Essentials bank feeds and square payments

dgzalex
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Essentials bank feeds and square payments

How are we supposed to match invoices to bank feeds when the square fee is taken out before they deposit the payment? The amounts don't match and I can't clear my invoices 

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Komal_S
MYOB Moderator
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MYOB Moderator
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Re: Essentials bank feeds and square payments

Hi @dgzalex 


Welcome to the Community Forum!!

 

If you're using the upgraded version of Essentials, this post explains how such transactions can be matched. If you're on the old version, you can add an adjustment line for fees ( in the negative) in the actual invoice, which should then let you match the bank transaction with the transaction in the software.

 

Alternatively, you can use a clearing account to hold these payments, the detailed process for which is explained in this article: Recording payments made through PayPal ( Same steps can be applied to Square payments too).

 

Let me know if you have further questions on this. 

Kind regards,
Komal

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