Forum Discussion

BekF's avatar
BekF
Contributing User
3 years ago
Solved

Square - how to handle difference in amounts

Hello everyone,   We have recently moved to Square for our card transations. I was wondering what the best way is to handle the discrepancy between amount paid and the fees etc.  If we add the ex...
  • Tracey_H's avatar
    Tracey_H
    3 years ago

    Hi BekF 

     

    Thanks for your post. When recording the payment through either Receive Money or Receive Payments enter the full amount of the invoice and tick the Undeposited Funds box. In this example the customer is paying an invoice totalling $475.51 so apply the full amount:

     

     

     

    Square has deducted $5.51 in fees so have deposited $470.00 into your bank account. Go to Banking>>Prepare Bank Deposit and click on Deposit Adjustment. In the Bank and Deposit Adjustments window enter the fees into the Fees and Cash Back section and allocate to the applicable expense account:

     

     

     

    In the Prepare Bank Deposit window tick both the payment and fees transaction so the Total Deposit Amount is the amount deposited into your bank account by Square. You'll be able to match this transaction with the bank feed transaction.

     

     

     

    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.

     

Tracey_H's avatar
Tracey_H
Former Staff
3 years ago

Hi BekF 

 

Thanks for your post. When recording the payment through either Receive Money or Receive Payments enter the full amount of the invoice and tick the Undeposited Funds box. In this example the customer is paying an invoice totalling $475.51 so apply the full amount:

 

 

 

Square has deducted $5.51 in fees so have deposited $470.00 into your bank account. Go to Banking>>Prepare Bank Deposit and click on Deposit Adjustment. In the Bank and Deposit Adjustments window enter the fees into the Fees and Cash Back section and allocate to the applicable expense account:

 

 

 

In the Prepare Bank Deposit window tick both the payment and fees transaction so the Total Deposit Amount is the amount deposited into your bank account by Square. You'll be able to match this transaction with the bank feed transaction.

 

 

 

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.

 

  • BekF's avatar
    BekF
    Contributing User
    3 years ago

    Thanks so much for that Tracey. I'd been waiting until I had to use it so that I could see how it all works, and I got it to work. I appreciate your help! 

    • Tracey_H's avatar
      Tracey_H
      Former Staff
      3 years ago

      Hi BekF 

       

      Great to hear it worked for you, thanks for letting me know. And you're very welcome.

       

      Please don't hesitate to post again if you need help in the future.