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October 2021
October 2021
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 exact surcharge on then it would match, but what if they need a copy of the paid off invoice? It would need to include the full amount they paid. And do we need to have the fees listed as an expense...that kind of thing.
I'm just not too sure how to make it all work.
Thanks
Solved! Go to Solution.
October 2021
October 2021
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.
Cheers,
Tracey
Previously @bungy15
MYOB Community Support
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November 2021
November 2021
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!
November 2021
November 2021
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.
Cheers,
Tracey
Previously @bungy15
MYOB Community Support
Online Help| Forum Search| my.MYOB| Download Page
Did my answer help?
Mark it as a SolutionHelpful? Leave a to tell others