Square Processing Fees

Question

We have accepted a few payments via the Square reader. They charge a fee percentage off the top. 
 My question is how do I reconcile that amount, do I do a general journal entry? I am new to the whole Sage 50 program, so any help you can provide would be much appreciated! 
 I have these 2 transactions to account for so far - 
 Customer Invoice - $597.45 total Square deposit to bank account of $576.02 Square fee of $21.43 Square deposit to bank account of $4.87 Paid from company Mastercard (as a test) of $5.00

Richard S. Ridings · Accepted Answer

This check is to determine if you are balanced in your setup when starting to use Sage 50. You started using Sage 50 the day after you stopped using your old system. What was the balance of all amounts owing to you from your customers on the day you stopped using your old bookkeeping system? 
 
This report says it is $17,399.85 and is what you would see on your Customer Aged report on the first day you started using Sage 50 if you posted no other transactions that day. These might have been entered under the Historical Transaction tabs of the customer ledgers or under Setup, Setup Guide, Customers. This total is supposed to also be the same opening balance you have in your general ledger account 1200 the day you start using Sage 50. However, the apparent amount of money that you paid to Square is the difference. 
 
Is this a timing issue? This message thread never mentions any opening balance issue until your last post nor the timing of your transactions in the first post above vs. the timing of starting using Sage 50. 
 
But assuming you started using Sage 50 Mar 1, and your customers owed $17,399.85 as of Feb 28 and your customer didn't pay by Square until March, then the opening balance of account 1200 should be $17,399.85 also shouldn't it? The March payment is not an opening balance. 
 
If my assumption is not correct, you need to fill in a lot of gaps here. 
 
What date did you start using Sage 50/stop using your old bookkeeping system? 
On the Trial balance or Balance sheet of your old system, how much did your customers owe you? 
What was the total of all the invoices your customers owed on the last day using your old system? 
What date was the entry for the payment through square in your first post in this thread? 
Do the closing balances of each account in your old system match the opening balances entered in Sage 50? Check under Setup, Setup Guide, Accounts to see all the opening balance amounts. 
What was your old bookkeeping system? 
What is your fiscal year?

Sage 50 Canada

Square Processing Fees

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