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Trevor2's avatar
Trevor2
Contributing User
3 years ago

Reconciliation of Square Invoices

We have just introduced a Point of Sale system through Square and intergareted the system with MYOB via Amaka which will result in a daily sales invoice being created in MYOB.  As we only do our banking on a weekly basis one deposit will show up on Bank Feeds.  Is it possible to apply funds to the individual invoices through babk feeds.  If not what is the best way to apply payments against these invoices.  I imagine their are many other MYOB clients who operate POS via Square and have the same problem.

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  • Tracey_H's avatar
    Tracey_H
    Former Staff
    3 years ago

    Hi Trevor2 

     

    Thanks for your post. In AccountRight you can create a bulk deposit transaction to match with one bank feed transaction by using Prepare Bank Deposit.

     

    When recording the Receive Payments transaction for the paid invoices tick the Undeposited funds box so that the payment is allocated to the Undeposited funds clearing account. Then go to Prepare Bank Deposit and tick the payment transactions included in the bank feed deposit.

     

    Typically, Square will deduct their fees prior to depositing the payment into your bank account. To account for the fees you can click on Deposit Adjustment in the Prepare Bank Deposit window, enter the fees value and allocate to the applicable expense account.

     

    This post has detailed instructions on this process: Square 

     

    Please let me know if you need further help.

     

    If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.