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Cheryl_M's avatar
Cheryl_M
Contributing User
1 month ago
Solved

Help needed please - Square transactions

Hi, really hoping I can get some help with this today after being on the phone for over an hour and a half today and not getting a solution.

 

I use Square as my EFTPOS machine in my business and was previously reconciling the transaction in Bank Feeds as per below. This is obviously incorrect as the Square Fees account ended up in credit which will affect my BAS.

I have searched the board and found the linked discussion "mismatches between invoice and payment 

mismatches between invoice and payment | MYOB Community where it is suggested to raise an invoice for the total amount of sales and then a spend money transaction for the Square fees then select both transactions in bank feeds. Problem is that I discovered after so long on the phone today is that the spend money transaction will not show on feeds for a deposit transaction. 

 

I have since tried creating a supplier and purchase order for the square fees and moved both that and the sale to a clearing account but the transaction disappears and does not show in bank feed anymore. 

Surely there is someone that is doing this manually and can assist please, I am going crazy over this. I have to redo 5 months of transactions and would think there would be a simple way to do all this. 

 

I have worked with MYOB previously in roles but never with Square. I signed up for the integrated thing but it would not back date. 

 

Any help is greatly appreciated please.

  • Cheryl_M's avatar
    Cheryl_M
    1 month ago

    Just wanted to update this in case someone else comes looking for a solution, this is what I have worked out for my use. 

    1. Create a Spend money transaction for the fee from a "Square clearing" account.

    2. Create a Receive money transaction for the gross sales for the day to the "Square clearing" account.

    3. Create a transfer money transaction for the net amount of sales from the clearing account to bank account Square transaction goes to.

    4. Match the transferred transaction in bank feeds.

     

2 Replies

  • Genreve_S's avatar
    Genreve_S
    MYOB Moderator
    1 month ago

    Hi Cheryl_M, 

     

    Thanks for posting a screenshot. That does look a bit off, and it helps to see how you’ve been doing it.

    In that allocation, the Square fee is entered as a minus (-20.22) to an expense account, which makes the software treat it like a credit rather than a normal fee. That’s why the Square Fees account ends up going the wrong way on your reports.

    Instead, you’ll want the Square fee recorded as a regular positive amount to your Square Fees expense (in its own Spend Money/bill), and then match the net Square deposit in bank feeds to the sale and fee together.

    If you’re unsure how that should look for your BAS or tax, it’s best to double‑check with your bookkeeper or accountant; the above is just how the software reads the entries, rather than tax advice.

     

    Regards,
    Genreve

  • Cheryl_M's avatar
    Cheryl_M
    Contributing User
    1 month ago

    Just wanted to update this in case someone else comes looking for a solution, this is what I have worked out for my use. 

    1. Create a Spend money transaction for the fee from a "Square clearing" account.

    2. Create a Receive money transaction for the gross sales for the day to the "Square clearing" account.

    3. Create a transfer money transaction for the net amount of sales from the clearing account to bank account Square transaction goes to.

    4. Match the transferred transaction in bank feeds.

     

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