Entering Square Fees
I run a small business which has always operated on a cash basis so I am using the basic Reckon One package. The Make Payments and Receive Money options are all we need for our business.
I am looking to implement a Square card reader for payments. They charge a 1.9% transaction fee on every payment.
example. Client pays $100. Square take out 1.9% ($1.90) and deposit $98.10 into our account.
How would I enter this as a receive payment so that the whole amount shows as what was paid and add the fee amount in as an expense? Do I need separate line items? Will I also need to do a make payment for the fee? Will it need a separate account? This is all very new to me so your help will be much appreciated.
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