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fcharlie125
October 31, 2021
Question

What is the best way to treat cash made through Venmo, Cash App, and etc?

  • October 31, 2021
  • 1 reply
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What is the best way to treat cash made through Venmo, Cash App, and etc? I have Square connected with QuickBooks and I am doing something wrong in Square because I am having a hard time matching my sales receipts. 

 

I just need to know the best procedure when I receive cash through one of these payment apps. 

1 reply

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ShiellaGraceA
October 31, 2021

Appreciate you visiting us here today, @fcharlie125.

 

Let me share some information about matching cash made from payment apps. QuickBooks downloads transactions (payment or invoices) based on the data provided by your Square app. 

 

Since you're connecting the Square app with QuickBooks, you might want to match and categorize your deposit with sales receipts. Here's how to do it:

 

  1. Go to the Banking menu. Then, pick the tile for the account you want to review.
  2. Select the For Review tab to start your review.
  3. Find a downloaded transaction with the Match option in the Action column.
  4. When you're ready, click Match.

Want more details? Check out this article: Categorize and match online bank transactions in QuickBooks Online.

 

In case you need help with reconciling your account, browse this link: Reconcile an account in QuickBooks Online.

 

Reach out to me again if you have other questions or concerns with app transactions. I'll be around to help. Take care and have a good one.

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fcharlie125Author
October 31, 2021

Thank you for your response, @ShiellaGraceA 

 

Maybe I am explaining it wrong. When I ring up a customer who's paying through Venmo, there are two cash options in Square: (1) Cash and (2) Other. 

 

When I hit select Cash, it will create a sales receipt AND a deposit when it's time to cash out from the app. It's double counting.  

 

When I select Other, it will create a Sales Receipt and I can match it. 

 

I want to know what's the proper procedure on payment apps for QuickBooks connecting with Square. 

RenjolynC
RenjolynC
November 1, 2021

Thanks for getting back here, fcharlie125.

 

I'd like to help you out with your concern. 

 

To handle the cash payments made through Venmo, Cash App, or other service, you can record a deposit or do a transfer. 

 

If you've recorded the sales transaction in QuickBooks and posted the payment to the Undeposited Funds account. What you can do is create a bank deposit and select the payment for matching.

 

To create a bank deposit, here's how: 

 

  1. Go to + New > Bank deposit.
  2. Under Select the payments included in this deposit section, placed a checkmark on the payment you want to deposit.
  3. Click Save and close.

Once done, you can follow the steps provided by my colleague ShiellaGraceA to match the transactions.

 

If you have a separate checking account for Venmo, Cash App, or other payment service, you can do a transfer. This is done to avoid duplicate transactions in the sales entry and to post your income into the correct bank account. The steps are added in this article: Transfer funds between accounts.

 

 

To learn more about sync with Square, you can read these links:

 

You can reach out to us again by leaving a reply on this thread if you have additional questions or other concerns. We're always available to help you out. Take care.

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