What I do for Square is basically the same. I am using invoices for the
transactions involved. In fact, it’s more complicated, since a few customers
at the farmers’ market will use square while the vast majority pay cash, and we
treat the farmers’ market as a single virtual customer. So when
Looks right to me, assuming all the account balances increase!
Maf.
On Wednesday, 5 December 2018 11:52:08 GMT Overland Park Electric Company
wrote:
> Thanks for the info. I was actually shocked when I saw the money
> transferred overnight.
> I think I figured it out.
>
>
> checking
OK,
Assuming Square sits on your money for a day or 2 (or longer), I would create
a couple of accounts.
something like
Assets:Current Assets: Square
and
Expenses:BankingFees:SquareCommission
Record the payment as a 3-way split (i'm never sure about which column is
which, and I don't have GC o
Hi,
do you create an invoice in GC (ie. accruals) or is this all "cash-based"
accounting?
Maf.
On Wednesday, 5 December 2018 10:25:49 GMT sdan45 wrote:
> Usually when someone paid me I would enter the whole transaction as Job
> income. I just started accepting Square and I'm not sure how to
Usually when someone paid me I would enter the whole transaction as Job
income. I just started accepting Square and I'm not sure how to exactly
enter the transaction now. As an example I do a job and it's $125.00.
Square keeps $5.00 and sends me $120.00. How do I now set up this
transaction.
