Recording Square payments or fees in QuickBooks is very helpful for the company. It not only helps the users to sync the transactions but also assists them to enter the details manually if they do not want to automatically do so. Recording fees and payments of Square is possible in QuickBooks Online and QuickBooks Desktop too. You only need to know the right steps for recording them.
We will be outlining the steps explaining how to record square fees in QuickBooks. You will not only get to know the procedure for recording the Square Payments in software but its other versions too. This blog will also showcase the benefits of recording square payments in this accounting software.
Benefits of Recording Square Payments In QuickBooks
The 3 benefits of recording Square payments in QuickBooks are:
- You can automatically import your square sales which include tips, discounts, invoices, and taxes.
- The software matches your transactions like the payments, deposits, and refunds with your bank account.
- To view the information easily, the sales, items, and product-related details are captured in QuickBooks.
Recording Square Payments in QuickBooks with Invoice
Recording Square Payments in QuickBooks with invoices helps the company to create an invoice for customers. QuickBooks downloads the Square transaction details. The transactions are automatically synced so creating an invoice does not take a lot of time. After the invoice has been made, the payments of Square can be added to it.
The steps for recording Square payments in QuickBooks with the invoice are:
- From the left panel of QB’s “Home” window, select “Banking”.
- After selecting banking, you will find a tab “For Review”. Click on it.
- Below that the details of the square payments will be given.
- Check if the transactions are correct.
- Once you have checked it, click on “Match” in the right corner of that row.
Tip: If you do not agree with the information, then please select “Find Match” from the tab.
How to Record Square Payments in QuickBooks Online Manually?
You can manually record your Square Payments in QuickBooks Online. The sales, deposits, and refunds can also be manually entered. This will help you to remember all your transactions. From QBO’s Gear icon, you can use the COA or Chart of Accounts. Then tap on New. Using the option of Account Type, you can begin recording the Square payments.
The below steps will teach you how to record square payments in QuickBooks Online manually:
- Select the “Gear” icon.
- Click on “Chart of Accounts”
- Tap on “New” for creating a new account.
- From the drop-down list in “Account Type”, select an account type.
- A “Detail Type” drop-down will appear.
- Choose the best-fitted detail type of the transactions you have to track.
- Name your account.
- Then a description needs to be added.
Tip: Ensure whether the account is a sub-account, select “Is Sub-Account” and then you need to enter the parent account.
- Wait for a drop-down box to appear mentioning “When Do You Want to Start Tracking Your Finances from this Account in QuickBooks”.
- From the drop-down, look for “Today” and click on it if you want to begin tracking the transactions.
- Should you want to begin it some other day, press “Other.”
- Fill in the date you want the tracking of transactions to start from in “Select a Date”.
- Also, you need to fill in the “Account Balance” in the last field of the dialog box.
- Select “Save”.
- Close the box.
Recording Square Fees in QuickBooks Desktop
The process for recording square fees in QuickBooks Desktop is simple. You only need to follow the steps after synchronizing your Square account with your QuickBooks Desktop account. You have to fill in the details like the payment date and method to pay the invoice. After this, the fees will be entered.
The following directions will let you know how to record Square payments in QuickBooks Desktop:
- On the QuickBooks “Home” page, click on “New”.
- Select “Receive Payment”.
- A drop-down will appear named “Customer”. View it.
- Select the customer’s name from the drop-down.
- Pick the “Payment Date” and “Payment Method”.
- You will have to find a drop-down list “Deposit to”.
- From here, click on “Undeposited Funds”.
- In the “Outstanding Transactions” box, you have to put a checkmark on the invoice to be paid.
- Select “Save and Close.”
Important: If you also want to find out how to include the processing fees while recording a bank deposit, then keep reading and following the steps.
- Opt for “New”.
- Click on “Bank Deposit”.
- From the drop-down “Account”, the bank account needs to be selected.
- You will find a box named “Select the Payments Included in this Deposit”.
- Put a “Check Mark” on the fees that are to be deposited.
- From “Add Funds to this Deposit”, you need to click on the customer’s name in the “Received from” section.
- In the “Account” column, provide the fee in a negative amount.
- Hit “Save and Close.”
Recording Square payments in QuickBooks Online is one of the best ways to keep a record of your transactions. It helps to easily prepare an invoice for your customers. Also, it offers several benefits to your company. We outlined the steps displaying how to record Square payments in QuickBooks as well as its versions. Let us know your experience once you have followed them.