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 bank...
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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.
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