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fcharlie125
February 13, 2024
Question

how to record square automated savings and interest payment in quickbooks?

  • February 13, 2024
  • 2 replies
  • 0 views

My client turned on the Square automated savings for 2023, and I am having a hard time recording these transactions. My client has close to 90 transactions that are not recorded due to this automated savings. 

When I created a Savings account under Banks, it got recorded as a payment instead of deposit. I've undo what I did, and it's sitting there in the Bank Transactions screen waiting for me to add

 

These transactions don't tie to sales receipts. 

 

I've already reconciled the income accounts for 2023. If I add these transactions under "income", it will overstate P&L.

 

What is the proper procedure for recording automated savings and interest payment from Square?

 

Please see attached file. 

2 replies

A
Aldren18
February 13, 2024

I’ll make sure you’ll be able to record your Square automated savings and interest payments correctly in QuickBooks, @fcharlie125.

 

Thank you for sharing the details and screenshot. I can see that you've already created a savings account under Banks and mentioned that it's sitting there in the Bank Transactions screen, waiting for you to add it.

 

In this case, you don't need to manually record the automated savings and interest payments. All you need to do is to categorize it by clicking the Add option under the Banking page. Once done, the transactions will automatically be added to your account register or books.

 

I've added an article to help you reconcile your accounts with your bank and credit card statements: Reconcile an account in QuickBooks Online.

 

You're always welcome to add comments if you need additional assistance with banking in QuickBooks. I’ll be here to help.

F
fcharlie125Author
February 13, 2024

@Aldren18 I do not think you understand. 

 

Which G/L account should it be? It cannot be an income account. If I add them to the "income account", it will overstate the Profit and Loss Statement for Fiscal Year 2023. 

 

I already know how to make a deposit. Should it be a savings account? If I do that, it will give me a negative balance if I categorize it under Savings Account. 

M
My bookkeeper
October 24, 2024

@fcharlie125 where you able to find a solution?  I am also having this issue 

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