Skip to main content
T
theliftersguild
February 10, 2019
Solved

Square deposits appearing together with invoices and over stating income.

  • February 10, 2019
  • 2 replies
  • 0 views

My square income transaction report has all our paid invoices, but then there are some transactions labeled "deposit" which is the same payment taken but with the square fee subtracted causing our square income to be overstated. How do I fix this?

Attached is a picture two transaction examples.

 

Best answer by Regina_Lend_A_Hand_Accounting

It looks like your Square deposits are being directly added to your register from the bank feed and not properly matched to the Square Invoice payments. Your Square invoice payments should go to Undeposited Funds first, then you make a bank deposit in QBO of all the Square Invoice payments (less fees) that match the Square bank feed deposits that come into your bank feed. 

2 replies

Regina_Lend_A_Hand_Accounting
Regina_Lend_A_Hand_AccountingAnswer
February 10, 2019

It looks like your Square deposits are being directly added to your register from the bank feed and not properly matched to the Square Invoice payments. Your Square invoice payments should go to Undeposited Funds first, then you make a bank deposit in QBO of all the Square Invoice payments (less fees) that match the Square bank feed deposits that come into your bank feed. 

T
theliftersguildAuthor
February 12, 2019

Thank you,

I always match the transactions. With Square Invoices I have never needed to do anything besides match them and QBO does the rest for me. And it's not every single payment its a couple of them that are doing that. Do I now need to manually fix it like you stated ?

S
studiog
February 19, 2019

@theliftersguild did you receive and answer from square on this... I just found the same thing is happening to me. All of my credit card deposits from square are in income as well as each separate invoice/payment. Essentially, showing double income for all credit card payments.

S
ShiellaGraceA
February 19, 2019

Hi studiog,

 

While waiting for @theliftersguild response, you'll want to contact the Square Customer Support. They can check this for you. You can visit their website to get the number.

 

Meanwhile, you can delete the duplicate transaction as a workaround.

 

We're here if you have other questions in mind.Thanks.

Terms & ConditionsAccessibility statement