Importing Sales from Square?

HCTRHCTR Member Posts: 3

Newbie question: how can I go about syncing with Square to get raw sales values, prior to the 2.75% Square processing fee? As is, I only import my bank info, which includes the deposit from Square. This artificially lowers my sales figures by 2.75%, and I'm not sure how to fix this. Any advice on this?

Comments

  • MikegMikeg Member Posts: 772 ✭✭✭

    HCTR,
    Does Square give you a report of fees paid? If so you can use that number for the journal entry
    Debit - Bank Fees XX
    Credit - Sales XX
    Or you could gross up sales
    To determine the entry you would multiply your Square deposit by 1.0275 then subtract the deposit. That would give you bank fees that were netted from your sale. So for example if you receive a 97.25 deposit, you would multiply it by 1.0275 = 100-97.25=2.75. Your entry would be:
    Debit bank fees 2.75
    Credit Sales 2.75
    Sales are now at gross. There are some rounding issues but that gets you close.

  • RZLRZL Member Posts: 3

    @HCTR said:
    Newbie question: how can I go about syncing with Square to get raw sales values, prior to the 2.75% Square processing fee? As is, I only import my bank info, which includes the deposit from Square. This artificially lowers my sales figures by 2.75%, and I'm not sure how to fix this. Any advice on this?

    And there is another case with Sales Tax, how are you accounting for that?
    Manual entry?
    Just trying to learn as Newbie as well.

  • BarsinABarsinA Administrator Posts: 1,535 admin

    Hey there @RZL

    Just curious, are you only using your bank connection under banking which would import your bank transactions (the amount that is deposited into your bank account) or are you using our third party Zapier Itegration found at the bottom left of your Wave apps. I believe this should give you a better breakdown before the fees! But reach out and let us know.

  • HCTRHCTR Member Posts: 3

    @BarsinA I'm really late in a response, but I wasn't aware of the Zap Integration. Is it possible to apply that to past transactions or only future ones? Thanks!

  • ConnorMConnorM Member, Administrator Posts: 1,175 admin

    Hey @HCTR! Thanks for reaching out here. With the way that the Zap integrations work, this would be something that would only apply to future transactions within Wave.

  • Relic_Roadhouse1Relic_Roadhouse1 Member Posts: 0

    I am totally new to this, and I would like to manually enter my daily (retail) sales, taxes, and credit card fees into Wave. I have set up an income account and a Sales Tax account. How can I most efficiently do this? Thanks!

  • JordanDJordanD Administrator, Moderator Posts: 501 admin

    @Relic_Roadhouse1 I've gone ahead and merged your post into this thread and would encourage you to read through Mike's comment above:

    @Mikeg said:
    HCTR,
    Does Square give you a report of fees paid? If so you can use that number for the journal entry
    Debit - Bank Fees XX
    Credit - Sales XX
    Or you could gross up sales
    To determine the entry you would multiply your Square deposit by 1.0275 then subtract the deposit. That would give you bank fees that were netted from your sale. So for example if you receive a 97.25 deposit, you would multiply it by 1.0275 = 100-97.25=2.75. Your entry would be:
    Debit bank fees 2.75
    Credit Sales 2.75
    Sales are now at gross. There are some rounding issues but that gets you close.

    This should help you get started when doing your Square sales manually :)

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