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M
magawit
November 27, 2021
Question

square transACTION

  • November 27, 2021
  • 1 reply
  • 0 views

SQUARE charges transaction fees on invoice amount plus GST amount and transfers amount net of Square fees but including GST. How to split GST, Invoice amount and square fee in QB to correctly post them

1 reply

T
Trish_T
November 29, 2021

Hi magawit,

 

It's great to see you reaching out to Community for assistance.  I'm glad to here you're taking advantage of the opportunity to sync Square with QuickBooks Online, to easily record transactions and prepare to match and reconcile your account.  I'd be happy to help with this!

 

To record bank fees, this can be done when you receive the payment and is added as a line item.  Here's how to record the transaction:

 

1. From the left menu, click +New

2. Select Receive Payment

3. Using the drop-down in the Deposit to section, select Undeposited Funds

4. Hit Save and Close when finished

 

You're ready to create the bank deposit from +New, click on Bank Deposit and add a line item with the bank fees as a negative amount.  You're all set and ready to match the transaction!

 

Here's an article for categorizing and matching transactions, for your reference. 

 

If you have any other questions, please feel free to reach back out.  We'd be glad to assist!

 

 

 

 

 

 

 

 

 

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