Another Square - Bank Feed Matching Query

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Another Square - Bank Feed Matching Query

Hi

 

I am setting MYOB Essentials up for someone and am trying to find the easiest way to work with Square payments.

 

They enter Invoices eg:

1001 for $200

1002 for $150

 - the customer pays via Square and a day or 2 later a transaction appears in the bank account feed:
Payment from Square $344.00

 

which is the 2 payments less the $6.00 Square fee.

 

Can they click MATCH on the feed and find the 2 invoice transactions to pay and then click the Add or Round Up button and enter the $6 as Merchant Fees match and balance the transaction?

 

(Note: the invoices DON'T get a payment attached until the Square payment gets to the bank so at this stage they are both unpaid invoices).

 

Will this work and will all the entries be correct?

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Re: Another Square - Bank Feed Matching Query

Hi @AussieGuy 

 

Yes, that process will work. However, it should be noted that as the transaction would be a deposit the resulting Adjustments or rounding value would need to be entered as a negative. For example:

Attachment.PNG

Kind regards,
Steven

MYOB Community Support

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Re: Another Square - Bank Feed Matching Query

Thanks for that, I have told the person who will be doing it basically they need to copy the amount it is out exactly so if it is out -1.52 they need to put in the minus.

 

I just wanted to check if that way would work OK in the accounts and reports.

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