You can follow the steps shared by my colleague above.

     

    Also, transactions downloaded on QuickBooks will depend on your financial institution. Thus, on some days the transactions will not match automatically.

     

    To ensure your QuickBooks transactions match your bank statement, you can reconcile it. Here's an article as your guide:  Reconcile an account in QuickBooks Online.

     

    I'll be around whenever you need help with the reconciliation process.

    M
    MMM ConsultingAuthorAnswer
    February 13, 2023

    I found out today that the adjustments to deposit sent to QB from Square are all adjustments inaccurately made for tips to and incorrectly reduced revenue. To fix, I classified all adjustments to Tips which are a credit and debited Product Sales where the adjustment were linked to. Still don’t know why Square is making this adjustment but I have a temporary fix. 

      AlcaeusF
      AlcaeusF
      February 28, 2023

      Hello MMM Consulting,

       

      I have reviewed the solution you’ve shared and it's correct and accurate. Thank you for sharing your inputs to help address the issue.

       

      We love to see members supporting one another! Have a great day. 

      jocecampbell
      jocecampbell
      August 22, 2023

      I know this is marked "solved" but we are struggling with this issue ourselves.

      There are not just hundreds, but THOUSANDS of Deposit Adjustments clogging up our Square App transactions in one client's QBO. 

      For two months of activity, it's 98 pages with 25 sales receipts on each page.

      This is too many to correct as the OP corrected.

      Has this gone away for anyone else with a disconnect and reconnect with Square? 

      That's our next step after we untangle having partially processed July so far. 

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