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fcharlie125
January 27, 2024
Question

Fees in QB not matching to Square

  • January 27, 2024
  • 1 reply
  • 0 views

My client's QB is connected to Square Up via App. I'm confused about Square Fees in QB not matching to Square Up's data. 

Each credit card sales receipt that comes through QB has a reduction of the fees, which is under "Square Fees" Account. When I compare data from QB and Square Up for a specific month, it doesn't match. 

 

For example, Square's data says there are $1,552.50, but QB says $4,550.50.

 

Are both system charging fees every time someone uses their credit card?   I am really baffled by the fee structure. 

 

1 reply

F
FaithA
January 27, 2024

Hello there, fcharlie125. I'll be glad to help you sort this out.

 

If you process customer payments solely through Square, no charge will be deducted from your customer's credit cards in QuickBooks Online (QBO). However, the discrepancies may be due to double transactions. To correct this, check for duplicates under the "Square Fees" account and make sure that the receipts from Square match the records in QBO.

 

Here's how:

  1. Go to Transactions and select Chart of Accounts.
  2. Locate the "Square Fees" account.
  3. Select View Register. 
  4. Take note of double transactions or transactions that don't belong in the account to exclude them.

 

After determining the double transactions, excluding them will ensure that you'll be able to match your statement accurately with your data on Square. To exclude the duplicates, here's how:

 

1. Access the Transactions tab and go to Bank Transactions.

2. Click the For Review tab.

3. Choose the checkboxes of the transactions to exclude.

4. Once done, Select Exclude.

 

For future reference, you can visit this article if you have refunds from a third party, see how to record refunds for goods and services that didn’t satisfy the customer.

 

The community is available 24/7 to assist you. I'll be in the comment section if you have any more concerns. Keep safe!

F
fcharlie125Author
February 6, 2024

Thanks for the response. 

I understand. So here's another issue -- 

I am currently reconciling January 2024. It's small and easy for me figure out the Square Fees before I dive into FY2022. I went to Square's Dashboard to compare each transactions that contains Square Fees in QB. All transactions matched except one. I am showing more $9 dollars more in QB than Square for that particular credit sales transaction. 

 

Why did it do that? I feel like QB is randomly selecting transactions and overstating the Square Fees. I cannot fix the transactions in QB, because the deposit matched with the sales receipt. 

 

If this is the case, how do you fix the overstated amount for Square Fees? Which account do you use for that?

 

 

 

 

R
rvrfrf
February 6, 2024

Thanks for following up with the Community, fcharlie125. I appreciate your detailed information.
 

There's a number of reasons transactions won't match with existing records:
 

  • Your payment has been reconciled.
  • The transaction's older than 6 months.
  • Your amounts, payees, or dates don't match.
  • It's already matched to another transaction.
  • The bank account on your payment isn't identical to the financial institution where your match is located.
  • There's multiple currencies involved, and their exchange rates have shifted significantly, making the amounts different.

 

You can still find a match by using your Find match option.
 

To properly identify why a transaction isn't finding a match, how to resolve the discrepancy, and which account you should be using in certain scenarios, I'd recommend working with an accounting professional. If you're in need of one, there's an awesome tool on our website called Find a ProAdvisor. All ProAdvisors listed there are QuickBooks-certified and able to provide helpful insights for driving your business's success.
 

Here's how it works:
 

  1. Go to our Find a ProAdvisor page.
  2. Use the City or ZIP search field to specify a location.
  3. Select Find a ProAdvisor.
  4. Browse through your results and find one that works best for the business. You can click on each ProAdvisor's profile to learn more information about them.

 

Once you've found an accountant, they can be contacted through their Send a message form:
 

  1. Use the available text box to introduce yourself. Be sure to include details about which services you're looking for.
  2. Enter your appropriate info in the Your name, Your email, and Your phone number (optional) fields.
  3. Select Send message.


I've also included a couple detailed resources about reconciling accounts and matching transactions which may come in handy moving forward: 
 

 

If there's any additional questions, I'm just a post away. Have a wonderful Tuesday!

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