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stephanie52
April 8, 2020
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Need help matching a square payment to the invoice. Square deducts a CC fee from the total invoice amount.

  • April 8, 2020
  • 1 reply
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When I go to match the bank feed deposit to the invoice it gives me two options. One is to match it to the full payment amount imported from square. The other option is to match it to the invoice. If I match it to the payment the invoice still shows as unpaid. If I match it to the invoice it leaves a balance due on the customer account in the amount of the CC fee. Can anyone help?
Best answer by IntuitLily

Welcome to the Community, @stephanie52.

 

Let me provide clarification in handling imported transactions from Square.

 

If this is still an open invoice, you'll have to receive the payment first before matching it.

 

To match the full payment including the CC fee, you'll need to make a deposit in QuickBooks for the invoice payment and add the fee on the Add funds to this deposit section as an expense account. Be sure to enter a negative amount for the fee.

 

Here's an example.

 

 

You can also refer to this article for more information about matching an existing transaction: Match and categorize bank transactions in QuickBooks Online.

 

If you've matched a transaction by mistake, you can always unmatch it and find a new match.

 

Let me know if there's anything else you need. I'm here and ready to help. Have a good one.

1 reply

IntuitLily
IntuitLilyAnswer
April 8, 2020

Welcome to the Community, @stephanie52.

 

Let me provide clarification in handling imported transactions from Square.

 

If this is still an open invoice, you'll have to receive the payment first before matching it.

 

To match the full payment including the CC fee, you'll need to make a deposit in QuickBooks for the invoice payment and add the fee on the Add funds to this deposit section as an expense account. Be sure to enter a negative amount for the fee.

 

Here's an example.

 

 

You can also refer to this article for more information about matching an existing transaction: Match and categorize bank transactions in QuickBooks Online.

 

If you've matched a transaction by mistake, you can always unmatch it and find a new match.

 

Let me know if there's anything else you need. I'm here and ready to help. Have a good one.

    S
    stephanie52Author
    April 9, 2020

    When I go to do the bank deposit it gives me this warning.

     
    Has this payment been recorded?

    Looks like DPR Construction has 1 open invoice. If the deposit is for that invoice, record the payment in Receive Payment first. That way, your books are accurate.

     

    When I go to receive payment it is for the full amount without deducting the CC fee.

     

    Is this the correct next step? First-receive payment for the full amount Second-do bank deposit less the CC fee.

     

    Just want to make sure I understand. Thank you so much!!

    MJoy_D
    MJoy_D
    April 9, 2020

    You’re doing it right, @stephanie52. 

     

    You’ll have to receive the payment with the full amount first. 

     

    Here’s how:

    1. Click the +New icon and select Receive Payment under Customers.
    2. Select the customer and enter all the information needed. 
    3. In the Deposit to drop-down, select Undeposited Fund.
    4. Click on Save and Close once you’re done. 

    Check this article for more information: How to Use the Undeposited Funds Account to Receive Payments in QuickBooks Online. 

     

    Once done, you can now create a bank deposit, then add a line item in the deposit window and enter a negative amount for the bank fees.

     

    Let me know if you have any other questions about recording the bank fees. I'll be happy to help you out. 

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