Forum Discussion

Sarah20's avatar
29 days ago

mismatches between invoice and payment

Hello I use Square to process customer credit card purchases but they deduct their % before it hits my bank. this means the invoice and payment don't match by a few dollars. How can I do this process better?

  • Hi Sarah20,

    In this situation, we recommend consulting with an accountant for an accurate solution. However, to give you an idea: to handle mismatches between the invoice and payment due to Square's fees, start by recording the full invoice amount. Then, record the payment as if no fees were deducted. To account for the Square fee, create an expense transaction (e.g., under a "Square Fees" account) in Spend Money. When reconciling, match the full payment and fee deduction with the bank deposit, which will reflect the net amount after fees. This helps keep your invoices accurate while accounting for the fees.
     

    For more detailed information, you can also visit this help article: Customer returns, credits and refunds

    Regards,
    Earl

  • Earl_HD's avatar
    Earl_HD
    MYOB Moderator

    Hi Sarah20,

    In this situation, we recommend consulting with an accountant for an accurate solution. However, to give you an idea: to handle mismatches between the invoice and payment due to Square's fees, start by recording the full invoice amount. Then, record the payment as if no fees were deducted. To account for the Square fee, create an expense transaction (e.g., under a "Square Fees" account) in Spend Money. When reconciling, match the full payment and fee deduction with the bank deposit, which will reflect the net amount after fees. This helps keep your invoices accurate while accounting for the fees.
     

    For more detailed information, you can also visit this help article: Customer returns, credits and refunds

    Regards,
    Earl