We receive our total credit card payments for the day from square less their fees.
if my total payments in my bank account is 900 but I had 950 in sales I am not sure of the accounting.
When I credit my sales for $950 and allocate $50 to square fees the gst is a net amount so I am not seeing the correct fees for income or expenses.
can someone help.
Hi KathyF2025,
Welcome to the Community Forum!
To keep track of your Square payments and the fees that come with them, you'll need to make sure you're recording your sales and expenses accurately. We recommend consulting with your accountant about how to record it properly. I've got this handy link for you that explains how to deal with any mismatched amounts between your invoice payments and Square's fees.
Cheers,
Princess
