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foggynoggin
November 19, 2023
Question

Deposits/Sales

  • November 19, 2023
  • 1 reply
  • 0 views

I have the program setup to bring in my bank transactions automatically and also I have the program setup to bring in sales data from Square. This seems like it will create a duplication in the income account. Any advise is appreciated.

1 reply

J
jeanbiverly_
November 19, 2023

I've got your back, @foggynoggin.

 

Using the same income account for the connected online bank and Square app creates duplicate transactions. You can keep one connection to prevent this.

 

Here's how to disconnect an account connected to online banking in QuickBooks Online (QBO):

 

  1. Go to the Transactions menu, then open the Bank transactions tab.
  2. Choose the tile for the bank account.
  3. Click the pencil icon, then select Edit account info.
  4. Tick the Disconnect this account on save checkbox. If QB is downloading new transactions, this option won't be visible. You can wait a few minutes and try again.
  5. Hit Save and close.

 

If you decide to disconnect from the Square app, you can follow these steps:

 

  1. Go to Apps, then My Apps.
  2. Click the Disconnect button under Settings or from the Action dropdown menu.
  3. Fill in the short questionnaire.
  4. Hit Confirm Disconnect to remove the app from your company profile.

 

In case you want to review your downloaded bank and credit card transactions, you can visit this article for more guidance: Categorize online bank transactions in QuickBooks Online.

 

Please let me know if you have follow-up concerns regarding your bank transactions. I'm always available to help.

F
foggynogginAuthor
November 19, 2023

Thanks for the input. Which method is best? I did notice that the square transaction did not match because the bank deposit was less due to the fees. I must be confusing a sale vs. a sales income deposit. 

E
Erika_K
November 19, 2023

Thanks for getting back on this thread, @foggynoggin. 

 

When selecting the appropriate method for your transactions, it's advised to consult a financial professional. Doing so ensures you'll have an organized and accurate book. 

 

Concerning the discrepancy between the Square transaction and the bank deposit due to the fees, some banks add service charges and processing fees. Don't edit the original transactions in QuickBooks. Instead, we can add the fee while you're on the bank deposit window. 

Here's how: 

 

  1. Scroll down to the Add funds to this deposit section.
  2. Enter the fee as a line item.
  3. Choose who the fee was from (for example, the bank charging you).
  4. Select Bank Charges from the Account dropdown menu.
  5. Enter the amount fee as a negative number. For example, if the fee was US $.50, enter –.50. 
  6. Review the deposit total with the bank fee.
  7. Select Save and close or Save and new.

 

Regarding the difference between a sale and a sales income deposit, the former is an exchange of products and services between the consumer and the seller for money or assets. On the other hand, the latter is the money paid by your customers upfront.

 

Here's an article on how to speed up this review process of categorizing your transactions: Record and make bank deposits in QuickBooks Online. 

 

Please don't hesitate to leave a reply if you have more questions about managing your bank transactions in QBO. I'll be here to lend a hand. 

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