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T
TGiTA
July 27, 2020
Question

Invoicing through Quickbooks and Square Payments

  • July 27, 2020
  • 1 reply
  • 0 views

Hi all, 

 

We have recently started using square to accept payments for invoices and are having some trouble balancing our books. We use Quickbooks online and have recently synced our Square account. 

 

As I mentioned, we have some clients that we invoice through Quickbooks. After they have paid using the Square, the amount is deposited to our bank with the fees already removed (bank is linked with quickbooks). So when I try to match a payment to an invoice it only shows as a partial payment. I am guessing I need to do a bank charge to balance but not sure how to. 

 

I read a couple feeds on this issue but nothing directly relates to matching of invoices. 

 

Thank you for any help!

1 reply

J
JamesM
July 27, 2020

Hi there,

 

It's good you've synced your Square account with QBO to simplify your transactions. Rest assured, I'd be glad to show you how to match your Square transactions so you can balance your books. 

 

QuickBooks is a versatile program which allows you to easily manage the accounting side of your business. Based on what you've described, you'll first need to receive the full payment including the bank charges. 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. 

The Undeposited Funds Account is an internal “other current asset account” created by QuickBooks to hold funds until you are ready to deposit them.The Undeposited Funds account serves as the default "deposit to" account when you receive payments from Invoices, use a payment item on an invoice or enter a Sales Receipt. It's designed to work with the receive payments and bank deposit features to complete the invoicing process. 

 

Once you've followed the steps above, you can create a bank deposit, then add a line item in the deposit window and enter a negative amount for the bank fees.

 

Here's a helpful article with more info on how to: Categorize and match online bank transactions in QuickBooks Online.

 

Give this a try and if you have questions, I recommend contacting our support team using this link. Otherwise, feel free to leave a comment below. I'll be on standby.

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