Andy, Welcome to GnuCash!
First, For *all* accounting questions, I can’t stress enough...speak to a local CPA about how to do your accounting. (they can offer better answers with respect to your local laws, tax jurisdiction, and business entity type) A surprising fact most people do not know is that CPA’s are not out for your arm, leg, or first-born. Most initial consultations are *really* cheap considering the advice. You could make costly mistakes for years without them. And don’t be afraid to ‘interview’ them for the ‘job’ of advising you. That is what they aim for. But the generic answer is: Record the revenue earned either manually, or using the invoice feature. (manual example here:) Dr. Assets:Current Assets:Accounts Receivable Cr. Income:Sales Record the customer’s payment via Square for the full amount against that receivable and account for the fee since you know it at this time, let’s say 3% on $100. (another manual example) Dr. Assets:Current Assets:Square $97 Dr. Expenses:Processing Fees $ 3 Cr. Assets:Current Assets:Accounts Receivable $100 If due to timing of transactions, you don’t know the fee, or you know it, but it is not realized instantly (say an aggregate is charged on the monthly statement), then let us know and I or someone else can offer alternative transaction examples. You may need to employ other intermediate ‘holding' accounts. Regards, Adrien > On Apr 12, 2019, at 1:28 AM, Andres Aviles <[email protected]> wrote: > > Hello all - > > This is my first post. So far I love GnuCash ! > > I run a small business and accept credit/debit cards using the Square > app. They take out the fees before they deposit the money received. I > have imported my credit union statements which includes the deposits > made by Square. But how do I account for these fees in GnuCash that > Square takes out before the deposit ? I'm using version 3.5.1 right > now. > > Thanks. > > Andy A. _______________________________________________ gnucash-user mailing list [email protected] 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.
