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 part of the payment for a day’s market is through square, the invoice is ‘paid’ through square - to the Assets/Current Assets/Square Payments account - and the remainder is paid to petty cash.
Then when Square pays (2-3 days later) I put in a split transaction drawing it down from Square Payments and dividing the full amount into the amount that goes into the bank account and the amount that goes to Expenses/Bank Fees (I dion’t distinguish Square fees at the account level). Basically the same as below, but with the extra step of having an invoice involved. > On Dec 5, 2018, at 7:16 AM, Maf. King <m...@chilwell.net> wrote: > > 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 120.00 >> credit card fees 5.00 >> job income 125.00 >> >> On Wed, Dec 5, 2018 at 5:31 AM Maf. King <m...@chilwell.net >> <mailto:m...@chilwell.net>> wrote: >>> 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 open at the moment to test) >>> Assets:C:S +120 >>> Income +125 >>> Expenses:B:S +5 >>> >>> then when square moves the money to your bank, I'd just do a simple >>> transaction to move the 120 from Assets:Square to Assets:checking >>> >>> If square don't sit on your money for more than a day, I'd just skip the >>> new >>> Asset account and do the 3-way txn straight into the main bank account... >>> >>> HTH, >>> Maf. >>> >>> >>> >>> On Wednesday, 5 December 2018 11:18:00 GMT Overland Park Electric Company >>> >>> wrote: >>>> I don't use GC to create the invoice and I only enter the transaction >>> >>> when >>> >>>> I get paid. >>>> >>>> On Wed, Dec 5, 2018 at 4:57 AM Maf. King <m...@chilwell.net> wrote: >>>>> Hi, >>>>> >>>>> do you create an invoice in GC (ie. accruals) or is this all >>> >>> "cash-based" >>> >>>>> accounting? > > > -- > Maf. King > PGP Key fingerprint = 8D68 A91F 733B 2C1F 43B7 2B7C E591 E8E1 0DE7 C542 > > > > > > _______________________________________________ > gnucash-user mailing list > gnucash-user@gnucash.org > To update your subscription preferences or to unsubscribe: > https://lists.gnucash.org/mailman/listinfo/gnucash-user > If you are using Nabble or Gmane, please see > https://wiki.gnucash.org/wiki/Mailing_Lists for more information. > ----- > Please remember to CC this list on all your replies. > You can do this by using Reply-To-List or Reply-All. _______________________________________________ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.