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December 1, 2021
Question

Square payments and deposits to bank

  • December 1, 2021
  • 2 replies
  • 0 views

Hi, I have a question about square payments and deposits.  I have been researching this all day and found all different kinds of answers.  Very frustrating.  So I use square to collect payments from customers. I enter everything manually, so i do a sales receipt and mark it as paid and deposited to my bank account.  The customer actually pays through square so technically I don't receive the actual payment until later through a square deposit.  I have my bank account connected to quick books and the bank feed shows the square deposit as a lump sum.  I do not want to integrate my square account to quick books and would rather not use undeposited funds to hold my individual transactions in because apparently all transactions still show up in that account even when you do a bank deposit.  Is there another way to account for the square deposits shown on bank feed without using undeposited funds?   Please help!

2 replies

LeithG
December 1, 2021

Hi telaines

 

Undeposited funds is the way you want to do this.  When recording a 'payment' to clear the invoice, have it go to undeposited funds.  When you actually get the payment in your account, create a new deposit and all items showing in Undeposited Funds will be available for selection to match against the bank deposit, clearing it from that account, moving it to your bank balance.

telainesAuthor
December 1, 2021

ok  Thank you LeithG

Fiat Lux - ASIA
December 1, 2021

@telaines 

Consider having an additional app to reconcile your Square transactions easily to your QBO.